Report: Commercial Real Estate in Washington State Supported 56,617 Jobs and $8.8 Billion of GDP in 2017 [Press Release]

SEATTLE – The NAIOP Research Foundation has released the NAIOP Economic Impacts of Commercial Real Estate report (2018 Edition). The report is conducted for purposes of estimating the annual economic contribution of commercial real estate development to the U.S. economy.

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, “The Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Economic impacts of commercial real estate in Washington State last year included:

  • Jobs created and supported: 56,617
  • Contribution to the gross domestic product: $8.8 billion
  • Wages and salaries generated in Washington state: $2.9 billion


Nationally, commercial, residential and infrastructure development combined contributes $3.5 trillion, or 18% of U.S. GDP, to the economy, and supports 23.4 million jobs throughout the United States. Combined, office, industrial and retail development contribute 524 million square feet, new space for 1.3 million employees, $541 in direct spending to the GDP and 3.6 million jobs created and supported—that’s $174 billion in wages and salaries. The numbers break down as follows:

118 million square feet
1.4 million jobs
$214 billion to U.S. GDP

322 million square feet
1.5 million jobs
$227 billion to U.S. GDP

84 million square feet
672,000 jobs
$101 billion to U.S. GDP

“The economic impact of commercial real estate in Washington state continues to grow,” says NAIOP Washington State President Tony Toppenberg, Senior Project Manager, Turner Construction Company. “The direct impact of the CRE industry is eclipsed only by the industry it supports—the employees housed and long-term jobs created in the state. NAIOPWA is proud to support innovative companies in the industry who seek to support economic growth as well as a healthy, thriving community.”

The complete Economic Impacts of Commercial Real Estate, 2018 Edition, is available online and includes detail by product type and impact on state economies.

Read the Report


About NAIOP Washington State

NAIOP Washington State is a trade association for developers, owners and investors in office, industrial, multi-family and all other commercial real estate sectors. The chapter, recognized as Chapter of the Year in 2017, is the fourth-largest and one of the fastest growing chapters nationally, with more than 965 members representing the region’s leading firms in commercial real estate development. It provides a number of opportunities for professional development and serves as a comfortable and welcoming forum for networking and business improvement.

The chapter is known for its philanthropy, with hundreds of its members volunteering each year for community enhancement projects ranging from stream recovery to social service center renovations. The chapter is also recognized for its significant advocacy efforts to ensure responsible and balanced development practices in the Washington.

Media contact: Daphne Adair, [email protected], 206-818-1102

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