Recent data from the Real Estate Center at Texas A&M University shows that real estate is the state's second-largest industry after manufacturing. The new data comes from an ongoing REC research program that monitors the relative importance of the industry and its resulting wealth for the state.
According to Ali Anari, Ph.D., a research economist with the REC, the Texas real estate industry accounted for 8.4% of the state's gross domestic product (GDP) in 2011. The data also reveals that the largest proportion of self-employed Texans are in the real estate industry.
Other data shows the total real estate wealth in 2011 for various properties, including:
- $945.1 billion for single-family residential wealth
- $85.1 billion for multifamily residential wealth
- Almost $279 billion for commercial wealth
Steve Young
RE/MAX Associates
(817) 276-5149
www.steveyoung.pro
www.steveyoungtexasrealestate.pro
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