We?re number 1!
Texas had more commercial real estate spending in 2011 than any other state, and helped make 2011 the first year since the recession that office, industrial and retail buildings have posted gains since the recession started.
Texas development accounted for $7.9 billion in spending and 150,102 jobs supported, according to a new report from NAIOP, the commercial real estate development association.
The study found U.S. construction spending grew more than 12 percent between 2010 and 2011, to $92.3 billion. More than 238 million square feet were built in 2011.
?2011 was a transition year for the U.S. economy and the construction sector,? said report author and economist Stephen Fuller, director of the Center for Regional Analysis at the George Mason University, in a press release.??The U.S. economy shifted from a federal stimulus to private-sector driven growth pattern and construction spending grew accordingly.?
Forecasts call for project construction spending to increase through 2014.
Top states for commercial real estate, after Texas:
2. New York, $6.5 billion in spending, 83,762 jobs supported.
3. West Virginia, $5.9 billion in spending, 100,889 jobs supported.
4. Califonia, $4.5 billion in spending, 70,817 jobs supported
5. Arizona, $4.2 billion in spending, 74,117 jobs supported
- Jennifer Hiller
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