Some people say that Texas is like a whole other country.
Well, if it were, its economy would compare in size to that of Spain. Once known for an economy based on oil and cattle, Texas has undergone a remarkable economic transformation in the last ten years. The state has successfully developed a highly diversified industrial base that is no longer dependent upon natural resources and commodities, but is increasingly tied to services, trade, and high-technology industries such as telecommunications equipment, semiconductors, and computers. Moreover, Texas has been fully integrated into the global marketplace. Not only has the state experienced a precipitous rise in exports in recent years, but it has also been the recipient of surging inflows of foreign direct investment.