Texas? real estate business now accounts for one of the largest portions of the state?s annual industry, according to a new study by the Real Estate Center at Texas A&M University.
With an 8.4 percent share of the state?s gross domestic product, real estate is second only to manufacturing in Texas, the study based on 2011 values found.
Texas? real estate wealth last year was valued at about $1.6 trillion ? up almost 90 percent from 1997.
More than half of the state?s real estate wealth is invested in single-family homes, $945.1 billion, with commercial real estate real estate accounting for $279 billion in statewide value, the study found
In 2011, more than a half million Texans worked in the real estate business ? 3.6 percent of total statewide employment.
Source: http://bizbeatblog.dallasnews.com/2012/10/texas-real-estate-business-gaining-industry-share.html/
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