Commercial real estate and construction continues to contribute significantly to the economy, despite slowed growth and stalled projects, says a new report issued by the NAIOP Research Foundation.
And North Carolina is faring relatively well compared to the rest of the country, generating enough construction dollars, jobs and personal income in 2010 to rank the state among the top 10 economic generators, the group found.
The economic impact of commercial development and construction spending nationwide reached $238 billion in 2010, according to the foundation, a think tank that studies issues relating to commercial real estate.
The spending and economic impact remains down sharply from $548.7 billion in 2007, before the financial markets crashed and the nation entered a recession.
Based on construction values in 2010, North Carolina ranked 5th in the country in spending on office projects, 8th in spending on warehouses and 10th for overall commercial building, according to "The Contribution of Office, Industrial and Retail Development and Construction to the U.S. Economy," by Stephen Fuller, director of the Center for Regional Analysis at George Mason University, and funded by the NAIOP Research Foundation. New York ranked 1st overall.
North Carolina saw commercial construction spending of $5.8 billion in 2010, down from $13.8 billion in 2007, the report says. There were 53,627 people employed because of commercial construction spending, down from 131,170 three years earlier. Personal earnings were $1.9 billion, down from $4 billion.
NAIOP, or the Commercial Real Estate Development Association, is a group of developers, owners and others in the commercial real estate industry that advocates for public policy.
Wednesday, January 18, 2012
N.C. commercial construction spending way down but still among tops in the nation
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4 comments:
Commercial real estate and construction continues to contribute significantly to the economy.
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This post is so interesting wherein the ideas are helpful and well explained. I hope I can read more of your incoming post. Well done!
This commercial building production is one which needs a lot of capital to be put in earlier. In fact, investments in capital property are a widely used method of retaining capital. It also need that the corporation has a very good fiscal support.
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Yes, real estate and construction significantly contributing to the economy, Well said @Dylanarman.
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