Arizona No. 5 for commercial real estate development

Arizona ranked fifth in the U.S. last year in the development and construction of office, industrial and retail space, according to a report issued by NAIOP Research Foundation. The research showed Arizona had $4.2 billion in spending with more than 74,000 jobs supported. While the Great Recession cut deeply into Arizona's commercial real estate sector, the new NAIOP research shows Arizona is among the country's leaders in commercial development. However, the sector in Arizona still hasn't reached the boom levels seen in 2006 and 2007. Texas was the top state for commercial real estate development, accounting for $7.9 billion in spending and 150,000 jobs supported in 2011, according to the report “How Office, Industrial and Retail Development and Construction to the U.S. Economy in 2011.” After Texas, New York ranked second with $6.5 billion in spending and 83,762 jobs supported; West Virginia ranked third with $5.9 billion in spending and 100,889 jobs supported and California ranked fourth with $4.5 billion in spending and 70,817 jobs supported.

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