Texas Market - Size
The economy of Texas is diverse and strong, and it is a major contributor to the overall economy of the United States. Some key points about the economy of Texas include:
- Texas is the second-largest state in the United States by both population and area, and its economy is the 10th-largest in the world.
- The gross state product (GSP) of Texas was estimated to be around $2.1 trillion in 2021, which accounts for more than 10% of the total GSP of the United States.
- The state’s economy is known for its low taxes, minimal regulation, and pro-business policies, which have attracted many companies to locate or expand in Texas.
- Texas is home to many major industries, including energy, healthcare, technology, and manufacturing. These industries contribute significantly to the strength of the Texas economy.
- Some major cities in Texas include Houston, Dallas, Austin, and San Antonio, which are centers of business and commerce and home to a range of industries.
The GDP of Texas is driven by a range of industries, and the percentage of the state’s GDP contributed by each industry can vary from year to year.
Texas Market Contributors – By Industry
According to data from the United States Bureau of Economic Analysis →, the industries that contributed the most to the GDP of Texas in 2020 were:
- Real estate, rental, and leasing: 17.2%
- Government: 15.9%
- Health care and social assistance: 12.5%
- Professional, scientific, and technical services: 9.7%
- Manufacturing: 9.5%
Other major industries in Texas include retail trade, finance and insurance, and wholesale trade.
Employment Generators – By Industry
According to data from the Bureau of Labor Statistics → (BLS), the industries with the largest employment in Texas as of May 2021 were:
- Trade, transportation, and utilities: 2,641,400
- Government: 2,224,400
- Education and health services: 1,839,800
- Professional and business services: 1,736,700
- Leisure and hospitality: 1,534,200
Other major industries in Texas include manufacturing, financial activities, and construction.
The BLS data also shows that the sectors with the fastest employment growth in Texas from May 2020 to May 2021 were leisure and hospitality, professional and business services, and education and health services.
Texas Market - IT Industry
The IT industry in Texas is a significant contributor to the state’s economy, with many major companies and startups operating in the sector. Some key points about the IT industry in Texas include:
- Texas is home to a number of major tech hubs, including Austin, Dallas, and Houston. These cities are home to a range of IT companies, as well as a large number of skilled professionals in the field.
- The IT industry in Texas is diverse, with companies operating in a range of areas such as software development, data analytics, cybersecurity, and cloud computing.
- Some major IT companies with a significant presence in Texas include Dell, Hewlett Packard Enterprise, and AT&T.
- Texas also has a strong startup ecosystem, with many small companies in the IT sector receiving funding and support from investors and accelerators.
- The IT industry in Texas is expected to continue growing in the coming years, as the state’s strong economy and business-friendly environment attract more companies and entrepreneurs to the sector.
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