Texas Government Lobby News: Texas has 15th Largest Economy in the World
The following is a digest from the Global Talks Business Website. All figures and facts are from this website and a result of their research. We do not verify these facts or vouch for them. The Texas Lobby Group is posting this digest as a public service for other Texas lobbyists, government officials and consultants, those interested in Texas politics, and other interested parties.
Texas has the 15th largest economy in the entire world. This is really quite a feat, considering that there are entire countries economically lagging behind the lone star state. After Alaska, Texas is the largest state in America. It also has the highest population, after California. It’s economy certainly does its size justice. The economy grew and developed greatly during the mid 20th century, along with technological growth. Texas grosses annual numbers that rival countries like India or China, ringing in over 100 billion a year in trade with other nations. It leads the way in regards to cotton production. In fact, Texas is the most agriculturally productive state. In acreage and numbers, it has more farms than any other state.
Texas is a big place for big business, with it’s low tax rates and minimal regulations. In contrast to it’s hefty economic prowess, on a more individual basis people it’s residents are earning a more modest amount. “Its per capita personal income in 2009 was $36,484, ranking 29th in the nation. Texas’s large population, abundance of natural resources, thriving cities and leading centers of higher education have contributed to a large and diverse economy. According to the Tax Foundation, the state and local tax burdens of Texans rank among the lowest in the nation. In 2010, Site Selection Magazine ranked Texas as the most business-friendly state in the nation, in part because of the state’s three-billion-dollar Texas Enterprise Fund.”
Texas is the largest exporter of goods in the U.S. It has the biggest American name and reputation in oil, natural gas, and agriculture. The land is abundant in space and resources. Texas also has a great influence and presence in the technological market. Dallas, San Antonio, Austin, and Houston are all very large cities with large software and systems businesses. The military is the second largest source of income in Texas, following the oil and gas industry. The state’s economic condition has become much more solid as it has diversified and grown, it was once much more homogenous and dependent on the oil and gas fields. With profit incoming from many different areas, the natural ebb and flow of business stays fairly steady state-wide.