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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 ]
Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. [2] 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 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.
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 has yet to return to its pre-pandemic unemployment rate of about 3.5%, even as it leads the country in new jobs created. However, state economic experts say the unemployment rate is an ...
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 ...
The following estimates are taken exclusively from the 2007 monograph Contours of the World Economy, 1–2030 AD by the British economist Angus Maddison. [4] When graphed, one can see that India was the world's largest economy from year 1 to year 1500, when it lost the position to China, who subsequently lost the position around 1890.
Texas is ranked twenty-fifth among US states by median household income, with a per capita income of $19,617 (2000). Texas counties ranked by per capita income