Economy
Main article: Economy of TexasAs of 2010, Texas had a gross state product (GSP) of $1.207 trillion, the second highest in the U.S. Its GSP is comparable to the GDP of India or Canada, which are the world's 12th- and 11th-largest economies, respectively. Texas' economy is the fourth-largest of any country subdivision globally, behind England (as part of the UK), California, and Tokyo Prefecture. Its Per Capita personal income in 2009 was $36,484, ranking 29th in the nation.
Texas's large population, abundance of natural resources, thriving cities and leading centers of higher education have contributed to a large and diverse economy. Since oil was discovered, the state's economy has reflected the state of the petroleum industry. In recent times, urban centers of the state have increased in size, containing two-thirds of the population in 2005. The state's economic growth has led to urban sprawl and its associated symptoms.
As of April 2012, the state's unemployment rate is 6.5%.
In 2010, Site Selection Magazine ranked Texas as the most business-friendly state in the nation, in part because of the state's three-billion-dollar Texas Enterprise Fund. Texas has the joint-highest number of Fortune 500 company headquarters in the United States, along with California.
In 2010, there were 346,000 millionaires in Texas, constituting the second-largest population of millionaires in the nation.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)