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.
The population of Hispanic and Latino people in Texas is greater than the entire population of Georgia.
The number of Hispanic-owned Texas firms is approximately the total combined number of firms in Alabama and Rhode Island.
There are more people living below poverty in Texas than the combined total populations of Los Angeles and Detroit.
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.