REITs contribute 3.2 million jobs and $229.0 billion to the US economy

US-headquartered public listed equity REIT portfolios included nearly 535,000 properties at year-end 2021.

With a total footprint of over 3 million US jobs that generate $229.0 billion of labor income, real estate investment trusts (REITs) are a vital part of their communities and the US economy at large.

Ernst & Young LLP (EY US) was commissioned by Nareit to estimate the current economic contribution of REITs in the US.

The total economic contribution, or footprint, of REITs consists of the direct operations of REITs and related businesses in the United States, as well as the induced or indirect flows from dividend and interest payments by REITs and REIT property improvement and construction investments.

Employment

The total economic contribution of US REITs and related businesses in 2021 was an estimated 3.2 million full-time equivalent (FTE) jobs.

Income

REIT operations, including dividend and interest payments, contributed $109.9 billion in labor income to the US economy. Operations that exclude dividend and interest payments supported an additional $61.1 billion of labor income in the United States.

Growth

REITs in the United States own more than $4.5 trillion of gross real estate assets. Publicly listed REITs have seen their combined equity market capitalization grow from the end of 1990 at an approximately 17.6% compound annual rate, from $9 billion to almost $1.75 trillion at the end of 2021.

Properties

US-headquartered public listed equity REIT portfolios included over 535,000 properties at year-end 2021, including:

• More than 2,400 office buildings
• More than 500 regional malls; nearly 3,000 shopping centers; more than 1,700 restaurant locations
• Nearly 8,000 industrial facilities
• Over 2,800 multifamily rental properties, with nearly 750,000 units
• Nearly 1,800 hotels
• Approximately 8,500 medical facilities comprising nearly 2,500 medical office buildings, nearly 2,100 assisted living facilities, over 1,200 skilled nursing facilities and over 2,600 other health care facilities
• Nearly 7,200 self-storage facilities
• More than 300 data centers
• Nearly 100,000 telecommunications towers
• Nearly 157,000 single-family-home rental properties
• More than 212,000 billboards and outdoor advertising units
• Nearly 15 million acres of timberland