Texas? development accounted for $7.9 billion in spending and 150,101 jobs supported in 2011, according to the report ?How Office, Industrial and Retail Development and Construction to the U.S. Economy in 2011.?
After Texas, New York ranked second with $6.5 billion in spending and 83,762 jobs supported; West Virginia ranked third with $5.9 billion in spending and 100,889 jobs supported; California ranked fourth with $4.5 billion in spending and 70,817 jobs supported; and Arizona ranked fifth with $4.2 billion in spending and 74,117 jobs supported.
This was the first year the commercial real estate industry posted gains nationwide since the recession began in 2007. The total economic impact of commercial real estate during 2011 added $261.6 billion to the Gross Domestic Product, compared to $231.7 billion in 2010. This is a 13 percent increase year-over-year.
U.S. construction spending on commercial real estate totaled $92.3 billion, a 12 percent increase over 2010. This spending supported nearly 2 million jobs nationally. These increases in construction spending and activity resulted in the building of 238.3 million square feet of new space, an increase of 2.5 percent from 2010. This new space has the capacity to house 610,000 jobs with an annual payroll of $26.8 billion.
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