The industry made a significant economic impact in 2011, as it contributed $261.6 billion to the U.S. gross domestic product. This was 13 percent higher than 2010’s figure of $231.7 billion. In addition, construction spending increased to $92.3 billion, which was 12 percent higher than the level in 2010. Total development totaled 238.3 million square feet, which was a 2.5 percent rise from the previous year.
“2011 was a transition year for the U.S. economy and the construction sector,” said Dr. Stephen Fuller, author of the report and director of the center for regional analysis at the George Mason University. “The U.S. economy shifted from a federal stimulus to private-sector driven growth pattern and construction spending grew accordingly.”
The report added that the market should continue to strengthen this year, and further improvements are expected to occur if spending continues over the next few years. Click here for the full report.
Source: Argus / NAIOP