Florida is a commercial powerhouse. “Economic Impacts of Commercial Real Estate,” an annual study published by the NAIOP (National Association of Industrial and Office Parks) Research Foundation, measures the contribution to GDP, salaries and wages generated, and jobs supported from the development and operations of commercial real estate—office, industrial, warehouse and retail. The study estimates the annual economic contribution of commercial real estate development to the U.S. economy using key data sets from the U.S. Census Bureau and Dodge Data & Analytics.
Commercial real estate projects brought $20 billion into Florida’s economy in 2018 and supported more than 161,000 jobs. The state ranked fifth in the U.S. for all commercial real estate development (behind Texas, New York, California and Tennessee) and it ranked 10th in office development, second in retail growth and third in industrial development.
Florida attracts more than 100 million visitors each year and is growing at a rate of about 1,000 people per day. The state’s population increased by 13 percent between 2010 and 2018, to more than 21 million people; how could retailers not take notice? Florida is home to more than 270,000 retail stores, and the retail market employs well over 2 million people.
Original source can be found here.
