This article needs to be updated.(June 2022) |
Statistics | |
---|---|
GDP | $2.7 trillion (2024) [1] |
GDP per capita | $86,987 (2024) |
Population below poverty line | 14.0% (absolute) [2] 11.3% (relative) [3] |
0.4796 [4] | |
Labor force | 15,226,787 (Apr. 2024) [5] |
Unemployment | 4.0% (Apr. 2024) [5] |
Public finances | |
Revenues | $269.7 billion (2023) [6] |
Expenses | $258.8 billion (2023) [6] |
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] As of 2023, Texas grossed more than $440 billion a year in exports, more than double the next highest state California ($178 billion). [9]
Texas is ranked as the 8th largest economy among nations of the world by nominal GDP, ahead of Canada, South Korea, Russia, and Australia. [10]
In 2019, Texas had a median household income of $61,874. [11] As of August 31, 2022 Texas had a total of $64.40 billion in state debt outstanding, including both general obligation and revenue debt. [12] [13] Texas has the second largest population in the country after California. [14]
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Historically four major business enterprises shaped the Texas economy prior to World War II: cattle and bison, cotton, timber, and oil. [15] The first enterprise to enjoy major success in Texas was cattle and bison. In the early days of Anglo-American settlement, furs and hides were the major products derived from cattle. Beef was not particularly popular in the United States. However, Texas entrepreneurs soon pioneered the beef industry, and demand steadily increased. The cattle industry enjoyed its greatest financial success in the later 1870s and 1880s.
Cotton production, which had been known in Texas since Spanish times, gradually increased throughout the 19th century. By the early 20th century, Texas had become the leading cotton producer in the nation. By the 1920s, the cotton industry was past its peak, as government regulation and foreign competition took their toll. [16]
The forests of Texas have been an important resource since its earliest days and have played an important role in the state's history. The vast woodlands of the region, home to many varieties of wildlife when Europeans first arrived, provided major economic opportunities for early settlers. They today continue to play an important role economically and environmentally in the state.
The densest forest lands lie in the eastern part of the state. In particular the Big Thicket region, just north of Houston and Beaumont, has historically been home to the most dense woodlands. The Big Thicket was mostly uninhabited until heavy settlement from the U.S. began in the mid-19th century, and was even used as a refuge by runaway slaves and other fugitives. The Rio Grande valley in South Texas was home to a large palm tree forest when Spaniards first arrived, though today very little of it remains.
The development of railroads in the eastern part of the state during the mid-19th century led to a boom in lumber production in the 1880s. This era of financial success lasted approximately 50 years finally coming to an end as Texas's forests were decimated and the Great Depression dropped prices. [17]
In 1901 the Gladys City Oil, Gas, and Manufacturing Company struck oil on Spindletop Hill in Beaumont. Though petroleum production was not new, this strike was by far the largest the world had ever seen. The find led to widespread exploration throughout Texas and neighboring states. By 1940 Texas was firmly established as the leading oil producer in the U.S. [18]
Texas remained largely rural until World War II though the success of the petroleum industry rapidly expanded the economy with heavy industry of many types taking root. The second world war created tremendous demand for petroleum and a variety of products that Texas was in a unique position to provide. By the end of the war Texas was one of the leading industrial states and the population had become predominantly urban. Additionally the economy had diversified sufficiently that, though petroleum was still the largest sector by the end of the war, the business community in the state was truly diverse.
The economy of Texas relies largely on information technology, oil and natural gas, aerospace, defense, biomedical research, fuel processing, electric power, agriculture, and manufacturing.
Texas had led the United States in export revenues since 2001, grossing more than $440 billion in 2023. [9]
Largest export categories (2023):
Mexico is by far the largest export partner with Texas, receiving nearly $130 billion worth of goods in 2023. The next largest export partners are Canada ($36 billion) and Netherlands ($26 billion).
Air Cargo World rated Dallas/Fort Worth International Airport as "the best air cargo airport in the world". [20] The Port of Houston is the largest port in the U.S. by tonnage, with more than 266 million tons of cargo passing through the port in 2021. [21]
According to the Tax Foundation, Texans' state and local tax burdens are among the lowest in the nation, 7th lowest nationally, with state and local taxes costing $3,580 per capita, or 8.7% of resident incomes. [22] Texas is one of only 7 states not to have a state income tax. [22] [23] The state sales tax rate, 6.25%, is above the national medium, with localities adding up to 2% (8.25% total). [24] Texas does have a "back to school" sales tax holiday once a year (generally around the first weekend in August) on clothing and footwear under $100. [25]
As for Texas's business tax climate, the state ranks 8th in the nation. [22] Property taxes are exclusively collected at the local level in the state, and are generally at rates above the national average. [22] As a whole, Texas is a "tax donor state" with Texans receiving back approximately $0.94 per every dollar of federal income taxes collected in 2005. [22]
This section needs additional citations for verification .(July 2009) |
Texas is one of the seven states of the United States with no personal state income tax. In addition, Texas does not allow any lower level of government (counties, cities, etc.) to impose an income tax. This means that, for the residents of Texas, the maximum rate of income taxation is the top rate set by the federal government. Businesses, except for sole proprietorships and partnerships, are subject to a franchise tax. [26]
The state sales tax is set at 6.25 percent. [27] Cities are allowed to impose an additional 1% tax, and additional taxes not to exceed 1% may be approved by voters for any combination of county sales tax, transportation districts, economic development, and/or crime prevention. The average sales tax in Texas amounts to 8.25 percent. The state determines the items subject to sales tax, which all other entities must follow. Motor vehicle sales are subject only to the 6.25% state sales tax. Food, except for prepared food, and non-prescription medicines are among the major items exempt from sales tax.[ citation needed ]
While property taxes are among the highest in the nation, property costs are also among the lowest in the nation. Property taxes constitute the majority of revenue and are collected and kept by local governments, as the Texas Constitution specifically prohibits a state property tax. For real property, counties, cities, and school districts (along with other special districts, such as for a community college or public hospital) can also impose taxes. All property is assessed uniformly throughout the county via the county "appraisal district", and taxes are assessed based on 100% of the property's assessed value. While larger personal property items such as cars, boats, and airplanes can be subject to local taxes as well, it is far less common.[ citation needed ]
Texas has the most farms of all United States both in terms of number and acreage. [28] Texas leads the nation in number of cattle, usually exceeding 16 million head.[ citation needed ]
Cultivation of mung bean here began during World War II when a Chinese native by the name of Henry Huie – who worked as a U.S. Army cook – planted the staple crop in the clay plains near Vernon. [29]
Texas leads nationally in production of sheep and goat products. Texas is king of cotton, leading the nation in cotton production, its leading crop and second-most-valuable farm product. [30] Texas is a leader in cereal crop production. Three counties in the state— Colorado, Wharton and Matagorda —take advantage of water from the Lower Colorado River Authority to grow rice and are responsible for about 5% of annual U.S. rice production. [31] Texas is also a large producer of cantaloupes. [30]
The Rio Grande valley is one of the best areas for the cultivation of grapefruit. Early varieties like the Duncan had many seeds and pale flesh, but in the 1880s citrus growers in Texas and Florida discovered pink-fleshed seedless grapefruit mutations like the Ruby Red, which along with red-fleshed varieties like the Rio Red and Star Ruby are preferred varieties for modern commercial production. [32]
Grapes are a common crop in some parts of Texas. [33] [34] In the 1990s strawberry acres had greatly increased especially around Poteet, however by 2004 imported strawberries had competed almost all strawberry production out of the state. [35]
Texas and Arkansas are among the higher producers of spinach in North America and form the eastern limit of large scale commercial production. [36] : 3 Texas is the westernmost limit of commercial okra production. Texas is one of the largest producers of onions. Texas is one of the major growers of watermelons. [36] : 5
Fire ants ( Solenopsis invicta ) are an invasive agricultural pest here. [37]
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Lyndon B. Johnson Space Center, the center of the National Aeronautics and Space Administration (NASA), is located in Houston. It is a leading hub for the Aeronautics industry. The National Space and Biomedical Research Institute is headquartered in Houston.
Dallas/Fort Worth International Airport, located nearly equidistant from downtown Dallas and downtown Fort Worth, is the largest airport in the state, the second-largest in the US, and the fourth-largest in the world. [38] The airport serves 135 domestic destinations and 40 international. DFW is the largest and main hub for American Airlines, one of the world's largest in terms of total passengers-miles transported and passenger fleet size.
Texas's second-largest air facility is Houston's George Bush Intercontinental Airport (IAH), the largest hub of United Airlines. IAH offers service to the most Mexican destinations of any U.S. airport. IAH is currently ranked second among all U.S. airports with scheduled non-stop domestic and international service.
Headquartered in Fort Worth, American Airlines is the world's largest airline by passenger miles, passengers carried, and revenue. Southwest Airlines, also a leader in the commercial passenger market, is based near Love Field airport in Dallas. Lockheed Martin Aeronautics, the aviation division of Lockheed Martin, is also headquartered in Fort Worth, and the company's Missiles and Fire Control division is based in nearby Grand Prairie, along with the American division of Airbus Helicopters, Airbus Helicopters, Inc. Bell Helicopter is headquartered in Fort Worth as well.
Texas is home to two of the United States Army's largest facilities (in terms of geographic size), Fort Cavazos in Central Texas near Killeen and Fort Bliss near El Paso. In addition, Fort Sam Houston in San Antonio is home to the Brooke Army Medical Center, one of the Army's major hospitals and its only burn facility, and the Corpus Christi Army Depot in Corpus Christi, Texas is home to the world's largest helicopter repair and maintenance facility.
The United States Air Force operates several bases in the state – Sheppard (Wichita Falls); Dyess (Abilene); Goodfellow (San Angelo); Laughlin (Del Rio); Lackland and Randolph (San Antonio); and Ellington Airport (Houston).
The United States Navy operates Naval Air Station Joint Reserve Base Fort Worth (the former Carswell Air Force Base facility) as well as NAS Corpus Christi and NAS Kingsville.
Texas (specifically Dallas and Houston) has a large number of defense contractors which creates sizable employment for the state.
Two divisions of Lockheed Martin have their divisional headquarters in the DFW area – Lockheed Martin Aeronautics in Fort Worth (where the F-16 Fighting Falcon, the largest Western fighter program, [39] is manufactured, as well as its successor, the F-35 Lightning II and the F-22 Raptor) and Lockheed Martin Missiles and Fire Control in Grand Prairie.
Fort Worth is also the home of Bell Helicopter Textron, which manufactures several helicopters for the military, including the V-22 and the H-1, on which final assembly is performed in Amarillo. Furthermore, three major defense service contractors (DynCorp, AECOM, and DXC Technology) have substantial operations in Fort Worth.
Other major defense contractors with DFW presence include Boeing (Richardson), Rockwell Collins (Richardson), Vought Corporation (headquarters in Dallas; facilities in Dallas and Grand Prairie), Raytheon (plants in Garland, Dallas, and McKinney), L-3 Communications (plants in Arlington, Carrollton, and Greenville; also has a facility in Waco), BAE Systems (facility in Fort Worth), Leonardo DRS (Dallas), Hewlett Packard Enterprise and NTT Data (Plano), Alliant Techsystems (facility in Fort Worth), and Elbit Systems (facility and US headquarters in Fort Worth). The Defense Contract Audit Agency maintains its Central Region office in Irving.
Outside the DFW area, KBR (the former Halliburton subsidiary) maintains its headquarters in Houston, while the Southwest Research Institute is located in San Antonio. BAE Systems also manufactures the Family of Medium Tactical Vehicles at its facility in Sealy, Texas.
Texas is one of the major hubs in the U.S. for development of computer components, systems, software and information infrastructure. Austin, Dallas, and Houston are the major centers for this industry in Texas. The Austin area is often nicknamed "Silicon Hills" because of the concentration of semiconductor design companies including AMD, Cirrus Logic, Freescale Semiconductor, Intel and Silicon Labs. Dell's headquarters is located in the city's suburb, Round Rock, and major offices for Google, Facebook, EA Games, and Apple are also open in the Austin area. Austin is also the home of the Texas Advanced Computing Center at The University of Texas at Austin. Dallas is the birthplace of the integrated circuit.[ citation needed ]
The North Dallas area is called the "Telecom Corridor" or the "Silicon Prairie"[ citation needed ] for the area's high concentration of information technology companies such as Texas Instruments, Perot Systems, and EDS, as well as telecommunications giant AT&T. San Antonio is the home of cloud computing giant Rackspace, as well as computing pioneer Datapoint. Harris County-based Compaq, [40] was once one of the world's largest computer companies.[ citation needed ] After Compaq's merger with Hewlett-Packard, the new owner currently employs more employees in the Houston area than anywhere else in the world.[ citation needed ]
Energy is a major component of the state economy. Texans consume the most energy in the nation both in per capita and as a whole. [41] The state is also the nation's largest energy producer, producing twice as much energy as Florida, the state with the second-highest production. It is also the national leader in wind power generation, comprising about 28% of national wind powered electrical production in 2019. Wind power surpassed nuclear power production in the state in 2014. [42]
Texas has a large tourism industry. The state tourism slogan is "Texas: It's like a whole other country." Tourists might enjoy San Antonio and El Paso's Hispanic culture, or Fort Worth western attractions. Galveston, Corpus Christi, and Padre Island are some of the popular Texas resort areas located on the Gulf of Mexico. Houston is Texas's leading convention city along with its Southern culture. Dallas is also one of the nation's leading convention cities as well as San Antonio. Professional and college sports are dominant in both Dallas and Houston.
Texas is a top filmmaking state. Austin is now one of the leading filmmaking locations in the country. The exteriors for the popular soap opera Dallas were filmed on Southfork Ranch, a location at Parker, Texas. From 1995 to 2004, more than $2.75 billion was spent in Texas for film and television production.
The Texas Film Commission was founded for free services to filmmakers, from location research to traveling. [43] Also many Hollywood studios are relocating parts of their production divisions to the Austin, Houston, and Dallas areas. [43]
The media conglomerate iHeartMedia is based in San Antonio, Texas. Video game developers Robot Entertainment, Gearbox Software, and 3D Realms are based in the Dallas Fort Worth area, while Retro Studios, Armature Studio, and Ghostfire Games are based in Austin. Cinemark Theatres which is one of the largest movie theater chains is also based in the Dallas Fort Worth area.
Healthcare is a growing industry in the state of Texas. The Texas Medical Center, located in south central Houston, is the largest medical center in the world. [44] [45] It is home to University of Texas Health Science Center at Houston which trains medical students and residents and includes The University of Texas M.D. Anderson Cancer Center, a global leader of cancer research and treatment. [46] The medical complex also hosts a private medical college, The Baylor College of Medicine. [47]
The University of Texas medical system [48] has additional branches in Dallas, San Antonio, Tyler, and Galveston. The South Texas Medical Center in San Antonio with nearly 27,000 employees [49] has a $14.3 billion economic impact on the state of Texas. [50] In addition to these facilities, the Texas College of Osteopathic Medicine, the Texas A&M Health Science Center,[ citation needed ], and Texas Tech University Health Sciences Center in Lubbock and El Paso provide the state with a total of nine centers of medical research.
The following list contains per capita incomes of the 32 wealthiest locations in Texas:
Texas is the most populous state in the South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the west, and an international border with the Mexican states of Chihuahua, Coahuila, Nuevo León, and Tamaulipas to the south and southwest. Texas has a coastline on the Gulf of Mexico to the southeast. Covering 268,596 square miles (695,660 km2), and with over 30 million residents as of 2023, it is the second-largest state by both area and population. Texas is nicknamed the Lone Star State for its former status as an independent republic.
Arlington is a city in Tarrant County, Texas, United States. It is part of the Mid-Cities region of the Dallas–Fort Worth–Arlington metropolitan statistical area, and is a principal city of the metropolis and region. The city had a population of 394,266 in 2020, making it the second-largest city in the county after Fort Worth and the third-largest city in the metropolitan area, after Dallas and Fort Worth. Arlington is the 50th-most populous city in the United States, the seventh-most populous city in the state of Texas, and the largest city in the state that is not a county seat.
Coppell is a city in the northwest corner of Dallas County in the U.S. state of Texas. It is a suburb of Dallas and a bedroom community in the Dallas–Fort Worth metroplex. Its population was 42,983 at the 2020 census. A small area in the far northern portion of the city extends into neighboring Denton County.
Grapevine is a city located in northeast Tarrant County, Texas, United States, with minor portions extending into Dallas County and Denton County. The population was 50,631 at the time of the 2020 census, up from 46,334 in the 2010 census. The city is located in the Mid-Cities suburban region between Dallas and Fort Worth and includes a larger portion of Dallas/Fort Worth International Airport than other cities.
Dallas Fort Worth International Airport is the primary international airport serving the Dallas–Fort Worth metroplex and the North Texas region, in the U.S. state of Texas.
Dallas Area Rapid Transit (DART) is a transit agency serving the Dallas–Fort Worth metroplex of Texas. It operates buses, light rail, commuter rail, and high-occupancy vehicle lanes in Dallas and twelve of its suburbs. In 2023, the system had a ridership of 50,463,300, or about 166,700 per weekday as of the second quarter of 2024.
Corpus Christi International Airport is 6 miles west of Corpus Christi, in Nueces County, Texas. It opened in 1960, replacing Cliff Maus airport at 27.767°N 97.44°W, where the Lozano Golf Center is now located.
Lafayette Regional Airport(French: Aéroport régional de Lafayette) is a public use airport two miles (4 km) southeast of Lafayette, in Lafayette Parish, Louisiana, United States. It is owned and operated by the City Parish of Lafayette.
Greater Houston, designated by the United States Office of Management and Budget as Houston–The Woodlands–Sugar Land, is the fifth-most populous metropolitan statistical area in the United States, encompassing nine counties along the Gulf Coast in Southeast Texas. With a population of 7,510,253 in 2023, Greater Houston is the second-most populous metropolitan area in Texas after the Dallas–Fort Worth metroplex.
The Dallas–Fort Worth metroplex, officially designated Dallas–Fort Worth–Arlington by the U.S. Office of Management and Budget, is the most populous metropolitan statistical area in the U.S. state of Texas and the Southern United States, encompassing 11 counties. Its historically dominant core cities are Dallas and Fort Worth. It is the economic and cultural hub of North Texas. Residents of the area also refer to it as DFW or the Metroplex. The Dallas–Fort Worth–Arlington metropolitan statistical area's population was 7,637,387 according to the U.S. Census Bureau's 2020 census, making it the fourth-largest metropolitan area in the U.S. and the eleventh-largest in the Americas. In 2016, the Dallas–Fort Worth metroplex had the highest annual population growth in the United States. By 2023, the U.S. Census Bureau estimated that the Dallas-Fort Worth metropolitan area's population had increased to 8,100,037, with the highest numerical growth of any metropolitan area in the United States.
Trinity Metro is a transit agency located in and serving the city of Fort Worth, Texas and its suburbs in surrounding Tarrant County, part of the Dallas–Fort Worth metropolitan area. Since 1983, it was previously known officially as the Fort Worth Transportation Authority (FWTA), and branded itself as The T. As of January 29, 2018 the Board of Directors has voted to rebrand bus services as Trinity Metro, replacing the previous and long standing name. In 2023, the system had a ridership of 5,717,800, or about 18,500 per weekday as of the second quarter of 2024.
San Angelo Regional Airport, serves San Angelo in Tom Green County, Texas, United States. The airport covers 1,517 acres (614 ha) and has three runways. It has free parking.
Abilene Regional Airport is a public airport located approximately 3 miles (4.8 km) southeast of downtown Abilene, in Taylor County, Texas. The airport is located within the Abilene city limits, and is and owned and operated by the city.
This article is about transportation systems in and around Dallas, Texas (USA).
In 2021, the economy of the State of Colorado was 16th largest in the United States with a gross state product of $421 billion. Colorado's per capita personal income in 2019 was $61,157, putting Colorado 12th in the nation.
The economy ofHouston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011, 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The Texas Department of Transportation (TxDOT) is a governmental agency and its purpose is to "provide safe, effective, and efficient movement of people and goods" throughout the state. Though the public face of the agency is generally associated with maintenance of the state's immense highway system, the agency is also responsible for aviation in the state and overseeing public transportation systems.
Texas has over 1,000 public school districts—all but one of the school districts in Texas are independent, separate from any form of municipal or county government. School districts may cross city and county boundaries. Independent school districts have the power to tax their residents and to assert eminent domain over privately owned property. The Texas Education Agency (TEA) oversees these districts, providing supplemental funding, but its jurisdiction is limited mostly to intervening in poorly performing districts.
Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.
Dallas–Fort Worth is the most populous metropolitan area of Texas, and the Southern United States. Having 7,637,387 residents at the 2020 U.S. census, the metropolitan statistical area has experienced positive growth trends since the former Dallas and Fort Worth metropolitan areas conurbated into the Metroplex. By the 2022 census estimates, its population grew to 7,943,685.
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