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As western Texas and the panhandle region began to be more fully explored, the Permian Basin gradually became the top producing area of the state. [5] Though independent oil companies were still an important part of the industry for some time, the major new strikes were increasingly made by established companies.
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]
In early Texas statehood, things such as cotton, ranching, and farming dominated the economy, along with railroad construction. After 1870, railroads were a major factor in the development of new cities away from rivers and waterways. Toward the end of the 19th century, timber became an important industry in Texas as well.
The effect of industrialisation shown by rising income levels in the 19th century, including gross national product at purchasing power parity per capita between 1750 and 1900 in 1990 U.S. dollars for the First World, including Western Europe, United States, Canada and Japan, and Third World nations of Europe, Southern Asia, Africa, and Latin America [1] The effect of industrialisation is also ...
One of the real impetuses for the United States entering the Industrial Revolution was the passage of the Embargo Act of 1807, the War of 1812 (1812–15) and the Napoleonic Wars (1803–15) which cut off supplies of new and cheaper Industrial revolution products from Britain. The lack of access to these goods all provided a strong incentive to ...
The Industrial Revolution altered the U.S. economy and set the stage for the United States to dominate technological change and growth in the Second Industrial Revolution and the Gilded Age. [28] The Industrial Revolution also saw a decrease in labor shortages which had characterized the U.S. economy through its early years. [29]
While Texas cities were solidly Republican by the 1990s — and while it was a solidly Republican state presidentially after 1980 and in terms of the statewide executive after 1994 — the state ...
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP.