Texas economy is sizzling hot and now outpaces Canada

Victoria Advocate:

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Much of the success was predicated on a strong energy sector, buoyed by $70-per-barrel oil. However, the success translated throughout the state in numerous sectors.

Collectively, Texas has a gross state product of $1.7 trillion. This translates into the second-largest economy in the U.S. In fact, if Texas were its own sovereign nation, it would be the 10th largest economy in the world, ahead of South Korea and Canada.

During the past year, the Lone Star State added about 350,000 new jobs. That means nearly 15 percent of all jobs created in the last year were in Texas. The state’s unemployment rate of 4.1 percent has remained at or below 5 percent for 45 straight months.

Understandably, the CNBC evaluation ranked Texas highly in several categories. Texas rated ninth in Technology and Innovation, seventh in Workforce, third in Access to Capital and first in Infrastructure.

It also helps that Texas is only one of nine states with no individual income or corporate tax. Furthermore, Texas boasts an abundant workforce and lots of land for expansion and housing. As such, 54 companies in the Fortune 500 and 39 firms in the S&P 500 have moved their headquarters to Texas. Texas is also home to some of the largest privately owned businesses, such as Neiman Marcus, Hunt Oil and H-E-B.

The Lone Star economy continues to expand broadly. Although Hurricane Harvey set the state back in the third quarter of 2017, the fourth quarter rebounded with a stout 5.2 percent GDP increase. This growth continued in the first quarter of 2018 with strong 3.5 percent expansion. The Dallas branch of the Federal Reserve recently opined that sustained growth is apparent in the manufacturing and service sectors. Cumulatively, this strength is projected to deliver 3.4 percent economic growth for 2018 – well above the national average.

Obviously, the Lone Star State is known for its massive swaths of land. Texas has the most farms by number and acreage in the nation. Texas also leads the country in the number of cattle and production of sheep and goat products.

Texas is the king of cotton, its leading crop. However, its production of rice, vegetables and melons shouldn’t be overlooked either.

Helping to move all of this valuable merchandise around the globe, Texas is home to the Port of Houston. This is the largest U.S. port in international commerce and the sixth-largest port in the world. As such, Texas leads the nation in export revenues.

Health care is a booming industry in the state of Texas. The Texas Medical Center, in Houston, is the largest medical center in the world. In May alone, health care and education added more than 8,000 jobs.
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I suspect the Texas National Guard is also competitive with Canada.  Texas is also the nations chief exporter of technology.  Its dynamic oil and gas business is also a leader of technical innovation and has demonstrated the ability to withstand predatory pricing by OPEC by becoming more efficient and a low-cost producer.  Texas is expected to pass Iran and Iraq as an oil producer.