It seems like a new store, restaurant, or office building pops up overnight these days. Some people worry about the changing landscape of their cities and towns, but the reality is that new commercial construction is quite beneficial for the neighborhoods they serve. In fact, most of the time, commercial real estate benefits the city from the moment ground breaks until many years after construction is complete.
Commercial Construction Creates Jobs
Where there are commercial developments Bentonville AR, there are jobs. In fact, in 2019 alone, they contributed more than $1 trillion to the U.S. GDP, with the largest industries being data centers, industrial, infrastructure, and self-storage. It isn’t only the construction industry jobs themselves on the rise, either. Once the developments are complete, the factories, stores, and offices need people to run them, thus creating more jobs.
Commercial Construction May Help the Environment
When construction companies create commercial developments, they can use tools that help to promote sustainability. In addition to using environmentally friendly materials, they can create sustainable rooftop gardens, use solar power, and do more to contribute to lessening the carbon footprint. Additionally, when developments are close to residential neighborhoods, they promote walkability, which lowers the number of vehicle emissions in the air.
Commercial Construction Brings in Tax Revenue
When new buildings go up, they must pay property taxes. If those buildings are retail stores, the people who shop in them usually pay sales tax on the items they purchase. The money from the taxes go to local governments. In turn, the city can use the revenue to improve local infrastructure, build parks, create bike lanes, and much more.
From creating jobs to adding to the government’s improvement budget, commercial real estate provides many benefits for the neighborhood. If you are considering breaking ground on a new project, be sure to work with a reputable contractor who uses sustainable methods.