Florida Commercial Real Estate booming!
By: Sabrina Orlov •
Florida's commercial real estate sector contributed $189.4 billion to the state's economy in 2017, the third largest of any state, according to a survey by the Commercial Property Development Association (NAIOP) conducted by George Mason University. an annual economic impact study.
The annual economic impact study discovered that inly California and Texas contributed more to each economy.
Due to construction spending increase since 2011, the total gain in the sector mounted to 54.6%, and non-residential construction spending increased 37% between 2013 and October 2017, reflecting a $ 126.7 billion increase in construction spending during this period.
Florida also ranked third among states in spending on commercial real estate at $99.8 billion. Again, only Texas and California have spent more. Florida ranked fifth in total economic impact in 2017, at $19.3 billion, behind California, Texas, New York and Pennsylvania.
Specialists have highlighted that the US economy will continue to grow until 2020, however, the NAIOP study warns that rising interest rates, labor shortages, energy prices, and the federal tax law of 2017 may impact the economy.
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