Texas Keeps 9 Percent Share of U.S. Economy, GDP Growth Ranked Sixth in Country
Monday, September 17, 2018
Mining, quarrying, and oil and gas extraction is a significant factor in the 2.9 percent growth of Texas’ gross domestic product growth this year, according to the U.S. Bureau of Economic Analysis.
A report on the first quarter of 2018 ranks Texas as having the sixth most substantial growth in GDP, behind Washington, Utah, South Dakota, Colorado, and Wyoming.
Texas has the second-largest share of the entire U.S. economy, following California. Texas began 2017 with 8.7 percent of the country’s overall economy, rising to 8.9 percent during the first quarter of 2018.
Texas has seen gains in professional, scientific, and technical services, transportation and warehousing, real estate, and both durable and nondurable goods manufacturing.
Industries seeing a lower GDP in Texas are agriculture, forestry, fishing, and hunting, as well as utilities.