11 Staggering Facts About The Texas Economy

Texas is massive.

If the Lone Star State were its own country, it would have the 13th highest GDP in the world.

Over the last 20 years, Texas has become an increasingly important part of the US economy. In 1995, it made up around 6.5% of the total US GDP, and by 2014 it was over 9% (See chart).

A huge part of that growth has been attributed to Texas’ bustling energy businesses.

That’s why the latest dropping oil prices have rattled a few nerves. Although lower gas prices are great for the average US consumer, they could mean trouble for Texas’ economy. And consequently, for the larger US economy as well.

With Texas in focus, let’s take a quick look at what makes this major economy tick.

In just 3 years, Texas' population increased by an amount equal to the current populations of Vermont and Wyoming.

In 2010 Texas' population was 25,145,561. Three years later, the population was up to 26,448,193.

Wyoming's population is 582,658 and Vermont's population is 626,630.

Source: US Census

35 North Dakotas would STILL have less businesses than Texas.

There are 2,164,852 firms in Texas.

There are 61,546 in North Dakota.

Source: US Census

There are 7 times as many foreign born persons in Texas as the entire population of Las Vegas.

The percentage of foreign born persons in Texas (from 2008-2012) is 4,311,055 or 16.3% of the population.

The entire population of Las Vegas is 603,488.

Source: US Census

The population of Hispanic and Latino people in Texas is greater than the entire population of Georgia.

The Hispanic and Latino population is 38.4%, or around 10.2 million people.

The population of Georgia is 9.99 million.

Source: US Census

The number of Hispanic-owned Texas firms is approximately the total combined number of firms in Alabama and Rhode Island.

20.7% of Texas firms are Hispanic-owned. That's about 448,124 firms.

There are a total of 479,172 firms in Alabama and Rhode Island (that's ALL firms, not just Hispanic owned.)

Source: US Census

There are more people living below poverty in Texas than the combined total populations of Los Angeles and Detroit.

The percentage of people living below poverty level in Texas (from 2008 to 2012) is 17.4%. That's around 4.602 million people.

There are 3.884 million people in Los Angeles city, and 688,701 people in Detroit.

Source: US Census

Solar generation in Texas increased by 265% from 2011 to 2012 alone.

From 2011 to 2012, solar generation in Texas increased from 36,580 MWh to 133,642 MWh.

Texas currently ranks #6 nationally in installed solar photovoltaic PV capacity.

Source: The Texas Renewable Energy Report

7.7% of all US homes are located in Texas.

In Texas, there are 10,255,642 housing units.

In the US there is a total of 132,802,859 housing units.

Source: US Census

And if that wasn't enough Texas for you...

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.