March 20, 2018
Texas ended up being the top state for CRE development contributions to the economy. According to a recently released study from NAIOP, Texas commercial real estate development boasted more than $24 billion in direct construction spending, which contributed almost $59 billion to the state’s economy. In addition, the sector supports close to 380,000 jobs in the state.
The report noted that Texas also led the country in warehouse and retail development, though was beat out in the office sector by California.
Nationally, the commercial property sector supported 7.6 million jobs, contributing $935.1 billion to the U.S. economy in 2017. Construction began on more than 524 million square feet of office, retail, warehouse and industrial space.
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