Economy of Texas
As a stand-alone country, Texas would be the 12th largest economy in the world.
|
|
| Statistics | |
|---|---|
| GDP | $1.648 trillion (2014) |
|
GDP per capita
|
$55,426 (2014) |
|
Population below poverty line
|
15.8% (16.5% considering cost of living) |
| 0.474 | |
|
Labor force
|
13,126,900 (January 1, 2015) |
| Unemployment | 4.4% (January 1, 2015) |
| Public finances | |
| Revenues | $71.5447 billion |
| Expenses | $71.4094 billion |
The economy of Texas is one of the largest economies in the United States. As of 2015, Texas is home to six of the top 50 companies on the Fortune 500 list and 51 overall, (third most after New York and California). In 2012, Texas grossed more than $264.7 billion a year in exports—more than exports of California ($161.9 billion) and New York ($81.4 billion) combined. As a sovereign country (2014), Texas would be the 12th largest economy in the world by GDP (ahead of South Korea and Australia).
Texas has a gross state product of $1.648 trillion (2014) the second highest in the U.S. Texas's household income was $48,259 in 2010 ranking 25th in the nation. The state debt in 2012 was calculated to be $121.7 billion, or $7,400 per taxpayer. Texas has the second largest population in the country after California.
Historically four major business enterprises shaped the Texas economy prior to World War II: cattle and bison, cotton, timber, and oil. The first enterprise to enjoy major success in Texas was cattle and bison. In the early days of Anglo-American settlement furs and hides were the major products derived from cattle. Beef was not particularly popular in the United States. However soon Texas entrepreneurs pioneered the beef industry and demand steadily increased. The cattle industry enjoyed its greatest financial success in the later 1870s and 1880s.
Cotton production, which had been known in Texas since Spanish times, gradually increased throughout the 19th century. By the early 20th century Texas had become the leading cotton producer in the nation. By the 1920s the cotton industry was past its peak as government regulation and foreign competition took their toll.
The forests of Texas have been an important resource since its earliest days and have played an important role in the state's history. The vast woodlands of the region, home to many varieties of wildlife when Europeans first arrived, provided major economic opportunities for early settlers. They today continue to play an important role economically and environmentally in the state.
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