They say everything is bigger in Texas and, now, so is the economy. Texas became the second largest economy in the nation, pushing New York down in rank. Second to California, Texas has become one of the fastest growing economies over the last decade. Texas has also claimed the title for having one of the largest economic increases over the past 50 years. Our annual economic output now exceeds $1 trillion and accounts for 8.3% of the national economy.
Give Credit Where Credit Is Due
Being the fastest growing economy in the nation is a title to be proud of, but how did we get here? Texas’ oil industry gave the state its second largest boost back in the 1970s. Oil has had its share of critics and fans alike. The popular TV show Dallas portrayed the lives of those boosted by the 1970s oil boom. These days Texas continues to flourish from an abundance of natural resources, such as oil, natural gas, coal and lumber. The success of many technology businesses has helped the Texas economy grow while producing more opportunities for future growth as well. Unlike many other states, Texas has managed to scoot by the majority of the real estate crash. The Texas real estate market has been able to keep itself afloat during the mortgage crisis so many have felt over the past few years.
With much effort, and a little bit of luck, the Texas economy is stronger than ever. Economic forecaster Raymond Berryhill says “We’re growing faster than everyone else, and this trend should last a good while.” Berryhill attributes Texas’ success to “good fortune and good planning.”