Texas ranked second in the nation last year when it came to most commercial real estate development activity.

According to NAIOP Research Foundation, Texas generated 162,877 jobs and $4.34 billion in new projects and spending related to commercial real estate in 2012. The state came in first last year.

New York claimed the top spot with $4.8 billion in spending, supporting 122,600 jobs.

Nationwide, development and construction of new commercial real estate contributed $303.4 billion to the economy — up 16 percent from the year earlier — and supported about 2.3 million jobs, marking the second year since 2007 that the sector posted gains.

Data for the report were provided by the Bureau of Economic Analysis, U.S. Department of Commerce, U.S. Census Bureau, McGraw Hill Construction and a NAIOP member survey.

Source: Houston Chronicle