Key Facts
- Per Capita Real GDP
- $37,793 Rank: 19/50 (2007)
- Population
- 24,327,000 Rank: 2/50 (2008)
- Per Capita Personal Income
- $34,257 Rank: 25/50 (2006)
- Unemployment Rate
- 4.30% Rank: 21/50 (2008)
- Business Tax Climate Index
- Rank: 8/50 (2008)
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Texas: Introduction
Texas is the largest state in the continental United States with only Alaska claiming a larger land mass. It is located in the south central region of the country with Mexico and the Gulf of Mexico lying on the Southern border. The physical geography of the Lone Star State encompasses plains, forests, and mountains with climates ranging from wet coastal areas to dry and barren desert. The state has significant reserves of oil and natural gas, both on dry land and off shore in the Gulf of Mexico.
The economy of Texas, as with most things in the state, is big. The GDP of the state is over $1 trillion, a figure larger than that of most developed nations. The shear size of the economy is complemented by the wide diversity of industries it encompasses. Mining, manufacturing, services and agriculture are all integral components of the state’s robust economy.
Texas is the leading U.S. producer of oil and natural gas. Mining has contributed over 9% to the state economy in recent years, reaching the $100 billion mark in 2006. The strength of the extraction industry is complemented by a growing manufacturing industry. Many of the manufacturing companies are located along the gulf coast, in close proximity to gas and oil resources. These resources are used as both a source of energy for the facilities and a manufacturing input in some cases. Texas leads the country in production of cattle and cotton by a wide margin, and is also home to more farmland, sheep, and lambs than any other state.
