Texas led the nation in commercial real estate development in 2011, study says

 

Commercial real estate development and construction rebounded nationwide in 2011 and Texas leads the way, according to a NAIOP Research Foundation study.

Texas posted the highest amounts of direct spending in pre-construction, construction and post-construction phases across all categories of commercial real estate. Commercial real estate includes office, industrial and retail buildings. NAIOP is a commercial real estate development association.

Texas’ development accounted for $7.9 billion in spending and 150,102 construction jobs supported, the organization said. The state moved up from No. 2 in 2010.

Nationwide, the study found that the total economic impact of development grew 12 percent, to $261.6 billion from $231.7 billion in 2010. In all, 238.3 million square feet of space was built last year, a jump of 2.5 percent over 2010. Last year was the first of gains in the commercial sector since the recession began in 2007.

Construction spending on commercial real estate totaled $92.3 billion, a more than 12 percent increase over 2010. This spending supported nearly 2 million jobs nationally.

"2011 was a transition year for the U.S. economy and the construction sector," said economist Stephen Fuller with George Mason University. "The U.S. economy shifted from a federal stimulus to private-sector driven growth pattern and construction spending grew accordingly."

Texas was followed by New York, West Virginia, California, Arizona, Utah, Florida, Illinois, Massachusetts and North Carolina.

_ Sandra Baker

Comments

[Grove Street dental care]

nice post dear.

[Gary Seidel]

Finally, we are starting to see some activity. It would be interesting to compare this growth to 2007, not 2010...

[Oakley sunglasses]

wow, amazing post! Any goverment should have the right to create money to pay EXCLUSIVELY their workers, that should be the heart of the economy not gold or cars. The main problem is when you have a religious mafia monarchy in control/monopoly of the creation/lending of money and they don´t want you have a nice life because doing so you would have thit crazy idea of having children.