Ohio ranked fifth among all states for construction of new commercial real estate projects last year, and the new construction supported more than 76,000 jobs, according to a report released Monday.
The report, by the NAIOP Research Foundation, said $2.04 billion was spent on commercial real state projects in Ohio last year. The states which recorded more commercial real estate construction, in descending order, were New York, Texas, Iowa and California.
The report also noted that:
•Commercial real estate alone supported at least 2.3 million American jobs in 2012
•Commercial real estate contributed $303.4 billion to U.S. GDP, a 16 percent increase from 2011
•Construction and development spending grew nearly 10 percent increase from 2011
•307.5 million square feet built in 2012, a 29 percent increase from 2011
The report’s author, economist Stephen S. Fuller, Ph.D., Dwight Schar Faculty Chair, University Professor and the Director of the Center for Regional Analysis at George Mason University, agreed that growth projections were positive but that there were clouds on the horizon.
“These gains and planned projects face a difficult economic road as current changes in fiscal policy and decreases in federal spending threaten the current projections of increased GDP growth and job creation through 2015,” said Fuller. “These advances and increased projects are paramount to continued growth in the country, as the U.S. economy cannot achieve sustained expansion in the absence of the development industry’s full recovery.”
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