Going by the latest information from the United States Bureau of Economic Analysis, the third most significant industry of the Lone Star state is real estate. This industry typically contributes about 7.8% – 12% of the GDP (Gross Domestic Product) of Texas.
Texas real estate industry goes across the boundaries of the state and affects the financial activity of other parts of the nation as well. The interrelated finance dealings form a complex web that reflects the scenario of the modern economy. So whatever happens in Texas influences the entire country, and to some extent, the world as a whole.
U.S. bureau report highlighted some facts:
- For every $1 million of revenue generates by the Texas real estate industry, about $0.5 million of revenue is earned in other parts of state economy.
- For every $1 million of revenue generated by Texas real estate industry, 5.16 jobs are generated in the real estate industry, and 5 jobs are generated in other industries in the state.
- Texas real estate industry has the largest proportion of self employed individuals
About 0.5 million people of the state work in the real estate industry, making it 3.9% of the statewide employment. Looks like it’s a good time to buy a home in Central Texas.