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For the second year in a row, Texas topped the nation in real estate development activity in 2018.
With almost $26 billion in direct spending on real estate projects, the Texas building sector contributed more than $62 billion last year to the state’s economy, according to a report from the NAIOP, the Commercial Real Estate Development Association.
The development sector last year supported more than 400,000 jobs in the state, the industry trade group said in it’s annual economic impact report.
Texas was ahead of both New York and California in the ranking of real estate development impact in each state.
Commercial property developments created and supported 8.3 million American jobs in 2018 and resulted in salaries and wages of $325.9 billion, according to the NAIOP study.
The industry contributed $1 trillion last year to the country’s gross domestic product, the report said.
"Commercial real estate development’s contributions to the U.S. economy are significant," Thomas Bisacquino, NAIOP president and CEO said in a statement. "The industry’s growth is critical to creating new jobs, improving infrastructure, and creating places to work, shop live and play.
"Our industry’s performance has been bolstered by strong consumer spending and increases in wages and job growth, as well as tax reductions."
In Texas, the NAIOP estimates that in 2018 the development and ongoing operations of office, industrial, warehouse and retail buildings – generated more than $20.6 billion in personal income statewide.