The real estate industry is a substantial economic engine in New York City. In 2012, the
real estate industry directly and indirectly supported 518,900 jobs, representing
approximately 11 percent of the City’s total jobs. Industry activities generated
approximately $106.2 billion worth of jobs, wages, and output, the sum of which is a
measure of economic impact. This economic impact represents approximately 13
percent of the Gross City Product (GCP).