15 Facts About Texas’s Economy (#9 Is Pretty Shocking)

Texas isn't just about its scenic landscapes; it's also a powerhouse of economic activity.

From bustling cities to charming rural towns, the Lone Star State offers a diverse and dynamic economic landscape brimming with opportunities to help you boost your bank account.

Dive into 15 fascinating facts that reveal the unique character of Texas's booming economy.

With a staggering gross domestic product exceeding $2.3 trillion, Texas commands a formidable economic presence, driving innovation and prosperity across various industries. 

Its economic output rivals that of entire countries, highlighting its significance in the global economy.

With a populous and economically diverse landscape, Texas offers ample opportunities for residents to thrive and succeed, supported by a median income that reflects the state's vibrant economy. 

The state has become increasingly popular, especially since Texas doesn't have a personal income tax.

Demonstrating robust economic activity, Texas's real GDP in Q3 2023 shows the state's resilience and capacity for sustained growth across multiple sectors. This substantial GDP clearly indicates Texas's position as a key driver of economic growth in the United States.

Compared with a 4.9% growth rate in Q2 2023, Texas's impressive real GDP growth reflects its dynamic economic landscape and ability to outpace national averages. 

Such rapid growth underscores Texas's appeal as a prime destination for businesses and investors seeking opportunities for expansion.

With a share of almost one-tenth of the entire nation's economic output, Texas plays a pivotal role in driving overall economic growth and prosperity in the United States.

Its contributions extend beyond state borders: Texas exports totaled $36.2 billion as of November 2023.

In Q3 2023, Texas's real GDP growth rate for agriculture, forestry, fishing, and hunting was 32.8% per year. This is the highest GDP growth rate in the state, followed by retail trade (24.4%) and construction (21.1%).

Texas's vibrant agricultural sector contributes significantly to its economic vitality, with robust growth rates bolstering its importance in driving GDP expansion.

The state added 369,600 jobs from December 2022 to December 2023, growing at an annual rate of 2.7%, above the growth rate for the nation as a whole at 1.7%. 

With a thriving job market and steady employment growth, Texas remains a magnet for talent and opportunity, offering its residents a diverse array of career pathways and economic prospects.

Texas is the second-largest state economy, second only to California. Texas's economic prowess underscores its status as a powerhouse of innovation and growth, driving prosperity and opportunity for its residents and businesses.

Texas' economy is valued at more than $2.4 trillion. Its economy would be ahead of Mexico, Russia, Australia, Italy, and Spain, if Texas were a country.

With a GDP surpassing that of many nations, Texas's formidable economic standing on the global stage cements its position as a key player in the world economy, fueling innovation, trade, and investment across international borders.

Real estate in Texas accounts for the highest GDP, followed by manufacturing at $271.4 billion and government at $240.3 billion. 

Real estate plays a pivotal role in Texas's economic landscape, with substantial GDP contributions reflecting the state's vibrant property market and robust investment activity in various property sectors.

With a relatively low unemployment rate, Texas's labor market remains resilient and dynamic, providing ample job opportunities and creating economic stability for its residents and communities. 

A lower unemployment rate signifies a strong economy and vibrant job market, attracting job seekers and supporting sustainable economic growth across diverse industries.

On average, 410 out of 100,000 adults start a new business in Texas. With a clear culture of entrepreneurship and innovation, Texas offers a fertile ground for aspiring business owners, driving economic growth and job creation through the spirit of enterprise and innovation.

Texas's rapid population growth was primarily a result of the oil boom of the early 1900s. This boom transformed the state from a large rural region into a larger, more industrial state.

The state's remarkable population growth reflects its evolution from a rural landscape to a dynamic and industrialized economy driven by transformative industries such as oil and gas.

Texas produces more than 40% of America's oil and nearly 25% of the nation's natural gas. While lesser known, it's also the top-producing state for wind energy and the second-largest state for solar. 

With abundant natural resources, Texas plays a crucial role in powering the nation's energy needs.

While boasting a robust economy, Texas prioritizes quality of life and affordability, offering residents a balanced lifestyle and a thriving community environment.

Although Texas ranks in the bottom half of U.S. states, according to WalletHub, its commitment to overall affordability makes it an attractive destination for families and individuals trying to get ahead financially.

Texas' robust energy sector, coupled with its thriving entrepreneurial spirit, lays the foundation for a dynamic and fertile ground for residents and businesses to build wealth. 

As the economic landscape continues to evolve, the question remains: What exciting opportunities await you in the Lone Star State?