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Economy of Texas

Economy of Texas
Statistics
GDP$2.4 trillion (2022)[1]
GDP per capita
$78,455 (2022)
Population below poverty line
10% (15% considering cost of living)[2][3]
0.474[4]
Labor force
15,500,000 (January 1, 2022)[5]
Unemployment4.0% (March 2023)[6]
Public finances
Revenues$269.7 billion (2023)[7]
Expenses$258.8 billion (2023)[7]
  Texas unemployment rate, 1976–2021
  US unemployment rate
Texas counties by GDP 2021

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 $2.355 trillion as of 2022.[8] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total.[9] 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.[10][11][12]

Texas is ranked as the 8th largest economy among nations of the world by nominal GDP, ahead of Canada, South Korea, Russia, and Australia.[13]

In 2019, Texas had a median household income of $61,874.[14] As of August 31, 2022 Texas had a total of $64.40 billion in state debt outstanding, including both general obligation and revenue debt.[15][16] Texas has the second largest population in the country after California.[17]

  1. ^ "Gross domestic product by state (millions of current dollars)" (PDF). Bureau of Economic Analysis. Retrieved March 21, 2018.
  2. ^ "State Rankings-Statistical Abstract of the United States-Persons Below Poverty Level". U.S. Census. Archived from the original on August 17, 2011. Retrieved March 4, 2012.
  3. ^ DeVore, Chuck (February 7, 2013). "Texas vs. California - myth-busting time". San Francisco Chronicle. Retrieved October 6, 2013.
  4. ^ "U.S. Census website". U.S. Census. Retrieved March 4, 2012.
  5. ^ "Civilian Labor Force in Texas". St. Louis Fed. September 20, 2013. Retrieved March 20, 2015.
  6. ^ "Local Area Unemployment Statistics". United States Department of Labor. January 1, 2015. Retrieved March 20, 2015.
  7. ^ a b "Data Visualizations". Texas Comptroller of Public Accounts. Retrieved January 22, 2023.
  8. ^ "Gross domestic product (GDP) by state (millions of current dollars)" (PDF). Bureau of Economic Analysis. Retrieved June 29, 2017.
  9. ^ "Texas Leads The Nation As Home To The Most Fortune 500 Companies". gov.texas.gov. Retrieved January 20, 2023.
  10. ^ "State Exports for TEXAS". United States Census Bureau. Retrieved October 29, 2013.
  11. ^ "State Exports for CALIFORNIA". United States Census Bureau. Retrieved October 29, 2013.
  12. ^ "State Exports for NEW YORK". United States Census Bureau. Retrieved October 29, 2013.
  13. ^ "Texas Economic Snapshot". Texas Economic Development. Retrieved January 22, 2023.
  14. ^ "Texas Statewide Overview". Texas Comptroller of Public Accounts. Retrieved January 22, 2023.
  15. ^ "State of Texas Debt". Texas Bond Review Board. Archived from the original on May 5, 2022. Retrieved January 22, 2023.
  16. ^ "Texas State Debt". TEXAS BRB DATA CENTER. Retrieved January 22, 2023.
  17. ^ 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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