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Philip Watkins' Blog

By Top Dogg | Agent in Dallas, TX

Texas Treasure

In the aftermath of the great recession, how strong is the Texas real estate industry? An ongoing Real Estate Center research program monitors the relative importance of the Texas Real Estate industry and the states real estate wealth. Most recent data show the states real estate industry is maintaining its standing among the states industries and that real estate wealth continues to grow.

The real estate industry accounted for 8.4 percent of Texas gross domestic product (GDP) in 2012 compared with 11.7 percent for the United States. That is lower than the national average, in which the share is mainly attributable to lower the national average Texas home prices. Real Estate was the third largest Texas industry in 2012, after manufacturing and mining. It was the second largest in 2011. Texas real estate industry has the largest proportion of self-employed persons. Including the self-employed, 521,684 persons worked in the Texas real estate industry in 2012, representing 3.6 percent of statewide employment; nationwide, they were 4.0 percent. The corresponding percentages for Florida, California and Arizona were 5.1, 4.8 and 5.5, respectively. Real estates share in Texas total employment increased from 2.6 percent in 1999 to 3.5 percent in 2013.

Every $1 million of real estate industry revenue generates just over half a million dollars of revenue in other parts of the Texas economy, 5.2 jobs in the states real estate industry and five jobs in other industries. Real estate taxes are a big contributor to the states overall wealth: Taxes paid by the real estate industry accounted for 14.8 percent of total Texas business taxes in 2011. Texas property tax revenue in 2011 was more than $40 billion or 47.8 percent of the states tax revenues. Texas school districts levied $21.7 billion in property taxes in 2010, accounting for 54.4 percent of total property tax revenues. In 2010, the states four largest metropolitan areas accounted for a majority of real estate employment. Dallas-Fort Worth-Arlington, Houston-Sugar Land-Baytown, Austin-Round Rock-San Marcos, and San Antonio-New Braunfels, had 81.4 percent of Texas Real Estate employment.

What do you think about that? Please leave your questions or comments below.

Comments

By kpope6,  Fri Apr 12 2013, 16:53
I found this to be pretty interesting. Looking forward to additional blogs from you Philip.

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