![cover image](https://wikiwandv2-19431.kxcdn.com/_next/image?url=https://upload.wikimedia.org/wikipedia/commons/thumb/3/35/Texas_flag_map.svg/640px-Texas_flag_map.svg.png&w=640&q=50)
Economy of Texas
From Wikipedia, the free encyclopedia
The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.636 trillion as of 2023.[7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total.[8] As of 2023, Texas grossed more than $440 billion a year in exports, more than double the next highest state California ($178 billion).[9]
![]() | This article needs to be updated. (June 2022) |
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Statistics | |
---|---|
GDP | $2.6 trillion (2023)[1] |
GDP per capita | $86,431 (2023) |
Population below poverty line | 14.0% (absolute)[2] 11.3% (relative)[3] |
0.4796[4] | |
Labor force | 15,226,787 (Apr. 2024)[5] |
Unemployment | 4.0% (Apr. 2024)[5] |
Public finances | |
Revenues | $269.7 billion (2023)[6] |
Expenses | $258.8 billion (2023)[6] |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/8/88/Texas_vs_US_Unemployment_1976-2021.png/640px-Texas_vs_US_Unemployment_1976-2021.png)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/17/Texas_counties_by_GDP_2021.png/640px-Texas_counties_by_GDP_2021.png)
Texas is ranked as the 8th largest economy among nations of the world by nominal GDP, ahead of Canada, South Korea, Russia, and Australia.[10]
In 2019, Texas had a median household income of $61,874.[11] As of August 31, 2022 Texas had a total of $64.40 billion in state debt outstanding, including both general obligation and revenue debt.[12][13] Texas has the second largest population in the country after California.[14]