Oct 17, 2012

Texas Real Estate supports healthy Texas Economy

The Texas Real Estate Center just released some impressive figures showing why real estate is one of the main reasons for Texas wealth.

Last year Texas real estate wealth was valued at $1.6 trillion. That's $65,432 worth of real estate for each and every Texan. According to economists at the Real Estate Center, real estate is the second largest industry in Texas (behind manufacturing)and accounts for 8.4 percent of the gross domestic product in Texas.

Of our state's real estate wealth, 56.3 percent is in single-family housing. That single-family residential wealth totaled $945.1 billion in 2011. Multifamily residential wealth was $85.1 billion and commercial real estate wealth amounted to almost $279 billion.

In 2011, 521,684 Texans worked in real estate related business. Most self-employed Texans are in real estate. Agents like myself are self employed.

As an industry, real estate accounts for 14.8 percent of the total Texas business taxes. Texas’ property tax revenues account for almost half of state tax revenues.

Texas RE Economist Ali Anari says that for every $1 million of Texas real estate revenue, our state economy generates more than $500,000 in revenue elsewhere in the state. That revenue also supports 5.2 real estate jobs and 5 jobs in other industries in Texas.

7 comments:

commercial property dartford said...

Nice post and I find it well written. It has a great content and it is worth reading. Big thanks for sharing.

Connor Hall said...

Real estate investment is very good plate form for investing money. Cheers for nice information thanks .

Custodian Wealth Builders

real estate sales training said...

Texas real estate supports healthy investment. Good information

Abella Ivan said...

It seems to be very interesting. You should keep uploading more in future for all of us.

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Tom Watson said...

The Texas Real Estate Center just released some impressive figures showing why real estate is one of the main reasons for Texas wealth. Realtor Deals

Muhammad Amir said...

Our state economy generates louisville ky real estate more than $500,000 in revenue elsewhere in the state.

Linda D said...

Yes,If you want to make money in short time then investing in real-estate is really a great idea.Real estate is a blooming industry and prices will always increase.
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Realtors in Austin