Texas Leads Nation With Fastest Economic Expansion (2024)

FAQs

What does Texas lead the nation in producing? ›

Natural resources — While it's true Texas produces more than 40% of America's oil and nearly a quarter of the nation's natural gas, it is also the top-producing state for wind energy and the second-largest state for solar.

The $2.4 trillion Texas economy is now the eighth-largest economy among the nations of the world, larger than Russia, Canada, Italy and more. The Texas economy has expanded faster than the nation six quarters in a row. Texas is the top state for Fortune 500 headquarters, now at 55.

In 3rd quarter of 2023, Texas accounted for 9.1% of the US economy. Source: Bureau of Ecomonic Analysis. Texas ranks 2nd in economy size among states and Washington, DC.

Texas is the top producer of cotton, hay, sheep, goats, mohair and horses.

The number of U.S. residents moving into counties in Texas is a major contributing factor to its population growth. International migration, birth rates and death rates also affect a state's population growth.

As the 8th largest economy among the nations of the world, Texas offers a combination of unique competitive business advantages that no other state can claim: a business-friendly climate—with no corporate or personal income tax—along with a highly skilled and diverse workforce, easy access to global markets, robust ...

The largest industries by revenue in Texas are Gasoline & Petroleum Wholesaling, Oil Drilling & Gas Extraction and Petroleum Refining, which generated $298.1b, $210.9b and $170.2b in 2023.

“Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate and the strongest workforce in America,” said Governor Abbott. “Across every region of this great state, Texas offers hardworking Texans the freedom to aspire.

What state has the richest economy? ›

The three U.S. states with the highest GDPs were California ($3.86 trillion), Texas ($2.56 trillion), and New York ($2.15 trillion). The three U.S. states with the lowest GDPs were Vermont ($43.1 billion), Wyoming ($50.1 billion), and Alaska ($67.1 billion).

In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. As of 2021, Texas grossed more than $300 billion a year in exports—more than the exports of California ($175 billion) and New York ($100 billion) combined.

After California, the economy of the State of Texas has the second-largest GDP in the nation. As of 2022, its gross state product was $2.355 trillion.

The state's largest manufacturing export category is petroleum and coal products, which accounted for $70.0 billion of Texas's total goods exports in 2023.

Texas leads the U.S. as the top producer of both crude oil and natural gas, with nearly 480,000 miles of pipelines running throughout the state. The state is home to one-fourth of the nation's proved natural gas reserves and is #2 in total LNG exports.

While the primary crops of Texas are cotton, corn, feed grains (sorghum, milo, etc.), rice and wheat, there is an abundance of other crops, too. From peanuts, to sunflowers to sugarcane and more.

Texas is, of course, the national leader in petroleum and coal products manufacturing, with about 30 percent of the nation's petrochemical refining capacity, and the largest manufacturer of chemical products as well.