Texas GDP size and rank
January 16, 2010
Email Share
PrintTexas had an impressive inflation adjusted annual economic growth rate of over 3% between the years of 2000 to 2008. During this period only 3 state economies had better GDP growth numbers than the Texas economy.
Texas GDP - nominal and real
The economic output of the state of Texas was $1.224 trillion in 2008. That figure is based on current 2008 dollars (nominal Gross Domestic Product), while the inflation adjusted GDP, real GDP, based on prices in the year 2000, was $926 trillion in 2008, according to data from the U.S. Department of Commerce.
The data for economic development show Texas GDP grew at 6.53% in nominal terms in 2008 compared to 2007, in real terms the growth was 2%.
During the years of 2000-2008, Texas GDP grew at an annual rate of 6.72% in nominal terms and in real terms the economy grew by 3.06%.
Texas economy rank
Texas is the second largest economy in the United States, and is the 13th largest economy in the world.
Manufacturing
Manufacturing led all sectors in the state's economy. Manufacturing contributed $159 billion in economic development in 2008, that's nearly 13% of the total economic output of Texas.
Mining
Coming in second adding $138 billion, the mining sector (which includes oil and gas extraction) was responsible for 11% of Texas's GDP in 2008. In current dollar terms, this sector had an annual growth rate of 15% between 2000-2008. However, adjusted for inflation, the mining sector ranks 12th highest in Texas and had negative growth between 2000-2008 of 0.48%.
Government, real estate, professional and technical
The government accounted for nearly 11% of the economic output with a contribution of $130 billion.
Ranking fourth and fifth biggest sectors in the state were real estate and professional and technical services $105 billion and $83 billion, respectively.
More on EconPost...
