Commercial Real Estate Development Is More Important To Texas Than Any Other State
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Texas is the top state in the nation for contributions to state gross domestic product and jobs created/supported by commercial real estate development, NAIOP found.
In total, commercial real estate in Texas supports 379,781 related jobs and contributes $59B to the state’s economy. California ranked second with 333,817 jobs and over $52B contributed to the state's economy by commercial real estate development.
Texas leads the nation in commercial real estate development for warehouse/flex, including e-commerce distribution, fulfillment facilities and retail real estate. It ranks second only to California in office development.
“Commercial real estate is a robust contributor to national and state economies, and NAIOP is dedicated to working with the administration, Congress and state legislators to develop bipartisan infrastructure investment incentives that empower our industry to expand,” NAIOP CEO Thomas Bisacquino said.
Nationally, new development and ongoing operations of commercial real estate — office, industrial, warehouse and retail — supported 7.6 million American jobs (new and existing) and contributed $935B to U.S. GDP in 2017.