- Texas is experiencing a booming economy these days, with rapid advancements in many sectors not traditionally associated with the Lone Star State.
- Petroleum products remain the state’s largest export, but advanced computer and machinery components account for five of its 10 main exports.
- Here are 11 amazing and unexpected facts about the Texan economy that will change the way you think about the 28th state.
- Visit MarketsInsider.com for more stories.
Not everything is bigger in Texas after all.
Texas is the second-largest state in terms of landmass, trailing behind Alaska. And it’s second in population, as well, behind California. Texas also trails behind California in terms of annual GDP.
But beyond those few areas where the Lone Star State lags behind, most statistics related to the place truly are Texas-sized, especially when it comes to its economy.
From its sky-high oil production to its surprisingly massive wine industry, here are 11 incredible facts about the economy of Texas.
Texas produces almost 40% of America’s oil
In 2017, Texas accounted for a whopping 37% of America’s crude oil production, according to the US Energy Information Administration.
The state also was responsible for 24% of the nation’s marketed natural gas production.
If Texas were an independent nation, it would have the 10th largest GDP on earth
Were it a sovereign nation, Texas would have the 10th-largest economy in the world. In 2017, Texas had an approximate economic output of $US1.7 trillion, putting it slightly ahead of Canada and slightly behind Brazil.
Texas has more miles of roads and rail than any other state
In order to keep the massive volume of goods produced in and shipped out of Texas, the state has built up the largest transportation network in the United States, with more than 313,200 miles of public roads. Texas also has 16 seaports and more than 380 airports.
Texas produces more than $US13 billion worth of wine each year
In 1980, Texas ranked No. 48 in terms of wine-producing states. Just under 40 years later, it is the nation’s fifth-largest producer of wine, with more than 400 wineries generating over $13 billion annually.
Texas is the largest producer of wind power in America
A genuine energy superstar, Texas not only produces more petroleum than any other state, but it also dwarfs other states in wind-power production. In 2017, Texas windmills produced 21,044 megawatts. Iowa, the second-largest producer, reached just 6,952 megawatts.
The richest city in Texas has a per-capita income six times higher than the poorest
In 2016, the total per capita income in Albany, TX, was about $US162.3 billion dollars. In Hebbronville, TX, it was $US27.3 billion, or about 5.9 times lower. Albany’s annual per capita income was about 3.3 times higher than the national average for metropolitan areas.
Most Texas exports go south to Mexico
In 2015, Texas exported $US11.5 billion worth of goods to China and $US25.5 billion worth of product to Canada. That same year, it sent more than $US92.4 billion worth of exports down to Mexico.
There are about 28 times more businesses operating in Texas than in Wyoming.
As of the most recent data available from the United States Census, there are 579,168 employer establishments, or businesses, operating in Texas. Wyoming has 20,966, or 27.6 times fewer businesses.
Texas accounts for 10% of total manufacturing in the United States
In 2017, Texas’ manufacturing output topped $US226 billion, meaning the state accounted for one-tenth of all manufacturing dollars generated in America. Manufacturing provided about 865,000 jobs in Texas that year.
Texas is home to nearly 1 million women-owned businesses.
Texas is a great state for women-owned businesses.
The state ranks third overall in the number of women-owned businesses, with nearly 150% growth in female-owned establishments over the last two decades. And about half of the overall workforce in Texas is female, slightly edging out the national average of 47%.
Texas has enough crude oil reserves to fill more than 1 million Olympic swimming pools
Texas has a 15.94 billion barrel crude-oil reserve, according to the US Energy Information Administration. That amounts to more than 669 billion gallons of oil. A standard Olympic-sized swimming pool holds just over 660,253 gallons of fluid, meaning Texas’ oil reserves could fill about 1,013,247 of the pools.
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