Source: Wikipedia, the free encyclopedia
The economy of Texas is one of the largest and fastest growing economies in the United States. In 2006, Texas was home to six of the top 50 companies on the Fortune 500 list and 46 overall, more than any other state. Texas has an economy that was the second largest in the nation and the 15th largest in the world based on GDP (nominal) figures. As the largest exporter of goods in the United States, Texas currently grosses more than $100 billion a year in trade with other nations.
In 2008, Texas had a gross state product of $1.245 trillion, the second highest in the U.S. The Gross state product per capita as of 2005 was $42,975.
Texas had the second largest workforce in the United States, with almost 11 million civilian workers. The lack of personal income tax as well as the largely undervalued real estate throughout Texas has led to significant growth in population. Since 2003, the legislature in conjunction with the Governor's office has made economic development a top priority.
|Much economic activity in Texas is regional. For example, the timber industry is important in East Texas's economy but a non-factor elsewhere. Houston, the state's largest urban economic enclave stands at the center of the petrochemical, biomedical research trades, shipping, and aerospace (particularly NASA). Dallas/Fort Worth houses the state's predominant defense manufacturing interests and the expansive information technology labor market. West Texas and the panhandle is dominated by ranching and the petroleum industry. Austin's economy is dominated by the State Government, Educational Institutions, and the booming IT Industry.
Texas's growth can be attributed to the availability of jobs, the low cost of housing, the lack of a personal state income tax, the quality of higher education, low taxation and limited regulation of business, a central geographic location, a limited government, favorable weather, and plentiful supplies of oil and natural gas. There are currently 35 billionaires residing in Texas today. Dallas has 27 billionaires, the most of any city in Texas.
Texas has the highest number of Fortune 500 company headquarters in the United States, fifty-eight. This has been attributed to both the growth in population in Texas and the rise of oil prices in 2005.