11 Staggering Facts About The Texas Economy
Nov 2, 2014, 19:20 IST
Michael McDonough/Bloomberg
Texas is massive.Advertisement
If the Lone Star State were its own country, it would have the 13th highest GDP in the world.
Over the last 20 years, Texas has become an increasingly important part of the US economy. In 1995, it made up around 6.5% of the total US GDP, and by 2014 it was over 9% (See chart).
A huge part of that growth has been attributed to Texas' bustling energy businesses.
That's why the latest dropping oil prices have rattled a few nerves. Although lower gas prices are great for the average US consumer, they could mean trouble for Texas' economy. And consequently, for the larger US economy as well.
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With Texas in focus, let's take a quick look at what makes this major economy tick.