Texas topped the country in commercial real estate development in 2017

Oil and cattle are the iconic business touchstones for Texas.

But it's real estate development where the Lone Star State really leads the country.

Last year, Texas was the top U.S. 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.

And Texas leads the country in warehouse and retail development. Only California has more office development than Texas, the NAIOP finds.

Nationally, the commercial property sector supports 7.6 million jobs and contributed $935.1 billion to the U.S. economy in 2017.

Construction started on more than 524 million square feet of office, retail, warehouse and industrial space around the country last year.

"The importance of commercial development to the U.S. economy is well established, and the industry's growth is critical to creating new jobs, improving infrastructure, and creating places to work, shop and play," Thomas Bisacquino, NAIOP president and CEO, said in a statement. "Commercial real estate is a robust contributor to national and state economies."

Direct expenditures for U.S. construction in 2017 surpassed $1.2 trillion dollars — the highest total in a decade.

 

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