Real Estate Wealth Supports Texas Economy via the Blog of the Real Estate Center

Texas is wealthy, and real estate is a big reason.

Texas’ 2011 real estate wealth was valued at $1.6 trillion or $65,432 worth of real estate for every Texan, regardless of age. That’s up 86.7 percent from the $35,055 in 1997.

As a research economist with the Real Estate Center, I monitor the relative importance of the state’s real estate industry and the resulting wealth it creates. My latest article, “Texas Treasure,” is in the October issue of Tierra Grande magazine, REC’s flagship periodical.

Real estate is the state’s second largest industry. The 2011 Texas real estate industry accounted for 8.4 percent of the state’s gross domestic product (GDP). Only manufacturing at 14.7 percent of GDP is larger.

Read more...Real Estate Wealth Supports Texas Economy | the Blog of the Real Estate Center