Residential real estate in Texas is still considered a valuable, money generating industry, according to a new report from the Real Estate Center at Texas A&M University.
The state's real estate wealth in 2011 hit $1.6 trillion, or $65,432 of real estate for every Texas citizen. Apparently, that's up from $35,055 for every citizen in 1997.
Dr. Ali Anari, a researcher with the center, says 56% of the state's real estate wealth is tied to single-family housing with wealth from that sector totaling $945.1 billion.
When including the self-employed, 521,684 Texans worked in some part of the real estate industry, making up 3.6% of the statewide employment base.
Anari claims that every $1 million in Texas real estate revenue generates $500,000 in additional revenue for other parts of the state, along with 5.2 real estate jobs and five jobs in related industries.