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The Permanent University Fund was established by the 1876 Constitution of the State of Texas. [2] Initially, its assets included one-tenth of University of Texas at Austin lands bordering the railroads (UT Austin was granted 1 million acres (4,000 km 2) in West Texas as compensation) as well as 1 million acres (4,000 km 2) additional. [3]
The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80] Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II.
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The Wharton School of the University of Pennsylvania's online business journal examined why economists failed to predict a major global financial crisis and concluded that economists used mathematical models that failed to account for the critical roles that banks and other financial institutions, as opposed to producers and consumers of goods ...
Texas A&M has led the world in several fields of cloning research. Scientists at the university's College of Veterinary Medicine created the first cloned pet, a cat named "cc", on December 22, 2001. [135] Texas A&M was also the first academic institution to clone six species; cattle, a Boer goat, pigs, a cat, a deer, and a horse. [136]
The updated comptroller’s report raises the amount of revenue available to the state over the 2024-25 cycle to $194.6 billion.
Texas counties by GDP in 2021 (chained 2012 US$) The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.694 trillion as of 2023. [7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. [8]
A sharp regional recession in the southwestern United States and Texas, caused by a drop in oil prices, caused a fall in the value of commercial real estate in those areas. Thrifts in those states, highly exposed to local commercial real estate prices through their heavy aggressive lending activities, quickly became insolvent. [58]