FAQs
As the 8th largest economy among the nations of the world, Texas offers a combination of unique competitive business advantages that no other state can claim: a business-friendly climate—with no corporate or personal income tax—along with a highly skilled and diverse workforce, easy access to global markets, robust ...
What gave Texas a large economic boom? ›
Oil and natural gas production bestowed new economic importance and diversity on the Texas economy. Nevertheless, they only reinforced the state's reliance on the production of so-called "primary goods"--mining (including oil and natural gas production), timber, agriculture and ranching.
Why is the Texas economy stronger? ›
“Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate and the strongest workforce in America,” said Governor Abbott. “Across every region of this great state, Texas offers hardworking Texans the freedom to aspire.
How much does Texas contribute to the US economy? ›
Texas produces 23% of U.S. GDP, the value of all goods and services produced. Texas accounts for 22% of U.S. exports. Texas is the top exporting state, now for 21 years in a row. Texas is the top tech exporting state for 10 years in a row.
What state has the best economy? ›
15 States with the Best Economy Right Now
- Florida. ...
- Pennsylvania. ...
- Minnesota. GDP Per Capita (2022): $68,010. ...
- Virginia. GDP Per Capita (2022): $68,211. ...
- Illinois. GDP Per Capita (2022): $68,822. ...
- Maryland. GDP Per Capita (2022): $70,730. ...
- Colorado. GDP Per Capita (2022): $74,167. ...
- Washington. GDP Per Capita (2022): $75,698.
What city in Texas has the best economy? ›
[1] Dallas–Fort Worth and Houston rank among the top six largest metropolitan areas in the U.S. in terms of both population and economic output. In fact, Texas is the only state to have two metros in the top 10 for both measures.
What state has the fastest growing economy? ›
The state of Idaho experienced the most significant growth in real GDP in 2022, growing 4.9 percent when compared to 2021. Tennessee and Florida also experienced growth at or more than four percent. Additionally, several states experienced a decline in real GDP, including Alaska, Louisiana, and Iowa.
Is Texas a rich or poor state? ›
According to the U.S. Census Bureau, the national poverty rate was 12.4% in 2022, up from 11.2% in 2021. These states have the highest percentages of poverty in the country: Mississippi, Louisiana, West Virginia, New Mexico, Arkansas, Kentucky, Alabama, Oklahoma, Texas, and New York.
What is better, Texas or California? ›
California ranked second in WalletHub's 2022 “best states to live in” index. The financial services firm gave Texas the 11th place slot. New York was first, and Alaska was last. The index considers 16 factors, including weather, average hours worked per week, quality of roads and commute time.
Why is Texas so important to the USA? ›
With a growing base of industry, the state leads in many industries, including tourism, agriculture, petrochemicals, energy, computers and electronics, aerospace, and biomedical sciences. Texas has led the U.S. in state export revenue since 2002 and has the second-highest gross state product.
The Lone Star State has plenty to offer potential residents, with Texas providing low costs and great job prospects. It offers a range of recreational activities that are affordable thanks to its attractive real estate market coupled with the fact it doesn't have any income tax in place.
Why Texas is better than any other state? ›
And as of 2022, Texas led the nation as home to the most Fortune 500 companies. Texans also enjoy a lower cost of living, 8% lower than the national average, according to Forbes. One reason is that housing is significantly more affordable in the Lone Star State.
Which state is richer, Texas or California? ›
After California, the economy of the State of Texas has the second-largest GDP in the nation.
What is the main income of Texas? ›
The Texas economy today relies largely on information technology, oil and natural gas, aerospace, defense, biomedical research, fuel processing, electric power, agriculture, and manufacturing.
Where does the Texas economy rank in the United States? ›
Texas' economy ranks 2nd in size among states and Washington, DC. Explore this page to learn about the state's economic growth, job market, and economy size, backed by data from reputable sources like the Bureau of Economic Analysis and the Bureau of Labor Statistics.
Does Texas have the strongest economy? ›
Texas has one of the top economies in the world. With a real Gross Domestic Product nearing $2 trillion, Texas GDP earns Texas the ranking of ninth largest economy in the world, and second largest in the US, behind California's $3.37 trillion, according to Austin Business Journal and PRNewswire.
Is Texas economy strong? ›
Texas continues to lead the nation in an economic resurgence and remains one of the strongest and most diverse economies in the nation.
Does Texas have a good economy? ›
Texas' Economy Leads Among Top Performing States
In 2022, Texas' GDP reached $1.88 trillion (in chained 2012 dollars), falling second to California's $2.89 trillion economy. Texas accounted for 9.4% of the entire U.S. GDP that same year. Texas also displayed strong per capita and per worker economic indicators in 2022.
Why is Texas better than other states? ›
And as of 2022, Texas led the nation as home to the most Fortune 500 companies. Texans also enjoy a lower cost of living, 8% lower than the national average, according to Forbes. One reason is that housing is significantly more affordable in the Lone Star State.