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Property industry contributes more than banking

The data reveals:
* The sector contributes £46billion to UK GDP, equivalent to 3.5% of the UK’s GVA which is a comparable contribution to that of the engineering industry;
* Commercial property’s value in 2010 increased to about £516billion, equivalent to approximately a quarter of the London Stock Exchange;
* Commercial property continues to play an integral role in the financing of retirement with £116billion invested by insurance companies and pensions funds;
* The sector employs over 800,000 people, with over half a million employed in the construction, development and repair of buildings alone.

Sir Robert Finch, chairman of the Property Industry Alliance, said: "The report shows that the importance of the commercial property industry to the overall UK economy should not be underestimated and the crucial role it will play in our economic recovery.

"From providing places for people to work, shop and play through to playing a major role in funding retirement, the sector is a crucial cog in the UK economy. In legislating the Government must be mindful of this."

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