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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 ]
Overall, in the calendar year 2024, the United States' Nominal GDP at Current Prices totaled at $29.017 trillion, as compared to $25.744 trillion in 2022. The three U.S. states with the highest GDPs were California ($4.080 trillion), Texas ($2.695 trillion), and New York ($2.284 trillion).
The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The empire's largest economy in 1913 was the United Kingdom with an 8.22% share of world GDP, followed by British India with a 7.47% share. [20]
According to updated economic forecasts from the Fed's Summary of Economic Projections (SEP), central bank leaders see core inflation hitting 2.5% in 2025 — higher than September's projection of ...
Citing census and Bureau of Economic Analysis data, the group said that in 2020 over 38,000 Texas companies exported goods and that 92% of those were small- and medium-sized businesses.
The state ranks 22nd among U.S. states with a median household income of $64,034, while the poverty rate is 14.2%, making Texas the state with 14th highest poverty rate (compared to 13.15% nationally). Texas's economy is the second-largest of any country subdivision globally, behind California.
Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the ...
Texas manufacturing output grew in October, but new orders are declining and the outlook is worsening. Meanwhile, retail sales declined. Signs of trouble: New reports show Texas economy is facing ...