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9

6. ECONOMIC SITUATION

The economy of Texas is one of the largest

economies in the US. As of 2013, Texas is

home to six of the top 50 companies on the

Fortune 500 list and 51 overall, (third most

after New York and California). As a sovereign

country (in 2012), Texas would be the 14

th

largest economy in the world by GDP (ahead

of South Korea and the Netherlands). Texas

compared to other countries GDP is in the

same range as Canada, Russia, the Nether­

lands, or South Korea, among others as of

2013. In 2010, Site Selection Magazine

ranked Texas as the most business-friendly

state in the nation, in part because of the

state’s US$3billion Texas Enterprise Fund.

Gross State Product (GSP):

In 2013, Texas

current-dollar GDP was US$1,532.6 billion

and ranked 2

nd

in the US.

GSP – real growth rate:

In 2013, Texas real

GDP grew 3.7 per cent; the 2012-2013

national change was 1.8 per cent.

GSP – per capita (PPP):

In 2013, Texas had

a per capita personal income (PCPI) of

US$43,862. This PCPI ranked 25

th

in the US

and was 98 per cent of the national average,

US$44,765.

7

Industries:

In 2013, the largest industry in

Texas was finance, insurance, real estate,

rental and leasing. This industry accounted

for 13.5 per cent of Texas GDP and had 3.4

per cent real growth. Texas’s affluence stimu­

lates a strong commercial sector consisting

of retail, wholesale, banking and insurance

and construction industries. Nationally, the

Dallas-Fort Worth area, home to the second

largest shopping mall in the US, has the most

shopping malls per capita of any American

metropolitan area.

Figure 1: Top Five State Industries as a per cent of Total GDP, 2013

Inflation rate (consumer prices):

1.5 per cent (2014 average)