New Commercial Construction Outlook
NAIOP recently released a report that predicts 2015 will be the best year in a decade for commercial real estate construction in the United States. This forecast comes as 2015 is showing accelerated construction spending in office, retail, healthcare, and distribution facilities. The U.S. economy is predicted to see a growth rate of 3.0% this year and continue to expand through 2020.
2014, in and of itself was a strong year in regards to commercial real estate construction. In fact, the report boasts it as being the best year since 2007. Direct expenditures totaled $174.31 billion, up from $124 billion in 2013. Because of this direct spending in commercial construction, U.S. GDP contributions totaled $528.09 billion, personal earnings (wages) were up from $120.02 billion to $168.42 billion, and 3.94 million jobs were supported.