CRE Powered $3.5T of U.S. GDP in 2025, NAIOP Says 

Commercial real estate remains a core pillar of the U.S. economy, generating trillions in activity and supporting tens of millions of jobs, according to a new report from the NAIOP Research Foundation.  

Using 2025 data, the study estimates that $1.4 trillion in direct spending tied to CRE development and building operations fed through the economy, creating sizable multiplier effects across sectors and regions. 

New development alone contributed $1.6 trillion to U.S. GDP in 2025, the report found, fueling employment and output at every stage of the project lifecycle. That activity supported 7.4 million American jobs and $555 billion in personal earnings across construction, professional services and building operations, providing a meaningful boost to local economies nationwide. 

On the operations side, the nation’s 73.8 billion square feet of commercial space as of the second quarter of 2025 generated an estimated $752.4 billion in direct expenditures. In turn, ongoing building operations contributed $2 trillion to GDP, produced $697.5 billion in personal earnings, and supported 13.1 million jobs across the country. 

Taken together, new commercial development and the operations of commercial, residential, institutional and infrastructure real estate contributed $3.5 trillion to U.S. GDP in 2025, generated $1.3 trillion in personal earnings and supported a total of 20.4 million jobs.  

“This research underscores what communities across the country already know: commercial real estate is a major driver of economic activity,” said Marc Selvitelli, president and CEO of NAIOP.