Economy of Texas
Houston, the largest city in Texas | |
| Statistics | |
|---|---|
| GDP | $2.709 trillion (2024) |
GDP per capita | $86,587 (2024) |
Population below poverty line | 14.0% (absolute) 11.3% (relative) |
| 0.4796 | |
Labor force | 15,226,787 (Apr. 2024) |
| Unemployment | 4.1% (Feb. 2025) |
| Public finances | |
| Revenues | $269.7 billion (2023) |
| Expenses | $258.8 billion (2023) |
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 $2.709 trillion as of 2024. In 2024, Texas had the most Fortune 500 companies of any state with 53 in total. As of 2023, Texas grossed more than $440 billion a year in exports, more than double the next highest state California ($178 billion).
Texas would be 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.