A new report by NAIOP highlights the economic impacts of commercial real estate – office, industrial, warehouse, and retail – throughout the United States. They found that commercial real estate supported 6.25 million American jobs and contributed $861 billion to U.S. GDP in 2016.
The report has state by state breakdowns as well. Nevada saw $3.9 billion in economic output as a result of its commercial real estate development in 2016, supporting 28,914 jobs and generating $1.3 billion in wages. That puts the state 25th, right in the middle of the pack, when it comes to nominal economic impact (not adjusted per capita). In comparison to neighbors, we’re nowhere close to 3rd-ranked California, but are close to Colorado, Oregon, and Arizona, who come in 18th, 19th, and 22nd respectively. We’re also ahead of Utah, which comes in 35th. See more details in the chart below:
And for even more insights, check out the full 2017 Economic Impacts of Commercial Real Estate report from NAIOP Research Foundation.