REITs supported an estimated 3.6 million fulltime equivalent (FTE) jobs in the United States in 2024, producing $283 billion in labor income, according to EY’s latest Economic Contribution of REITs report, commissioned by Nareit.
The chart above illustrates the growing impact of REITs on the U.S. economy over the past five years, measured in full-time equivalent (FTE) jobs. Between 2016 and 2024, REITs contributed an additional 1.6 million FTEs, driven by increased construction activity including capital expenditures and broader economic activity through indirect and induced effects.
The overall REIT economic contribution is comprised of: 1.2 million FTEs supported by REIT operations; 421,000 FTEs supported by dividends and interest payments; and 1.9 million FTEs supported by REIT capital expenditures and induced construction activities (including the employees doing the construction, materials and supplies, and the induced activity from that expenditure and employment). REITs support new construction through both their own development activity and purchases of newly constructed structures. REITs directly employed an estimated 312,000 FTEs in 2024.
In 2024, REITs’ domestic economic contribution increased by 1.2% from the previous year as measured by FTEs.