Illinois ranked eighth in the country for direct spending in commercial real estate development, according to research from NAIOP, the Commercial Real Estate Development Association.
Illinois falls behind Michigan and before Pennsylvania. Last year, Illinois was ranked sixth. The top state was New York, followed by Texas and then California.
The report also ranked Illinois as fifth for direct spending in warehouse and distribution facilities and sixth for office and retail developments out of 50 states.
The industry in Illinois supports 75,881 jobs and contributes $11.340 billion to the state’s economy, NAIOP said. On a national scale, the industry supports 6.25 million jobs and contributed $861 billion to the United States’ GDP in 2016.
Last year more than 410 million square feet of office, retail, warehouse and industrial space were built–enough to house more than 1 million new workers, NAIOP said.
The economy’s growth in 2016 was influence by the expansion of the construction sector where spending has increased each year since 2011. It increased 48.7 percent between 2011 and 2016.
The full report can be viewed at the NAIOP Research Foundation website.
