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Economy of Texas
 | This article needs to be updated. (June 2022) |
 Houston, the largest city in Texas | |
| 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 would be 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]
- ^ "Gross Domestic Product by State and Personal Income by State, 4th Quarter 2023 and Preliminary 2023" (PDF). Bureau of Economic Analysis. Retrieved June 11, 2024.
- ^ "2023 Poverty Rate By State, Per The Latest Census Data". Forbes.com. Retrieved June 11, 2024.
- ^ "The Surprising Poverty Levels Across the U.S." Time. Retrieved June 11, 2024.
- ^ "B19083: Gini Index of Income Inequality". data.census.gov. U.S. Census. Retrieved June 11, 2024.
- ^ a b "Table 1. Civilian labor force and unemployment by state and selected area, seasonally adjusted". bls.gov. Retrieved June 11, 2024.
- ^ a b "Data Visualizations". Texas Comptroller of Public Accounts. Retrieved January 22, 2023.
- ^ "Gross Domestic Product by State and Personal Income by State, 4th Quarter 2023 and Preliminary 2023" (PDF). Bureau of Economic Analysis. Retrieved June 11, 2024.
- ^ "Texas Leads The Nation As Home To The Most Fortune 500 Companies". gov.texas.gov. Retrieved January 20, 2023.
- ^ "State Economy and Trade Factsheets". U.S. International Trade Administration. Retrieved June 11, 2024.
- ^ "Texas Economic Snapshot". Texas Economic Development. Retrieved January 22, 2023.
- ^ "Texas Statewide Overview". Texas Comptroller of Public Accounts. Retrieved January 22, 2023.
- ^ "State of Texas Debt". Texas Bond Review Board. Archived from the original on May 5, 2022. Retrieved January 22, 2023.
- ^ "Texas State Debt". TEXAS BRB DATA CENTER. Retrieved January 22, 2023.
- ^ Geographic Terms and Concepts - Island Areas of the United States, U.S. Census Bureau, archived from the original on December 10, 2016, retrieved March 19, 2019
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