In CRE Development, Texas Moves to Number One in 2017
March 21, 2018 | James Sprow | Blue Vault
According to a report in the Dallas News, last year Texas was the number one state for commercial real estate development contributions to the economy.
“With more than $24 billion in direct construction spending in Texas, the building sector contributed almost $59 billion to the state’s economy, according to a new report by the NAIOP, the Commercial Real Estate Development Association. The sector supports almost 380,000 jobs in the state, the new study finds.”
Texas also leads the U.S. in warehouse and retail development. California has more office development than Texas, according to the NAIOP study.
Direct expenditures for U.S. construction in 2017 was over $1.2 trillion, the highest in a decade.
Texas was first in construction’s total output and contribution to GDP, while California had slightly higher direct construction spending at $24.76 billion to $24.38 billion in Texas. Pennsylvania ranked third at $16.17 billion and New York was fourth at $15.74 billion in direct construction spending.
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