BOMA International’s Economic Impact Study
BOMA International’s newly revised economic impact study - Where America Goes to Work: The Contribution of Office Building Operations to the Economy / 2016 - outlines how commercial real estate industry is a significant driver of the nation’s economic engine. According to the latest numbers, the 10.5 billion square feet of commercial office space located within the markets served by BOMA International’s U.S. local associations generated $89.1 billion in operational expenditures in 2015—$7 billion more than in 2013—to the benefit of workers and businesses within their host jurisdictions, contributing nearly $235 billion to the national gross domestic product (GDP).
For each dollar laid out in building operations expenditures, the U.S. economy gained $2.64. These numbers reveal that this otherwise “hidden” industry—frequently is overlooked by the millions of office workers who take for granted the properties they occupy each work day—is a major force in U.S. commerce.
Commercial real estate also is one of the leading employers in the United States. Office building operations both directly and indirectly support 1.75 million jobs locally, statewide and nationally. In addition, last year, buildings owned and managed by BOMA members provided work space for an estimated 46.9 million office jobs—meaning roughly one-third of all U.S. workers work in BOMA office space.
Real estate also is one of the leading employers in the United States. According to the latest numbers, office building operations alone supported 1.8 million jobs, including over 30,000 jobs in Colorado alone.