Office, industrial, warehouse and retail real estate development supported 6.25 million American jobs and contributed $861 billion to U.S. GDP in 2016, according to an annual study by NAIOP. The top 10 states for commercial development, beginning with the highest construction value, were New York, Texas, California, Louisiana, Florida, Georgia, Michigan, Illinois, Pennsylvania and Massachusetts. Only New York, Texas and Florida remained in the same position as 2015. 

Between 2011 and October 2016, construction spending increased 48.7 percent and was a key factor in the economy’s growth in 2016. For the year ending in October 2016, total construction spending was up 3.4 percent.

Office and warehouse spending increased by 28.7 percent and 12.7 percent, respectively, from 2015, while retail spending decreased 7 percent from gains of 8.2 percent in 2015. For the second year in a row, industrial spending decreased, down 29.9 percent from 2015.