2011 showed gains in the development and construction of office, industrial and retail buildings.
That was the first year since our recession began in 2007 that there were improvements in the commercial real estate development and construction market. “The total economic impact of the development (pre-construction, construction and post-construction) of commercial real estate during 2011 added $261.6 billion to the GDP, compared to $231.7 billion in 2010, a 13 percent increase, according to the report. Construction spending on commercial real estate totaled $92.3 billion, a more than 12 percent increase over 2010. This spending supported nearly 2 million jobs nationally.” Hopefully, commercial real estate development and construction will continue to improve throughout this year.
Excerpt taken from Market Watch: Commercial Real Estate Development and Construction Rebounds in 2011 Released 5/1/12.