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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 ]
The Texas oil boom, sometimes called the gusher age, was a period of dramatic change and economic growth in the U.S. state of Texas during the early 20th century that began with the discovery of a large petroleum reserve near Beaumont, Texas.
As a part of the Sun Belt Texas experienced strong economic growth, particularly during the 1970s and early 1980s. [191] Texas's economy diversified, lessening its reliance on the petroleum industry. [191] By 1990, Hispanics overtook blacks to become the largest minority group in the state. [191]
The Texas economy is facing headwinds. That's the gist of two new reports from the Federal Reserve Bank of Dallas, which show that although the state's manufacturing output grew in October, new ...
The Texas economy expanded at an annual rate of 7.4%, while the nation expanded at 2.9%, as measured by the change in real gross domestic product (GDP) from 2022 to 2023.
The state has yet to return to its pre-pandemic unemployment rate of about 3.5%, even as it leads the country in new jobs created. However, state economic experts say the unemployment rate is an ...
The economy grew every year from 1812 to 1815 despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4.8% a year. [105] The national economy grew 1812–1815 at the rate of 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation. [104]
Historically, five major industries shaped the Texas economy prior to World War II: cattle, bison, cotton, timber, and oil. [15] Before and after the Civil War, the cattle industry—which Texas came to dominate—was a major economic driver and created the traditional image of the Texas cowboy.