Arizona Breaks into Top 5 States For Construction Spending: NAIOP
- May 30, 2012
A NAIOP Research Foundation report finds that Arizona ramped up commercial real estate development spending in 2011, pumping $4.2 billion into building new space.
That total falls short of pre-recession levels, but it was good enough for fifth place, as the state trailed only Texas, New York, West Virginia and California. All told, commercial development accounted for 74,000 jobs in Arizona last year, according to the report’s author, Stephen Fuller, an economist and director of the Center for Regional Analysis at George Mason University in Virginia.
Nationwide, developers spent $92.3 billion in 2011, a 12 percent
year-over-year increase that supported almost 2 million jobs. The projects
added 238.3 million square feet of industrial, office and retail commercial
space, a 2.5 percent jump from 2010.
Photo courtesy of user Finavon via Wikimedia Commons.