
Texas Economy Outpaces Entire Nations Like Russia and Italy
We’ve heard it all before that Texas has one of the strongest economies in the world, but what do the numbers really show? How influential is Texas in the web of global economy? Good question, let’s look at the numbers.
Texas’ Global Ranking
The Texas Office of the Governor says that the state has the eighth-largest economy in the world at $2.6 trillion. To put this into perspective, Russia’s economy is about $2.18 trillion. This surpasses entire countries like Italy, Spain, even Australia and Russia. So, a state in the U.S. that spans roughly 270,000 square miles has a larger economy than 6.6 million square miles of Russian soil... interesting.
Also, in 2023, Texas’ economy expanded at a faster rate than the rest of America and is home to 52 Fortune 500 headquarters.
Of all 50 states, Texas accounts for over 22% of all U.S. exports, and, in the past 10 years, has attracted over 300 corporate headquarters.
If you need further proof, take a look at this 2023 graphic from the Texas Comptroller website:
Why is Texas so Strong?
The source of the Lone Star State’s booming economy is due to numerous reasons. Business in Texas outlines these factors:
- Workforce education – With over 300 trade schools and 125 technical programs, emphasis towards high-demand sectors has improved Texas’ knowledgeable workforce
- Business reputation – Small and large businesses thrive in Texas’ powerful economy, including giants like Dell, ExxonMobil, Tesla and Oracle
- Natural resources – Over 40% of America’s domestic oil supply comes from Texas. Throw in the top-producing wind and solar energy factors, and Texas becomes a beacon for natural resource production
So, there you have it. If Texas were its own country, it seems like it would not be one to mess with. With everything that the Lone Star State has to offer, the booming and impressive economy is just the cherry on top.
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