Economy of Texas - wikipedia Economy of Texas Economy of Texas As a stand - alone country, Texas would be the 10th largest economy in the world. Statistics GDP $1.616 trillion ( 2016 ) GDP per capita $53,795 ( 2016 ) Population below poverty line 15.8 % ( 16.5 % considering cost of living ) Gini coefficient 0.474 Labor force 13,126,900 ( January 1, 2015 ) Unemployment 4.4 % ( January 1, 2015 ) Public finances Revenues $71.5447 billion Expenses $71.4094 billion The economy of Texas is the second largest in the United States. It has a gross state product of $1.616 trillion ( 2016 ), the second largest in the U.S. As of 2015, Texas is home to six of the top 50 companies on the Fortune 500 list and 51 overall ( third most after New York and California ). In 2012, Texas grossed more than $264.7 billion a year in exports -- more than exports of California ( $161.9 billion ) and New York ( $81.4 billion ) combined. As a sovereign country ( 2016 ), Texas would be the 10th largest economy in the world by GDP ( ahead of South Korea and Canada ). Texas 's household income was $48,259 in 2010 ranking 25th in the nation. The state debt in 2012 was calculated to be $121.7 billion, or $7,400 per taxpayer. Texas has the second largest population in the country after California. Contents 1 History 2 Exports 3 Taxes 3.1 Tax burden 4 Industries 4.1 Agriculture 4.2 Aeronautics 4.3 Defense 4.3. 1 Defense contracting 4.4 Computer technology 4.5 Energy 4.6 Tourism 4.7 Entertainment 4.8 Healthcare 5 Wealthiest places in Texas 6 See also 7 References 8 External links History This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( March 2012 ) Texas compared to other countries GDP is in the same range as Canada, Australia, Russia, the Netherlands, or South Korea ( corresponding with the Department of Finance figures in 2005 ). Boom periods of the four major industries that built the early Texas economy. Historically four major business enterprises shaped the Texas economy prior to World War II : cattle and bison, cotton, timber, and oil. The first enterprise to enjoy major success in Texas was cattle and bison. In the early days of Anglo - American settlement furs and hides were the major products derived from cattle. Beef was not particularly popular in the United States. However soon Texas entrepreneurs pioneered the beef industry and demand steadily increased. The cattle industry enjoyed its greatest financial success in the later 1870s and 1880s. Cotton production, which had been known in Texas since Spanish times, gradually increased throughout the 19th century. By the early 20th century Texas had become the leading cotton producer in the nation. By the 1920s the cotton industry was past its peak as government regulation and foreign competition took their toll. Main article : History of Texas forests The forests of Texas have been an important resource since its earliest days and have played an important role in the state 's history. The vast woodlands of the region, home to many varieties of wildlife when Europeans first arrived, provided major economic opportunities for early settlers. They today continue to play an important role economically and environmentally in the state. The densest forest lands lie in the eastern part of the state. In particular the Big Thicket region, just north of Houston and Beaumont, has historically been home to the most dense woodlands. The Big Thicket was mostly uninhabited until heavy settlement from the U.S. began in the mid-19th century, and was even used as a refuge by runaway slaves and other fugitives. The Rio Grande valley in South Texas was home to a large palm tree forest when Spaniards first arrived, though today very little of it remains. The development of railroads in the eastern part of the state during the mid-19th century led to a boom in lumber production in the 1880s. This era of financial success lasted approximately 50 years finally coming to an end as Texas ' forests were decimated and the Great Depression dropped prices. Main article : Texas Oil Boom In 1901 the Gladys City Oil, Gas, and Manufacturing Company struck oil on Spindletop Hill in Beaumont. Though petroleum production was not new, this strike was by far the largest the world had ever seen. The find led to widespread exploration throughout Texas and neighboring states. By 1940 Texas was firmly established as the leading oil producer in the U.S. The headquarters of Texas Instruments Texas remained largely rural until World War II though the success of the petroleum industry rapidly expanded the economy with heavy industry of many types taking root. The second world war created tremendous demand for petroleum and a variety of products that Texas was in a unique position to provide. By the end of the war Texas was one of the leading industrial states and the population had become predominantly urban. Additionally the economy had diversified sufficiently that, though petroleum was still the largest sector by the end of the war, the business community in the state was truly diverse. The Texas economy today relies largely on information technology, oil and natural gas, aerospace, defense, biomedical research, fuel processing, electric power, agriculture, and manufacturing. Fortune 500 companies based in Texas for 2011 according to revenues with State and U.S. rankings State Corporation US ExxonMobil ConocoPhillips AT&T 12 Valero Energy 24 5 Marathon Oil 29 6 Dell 41 7 Sysco 67 8 Enterprise Products 80 9 Plains All American Pipeline 99 10 AMR 118 11 Fluor 124 12 Tesoro 128 13 Kimberly - Clark 130 14 Halliburton 144 15 USAA 145 16 J.C. Penney 146 17 Baker Hughes 170 18 Texas Instruments 175 19 Waste Management 196 20 National Oilwell Varco 202 21 Dean Foods 203 22 Southwest Airlines 205 23 Apache Corp. 206 24 Anadarko Petroleum 223 25 KBR 242 26 GameStop 262 27 Tenet Healthcare 266 28 Whole Foods Market 273 29 CenterPoint Energy 279 30 HollyFrontier 289 31 Energy Future Holdings 292 32 Kinder Morgan 294 33 Western Refining 298 34 Enbridge Energy Partners 309 35 Calpine 349 36 Energy Transfer Equity 351 37 Commercial Metals 361 38 Cameron International 375 39 EOG Resources 377 40 Celanese 388 41 Frontier Oil 389 42 CC Media Holdings 391 43 Dr Pepper Snapple Group 404 44 Group 1 Automotive 413 45 Targa Resources 416 46 Spectra Energy 441 47 Atmos Energy 473 48 El Paso Corp. 481 49 RadioShack 492 50 NuStar Energy 497 51 D.R. Horton 499 Further information : List of Texas companies Source : Fortune Exports Houston Ship Channel In 2014, for the thirteenth year in a row, Texas led the United States in export revenues. Texas exports for 2008 totaled $192.2 billion. In 2002, the Port of Houston was 6th among the top sea ports in the world in terms of total cargo volume ; Air Cargo World rated Dallas - Fort Worth International Airport as `` the best air cargo airport in the world ''. The ship channel at the Port of Houston -- the largest in the U.S. in international commerce and the sixth - largest port in the world. Taxes According to the Tax Foundation, Texans ' state and local tax burdens are among the lowest in the nation, 7th lowest nationally, with state and local taxes costing $3,580 per capita, or 8.7 % of resident incomes. Texas is one of only 7 states not to have a state income tax. The state sales tax rate, 6.25 %, is above the national medium, with localities adding up to 2 % ( 8.25 % total ). Texas does have a `` back to school '' sales tax holiday once a year ( generally around the first weekend in August ) on clothing and footwear under $100. As for Texas 's business tax climate, the state ranks 8th in the nation. Property taxes are exclusively collected at the local level in the state, and are generally at rates above the national average. As a whole, Texas is a `` tax donor state '' with Texans receiving back approximately $0.94 per every dollar of federal income taxes collected in 2005. Tax burden This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( July 2009 ) Texas is one of the seven states of the United States with no personal state income tax. In addition, Texas does not allow any lower level of government ( counties, cities, etc. ) to impose an income tax. This means that, for the residents of Texas, the maximum rate of income taxation is the top rate set by the US Government. Businesses, except for sole proprietorships and partnerships, are subject to a gross margins tax. The state sales tax is set at 6.25 percent. Cities are allowed to impose an additional 1 % tax, and additional taxes not to exceed 1 % may be approved by voters for any combination of county sales tax, transportation districts, economic development, and / or crime prevention. The average sales tax in Texas amounts to 8.25 percent. The state determines the items subject to sales tax, which all other entities must follow. Motor vehicle sales are subject only to the 6.25 % state sales tax. Food, except for prepared food, and non-prescription medicines are among the major items exempt from sales tax. While property taxes are among the highest in the nation, property costs are also among the lowest in the nation. Property taxes constitute the majority of revenue and are collected and kept by local governments, as the Texas Constitution specifically prohibits a state property tax. For real property, counties, cities, and school districts ( along with other special districts, such as for a community college or public hospital ) can also impose taxes. All property is assessed uniformly throughout the county via the county `` appraisal district '', and taxes are assessed based on 100 % of the property 's assessed value. While larger personal property items such as cars, boats, and airplanes can be subject to local taxes as well, it is far less common. Industries Agriculture Offloading freshly harvested cotton into a module builder in Texas ; previously built modules can be seen in the background Texas has the most farms of all United States both in terms of number and acreage. Texas leads the nation in number of cattle, usually exceeding 16 million head. The sprawling 320,000 deeded acre ( 1,200 km2 ) La Escalera Ranch, located 20 miles ( 32 km ) south of Fort Stockton, Texas, is one of the largest cattle ranches in the Southwestern United States. The state leads nationally in production of sheep and goat products. Texas is king of cotton leading the nation in cotton production, its leading crop and second-most - valuable farm product. Texas is a leader in cereal crop production. Three counties in the state -- Colorado, Wharton and Matagorda -- take advantage of water from the Lower Colorado River Authority to grow rice and are responsible for about 5 % of annual U.S. rice production. Texas is also a large producer of watermelons, grapefruits, and cantaloupes. Aeronautics This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( July 2009 ) Headquarters of American Airlines and AMR Corporation in Fort Worth Southwest Airlines headquarters in Dallas Lyndon B. Johnson Space Center, the center of the National Aeronautics and Space Administration, is in Houston. It is a leading hub for the Aeronautics industry. The National Space and Biomedical Research Institute is headquartered in Houston. The Dallas - Fort Worth International Airport, located nearly equidistant from downtown Dallas and downtown Fort Worth, is the largest airport in the state, the second largest in the United States, and fourth largest in the world. In terms of traffic, DFW is the busiest in the state, third busiest in the United States, and sixth busiest in the world. The airport serves 135 domestic destinations and 40 international. DFW is the largest and main hub for American Airlines, one of the world 's largest in terms of total passengers - miles transported and passenger fleet size. Texas 's second - largest air facility is Houston 's George Bush Intercontinental Airport ( IAH ) which is the largest hub of United Airlines. IAH offers service to the most Mexican destinations of any U.S. airport. IAH currently ranks second among U.S. airports with scheduled non-stop domestic and international service. American Airlines, headquartered in Fort Worth, is the world 's largest airline by passenger miles, passengers carried, and revenue. Southwest Airlines, also a leader in the commercial passenger market, is based near Love Field airport in Dallas. Lockheed Martin Aeronautics, the aviation division of Lockheed Martin, is headquartered in Fort Worth, and the company 's Missiles and Fire Control division is headquartered in nearby Grand Prairie, along with the American division of Airbus Helicopters, Airbus Helicopters, Inc... Bell Helicopter is also headquartered in Ft. Worth. Defense Texas is home to two of the United States Army 's largest facilities ( in terms of geographic size ), Fort Hood in Central Texas near Killeen and Fort Bliss near El Paso. In addition, Fort Sam Houston in San Antonio is home to the Brooke Army Medical Center, one of the Army 's major hospitals and its only burn facility, and the Corpus Christi Army Depot in Corpus Christi, Texas is home to the world 's largest helicopter repair and maintenance facility. The United States Air Force operates several bases in the state -- Sheppard ( Wichita Falls ), Dyess ( Abilene ), Goodfellow ( San Angelo ), Laughlin ( Del Rio ), and Lackland and Randolph ( San Antonio ) Ellington Airport, ( Houston ). The United States Navy operates Naval Air Station Joint Reserve Base Fort Worth ( the former Carswell Air Force Base facility ) as well as NAS Corpus Christi and NAS Kingsville. Defense contracting Texas ( specifically Dallas and Houston ) has a large number of defense contractors which creates sizable employment for the state. Two divisions of Lockheed Martin have their divisional headquarters in the DFW area -- Lockheed Martin Aeronautics in Fort Worth ( where the F - 16 Fighting Falcon, the largest Western fighter program, is manufactured, as well as its successor, the F - 35 Lightning II and the F - 22 Raptor ) and Lockheed Martin Missiles and Fire Control in Grand Prairie. Fort Worth is also the home of Bell Helicopter Textron, which manufactures several helicopters for the military, including the V - 22 and the H - 1, on which final assembly is performed in Amarillo. Furthermore, three major defense service contractors ( DynCorp, AECOM, and DXC Technology ) have substantial operations in Fort Worth. Other major defense contractors with DFW presence include Boeing ( Richardson ), Rockwell Collins ( Richardson ), Vought Corporation ( headquarters in Dallas ; facilities in Dallas and Grand Prairie ), Raytheon ( plants in Garland, Dallas, and McKinney ), L - 3 Communications ( plants in Arlington, Carrollton, and Greenville ; also has a facility in Waco ), BAE Systems ( facility in Fort Worth ), Leonardo DRS ( Dallas ), Hewlett Packard Enterprise and NTT Data ( Plano ), Alliant Techsystems ( facility in Fort Worth ), and Elbit Systems ( facility and US headquarters in Fort Worth ). The Defense Contract Audit Agency maintains its Central Region office in Irving. Outside the DFW area, KBR ( the former Halliburton subsidiary ) maintains its headquarters in Houston, while the Southwest Research Institute is located in San Antonio. BAE Systems also manufactures the Family of Medium Tactical Vehicles at its facility in Sealy, Texas. Computer technology Hewlett - Packard United States offices near Houston, previously the Compaq headquarters Dell headquarters in Round Rock Texas is one of the major hubs in the U.S. for development of computer components, systems, software and information infrastructure. Austin, Dallas, and Houston are the major centers for this industry in Texas. The Austin area is often nicknamed `` Silicon Hills '' because of the concentration of semiconductor design companies including AMD, Cirrus Logic, Freescale Semiconductor and Silicon Labs. Dell 's headquarters is located in the city 's suburb, Round Rock, and major offices for Google, Facebook, EA Games, and Apple are also open in the Austin area. Austin is also the home of the Texas Advanced Computing Center at The University of Texas at Austin. Dallas is the birthplace of the integrated circuit. The North Dallas area is called the `` Telecom Corridor '' or the `` Silicon Prairie '' for the area 's high concentration of information technology companies such as Texas Instruments, Perot Systems, and EDS, as well as telecommunications giant AT&T. San Antonio is the home of cloud computing giant Rackspace, as well as computing pioneer Datapoint. Harris County - based Compaq, was once one of the world 's largest computer companies. After Compaq 's merger with Hewlett - Packard, the new owner currently employs more employees in the Houston area, than anywhere else in the world. Energy An oil well. The Enron Complex, formerly Enron 's headquarters, now has Chevron as a major tenant. See also : Deregulation of the Texas electricity market This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( August 2017 ) Texans consume the most energy in the nation both in per capita and as a whole. Since 2002, Texas has operated under a mostly deregulated electricity market ( however, areas where electricity is provided by either a municipality or a utility cooperative are not always subject to deregulation ). The known petroleum deposits of Texas are about 8 billion barrels ( 1.3 × 10 m ), which makes up approximately one - third of the known U.S. supply. Texas has 4.6 billion barrels ( 730,000,000 m ) of proven crude oil reserves. As wells are depleted in the eastern portions of the state, drilling in state has moved westward. Several of the major oil companies have headquarters in Texas, including BP ( Houston ), ConocoPhillips, Marathon Oil ( Houston ), Exxon - Mobil ( Irving ), Tesoro, and Valero ( San Antonio ). Texas is a global leader in the energy industry and Houston is the energy capital of the world. Since 2003, Texas state officials have created various initiatives like the Texas Enterprise Fund and the Texas Emerging Technology Fund to develop the economy of Texas. Texas is a leader in alternative energy sources, producing the most wind power of any state, as well as small solar powered efforts and the experimental installation of wave powered generators. Texas also is home to many of the world 's largest oilfield services firms including Halliburton, Schlumberger and Dresser. The state has a number of pipeline operators, such as El Paso and Dynegy, along with diversified energy firms such as TXU and Reliant Energy. Tourism The San Antonio River Walk Texas has a large tourism industry. The state tourism slogan is `` Texas : It 's like a whole other country. '' Tourists might enjoy San Antonio and El Paso 's Hispanic culture, or Fort Worth western attractions. Galveston, Corpus Christi, and Padre Island are some of the popular Texas resort areas located on the Gulf of Mexico. Houston is Texas ' leading convention city along with its Southern culture. Dallas is also one of the nation 's leading convention cities as well as San Antonio. Professional and college sports are dominant in both Dallas and Houston. Entertainment Texas is a top filmmaking state. Austin is now one of the leading filmmaking locations in the country. The exteriors for the popular soap opera Dallas were filmed on Southfork Ranch, a location near Plano, Texas. From 1995 to 2004, more than $2.75 billion was spent in Texas for film and television production. The Texas Film Commission was founded for free services to filmmakers, from location research to traveling. Also many Hollywood studios are relocating parts of their production divisions to the Austin, Houston, and Dallas areas. The media conglomerate iHeartMedia is based in San Antonio, Texas. Video game developers Robot Entertainment, Gearbox Software, and 3D Realms are based in the Dallas Fort Worth area, while Retro Studios, Armature Studio, and Ghostfire Games are based in Austin. Cinemark Theatres which is one of the largest movie theater chains is also based in the Dallas Fort Worth area. Healthcare Healthcare is a growing industry in the state of Texas. The Texas Medical Center, located in southwest Houston, is the largest medical center in the world. It is home to The University of Texas Health Science Center which trains medical students and residents and includes The University of Texas M.D. Anderson Cancer Center, a global leader of cancer research and treatment. The medical complex also hosts a private medical college, The Baylor College of Medicine. The University of Texas medical system has additional branches in Dallas, San Antonio, Tyler, and Galveston. The South Texas Medical Center in San Antonio with nearly 27,000 employees has a $14.3 Billion economic impact on the state of Texas. In addition to these facilities, the Texas College of Osteopathic Medicine, the Texas A&M Health Science Center,, and Texas Tech University Health Sciences Center in Lubbock and El Paso provide the state with a total of nine centers of medical research. Wealthiest places in Texas Main article : Texas locations by per capita income Southlake, Texas town, Texas $176,427 Barton Creek CDP, Texas $110,504 Westover Hills town, Texas $98,573 Highland Park town, Texas $97,008 Hunters Creek Village city, Texas $88,821 Bunker Hill Village city, Texas $86,434 Hill Country Village city, Texas $77,374 Mustang town, Texas $75,692 West University Place city, Texas $69,674 Hilshire Village city, Texas $66,620 Olmos Park city, Texas $65,697 University Park city, Texas $63,414 The Hills village, Texas $61,363 Southside Place city, Texas $57,021 West Lake Hills city, Texas $55,651 Onion Creek CDP, Texas $54,758 Tiki Island village, Texas $54,611 Parker city, Texas $54,099 Lakeshore Gardens - Hidden Acres CDP, Texas $52,512 Rollingwood city, Texas $52,280 Hedwig Village city, Texas $52,153 Lost Creek CDP, Texas $52,147 Heath city, Texas $51,049 Colleyville city, Texas $50,418 Shavano Park city, Texas $47,705 Sugar Land, Texas city, Texas $47,597 Bellaire city, Texas $46,674 Lakeway city, Texas $45,765 Ransom Canyon town, Texas $45,675 Alamo Heights city, Texas $45,640 See also Texas portal Texas wine Category : Companies based in Texas Category : Economies by country Category : Economies by region Comparison between U.S. states and countries by GDP ( PPP ) List of US state economies Silicon Hills Silicon Prairie References Jump up ^ `` Gross domestic product ( GDP ) by state ( millions of current dollars ) ''. 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External links The official State of Texas website BEA news release on 2005 gross state product State of Texas economic development Window on State Government, Susan Combs - Texas Comptroller Texas Lyceum Journal : `` Harnessing the Lightning : Economic Growth Opportunities for Texas '' State of Texas Austin ( capital ) Topics Architecture Climate Cuisine Geography Government Healthcare History Languages Law Literature Media Newspapers Radio TV National Historic Landmarks Recorded Texas Historic Landmarks National Register of Historic Places Sites Sports Symbols Texans Tourist attractions Transportation Seal of Texas Society Culture Crime Demographics Economy Education Gambling Politics Regions Ark ‐ La ‐ Tex Big Bend Blackland Prairies Brazos Valley Central Texas Coastal Bend Concho Valley Cross Timbers Deep East Texas East Texas Edwards Plateau Golden Triangle Hill Country Llano Estacado Northeast Texas North Texas Osage Plains Panhandle Permian Basin Piney Woods Rio Grande Valley Southeast Texas South Plains South Texas Texoma Trans - Pecos West Texas Metropolitan areas Abilene Amarillo Austin -- Round Rock Beaumont -- Port Arthur Brownsville -- Harlingen College Station -- Bryan Corpus Christi Dallas -- Fort Worth -- Arlington El Paso Houston -- The Woodlands -- Sugar Land Killeen -- Temple Laredo Longview Lubbock McAllen -- Edinburg -- Mission Midland Odessa San Angelo San Antonio -- New Braunfels Sherman -- Denison Texarkana Tyler Victoria Waco Wichita Falls Counties See : List of counties in Texas Economy of the United States by jursidiction State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Federal District District of Colombia Territories American Samoa Guam Northern Mariana Islands Puerto Rico U.S. Virgin Islands Wake Island Indian Reservations Black Feet Nation Flathead Indian Reservation Navajo Nation Osage Nation Pine Ridge Indian Reservation Retrieved from `` https://en.wikipedia.org/w/index.php?title=Economy_of_Texas&oldid=804094954 '' Categories : Economy of Texas Hidden categories : CS1 maint : BOT : original - url status unknown Webarchive template wayback links Use mdy dates from August 2017 Articles needing additional references from March 2012 All articles needing additional references Articles needing additional references from July 2009 All articles with unsourced statements Articles with unsourced statements from July 2009 Articles with unsourced statements from March 2007 Articles with unsourced statements from August 2017 Articles with unsourced statements from January 2009 Articles needing additional references from August 2017 Articles with unsourced statements from June 2017 Talk Contents About Wikipedia Languages فارسی Français Italiano Русский Українська Edit links This page was last edited on 6 October 2017, at 18 : 14. 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Question: where does texas economy rank in the world
Answer: 10th largest