Greg Murphy, the representative for North Carolina’s District 3, said that the real estate industry significantly drives U.S. economic growth and supports millions of jobs.
“The real estate industry is a driving force in our nation’s economy, representing 16% of U.S. GDP, supporting 2.8 million jobs, and generating $50 billion in tax revenue,” said Murphy, U.S. Representative from North Carolina. “Great to meet with Nareit to learn about their role in helping our local communities thrive.”
The National Association of Real Estate Investment Trusts (Nareit) represents the interests of U.S. Real Estate Investment Trusts (REITs) and publicly traded real estate companies, advocating for their role in the broader investment landscape. According to Nareit’s official website, the organization promotes REIT-based real estate investment to policymakers, global investors, and the public, emphasizing transparency, accessibility, and economic contribution. Nareit supports industry growth through policy advocacy, market research, and investor education.
In 2023, commercial real estate contributed approximately $2.5 trillion to U.S. Gross Domestic Product and generated $881.4 billion in personal income. According to the NAIOP Research Foundation, the industry supported around 15 million jobs, making it one of the largest drivers of employment and economic activity in the country. These figures underscore the sector’s crucial role in sustaining U.S. economic growth.
Real estate investment trusts have continued to grow in economic impact over the past decade, supporting an estimated 3.5 million full-time equivalent jobs in the U.S. by 2023. According to Ernst & Young, REITs contribute significantly to job creation, wage growth, and infrastructure investment through their development, financing, and operation of income-producing properties across sectors.
Murphy has served in Congress since 2019 and currently sits on the House Ways and Means Committee and Veterans’ Affairs Committee. According to his official biography, he has prioritized economic development, healthcare reform, and reducing regulatory burdens. His legislative work includes efforts to strengthen the U.S. economy and support small business growth.
