Economy of Texas
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 $2.355 trillion as of 2022. In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. As of 2021, Texas grossed more than $300 billion a year in exports—more than the exports of California ($175 billion) and New York ($100 billion) combined.
| Statistics | |
|---|---|
| GDP | $2.4 trillion (2022) |
GDP per capita | $78,455 (2022) |
Population below poverty line | 10% (15% considering cost of living) |
| 0.474 | |
Labor force | 15,500,000 (January 1, 2022) |
| Unemployment | 4.0% (March 2023) |
| Public finances | |
| Revenues | $269.7 billion (2023) |
| Expenses | $258.8 billion (2023) |
Texas is ranked as the 8th largest economy among nations of the world by nominal GDP, ahead of Canada, South Korea, Russia, and Australia.
In 2019, Texas had a median household income of $61,874. As of August 31, 2022 Texas had a total of $64.40 billion in state debt outstanding, including both general obligation and revenue debt. Texas has the second largest population in the country after California.