What is a valuable, profitable, and safe investment in 2012 that has increased by 86.7 percent of its previous worth in a single year? You guessed it! Real estate! In one years time, Texas’ real estate wealth has gone from $35,055 per man woman and child in Texas, to $65,432, with an estimated value of $1.6 trillion.
Research economist Ali Anari of the Texas A&M University Real Estate Center keeps careful tabs on the bearing of Texas’ real estate industry as well as the wealth created by it, and it appears that real estate is taking a more and more active role in the Texas economy.
Weighing in at 8.4 percent of Texas’ Gross Domestic Product in 2011, real estate has become the penultimate industry in the entire state, with only a single industry separating it from it and the top spot: manufacturing. The real estate wealth that takes up so much of Texan GDP includes everything from single family homes to mineral real estate and industrial properties.
Residential real estate takes a leading role, with single family homes making up more than half of all of Texas’ real estate wealth in 2011, or around $945.1 billion. Multifamily residential real estate made up about $85 billion worth of wealth, which, when combined with single family homes’ worth, makes up just over a trillion dollars worth of texas real estate.
Real estate also made up 3.6 percent of total statewide employment in 2011. Putting around 520,00 Texans to work including the self-employed. In fact, the real estate market is the most plentiful industry in Texas when it comes to self-employed workers.
As the 2011 numbers predicted, Texas real estate remains a hearty and resilient economic force. Whether you’re a new or experienced home buyer Stephenville real estate is a great investment, and with Hayden Real Estate, the perfect home is only just a call away.