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A new report from NAIOP Research Foundation’s annual study “Economic Impacts of Commercial Real Estate” found commercial real estate development, construction and ongoing operations contributed $861 billion to U.S. GDP last year.
Georgia development supported 103,519 related jobs and contributed $13.188 billion to the state’s economy in 2016. A key factor in the economy’s growth was the expansion of construction spending.
While Georgia ranked no. 6 overall – up from no. 8 – in a ranking of all 50 states, the report ranked Georgia no. 4 in office, no. 5 in retail and no. 8 in warehouse/flex development.