Ohio is a commercial real estate powerhouse on the national level
Ohio is a commercial real estate powerhouse on the national level
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Ohio was the third-highest ranking state in the nation for overall contributions, according to NAIOP Research Foundation’s 2023 edition of its “Economic Impacts of Commercial Real Estate” report. Through real estate, Ohio had overall contributions of $64 billion to state GDP, with $27 billion in direct spending and $24 billion in personal earnings. The state also supported 424,000 jobs in 2022, the report found.
“Ohio’s commercial real estate industry has become a powerful economic engine for creating and generating jobs with significant contributions to our local and state economy,” Josh Gerth, president of NAIOP of Ohio, said in a news release.
The state also posted high rankings in several submarket categories, many of which Cincinnati has seen growth ballooning in recent years. Ohio was ranked eighth-highest in the nation for warehousing and was also eighth in retail.
The Buckeye State also was ranked third for economic contributions in the manufacturing submarket, only being bested by Texas and Arizona.
Cincinnati’s location has become appealing for many manufacturing and logistics companies with its ability to reach about 70% of the United States in a day by truck.
NAIOP’s report also found that commercial real estate’s impact on the economy is continuing to soar on a national level. The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022 contributed $2.3 trillion to U.S. GDP.
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