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