The Dallas Morning News
Texas 2nd in outlay on commercial real estate
For the second year in a row, Texas was behind only New York in total commercial real estate spending in 2016.
Commercial property construction expenditures topped $18.5 billion in the Lone Star State last year. And development supported 310,994 Texas jobs, according to a report by the NAIOP Research Foundation, a commercial real estate study organization.
New York state had $24.8 billion in direct commercial real estate spending last year. California was third, with $14.3 billion. The annual study adds up hard and soft costs for a variety of real estate projects, including office buildings, warehouses, industrial plants and retail and entertainment building.
Texas was first in the country in retail and entertainment spending, with $4.1 billion in construction last year. It ranked second for office development ($8.4 billion) and warehouse construction ($3 billion).