Construction spending in commercial real estate totaled $92.3 billion, increasing more than 12 percent from 2010, according to a NAIOP Research Foundation report authored by Stephen Fuller of George Mason University. The total economic impact of the development (pre-construction, construction and post-construction) added $261.6 billion to the GDP in 2011, compared to $231.7 billion in 2010. The increases in construction spending and activity led to 238.3 million square feet of new space – 2.5 percent more than in 2010. The new space has the capacity to house 610,000 jobs with an annual payroll of $26.8 billion.

Top Ten States in Spending for 2011 (2010 rank in parentheses):

1. Texas (2)
2. New York (1)
3. West Virginia (48)
4. California (3)

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5. Arizona (14)
6. Utah (26)
7. Florida (4)
8. Illinois (10)
9. (tie) Massachusetts (21)
10. (tie) North Carolina (7)

Data is from the report for the highest amounts of direct spending in all three phases of development across all sectors of commercial real estate.

Last Updated on May 6, 2012 by Ramin Seddiq