As the saying goes, “everything’s bigger in Texas”, and the state’s economic growth is no exception. In an article published by USA Today, Texas was ranked as the state with the 2nd fastest growing economy in 2012. While the nation saw a 2.5% increase in Gross Domestic Product (GDP), Texas saw nearly double with a 4.8% growth. This number was only surpassed by North Dakota, with a 13.4% growth thanks to the recent oil boom in the state. Texas attributes its growth to higher energy production and population growth.
Texas has the one of the largest economies in the nation, second only to California. Texas' economy is fueled by its large population growth, which is also second in the nation at 1.67%. Texas’ population growth is a result of businesses and employees moving to the state, as well as an influx of immigrants from south of the border. The state also ranks number six in the nation for employment growth at 2.7%, so it’s easy to see why people are moving to the Lone Star State. Texas' energy production adds even greater fuel to its economic fire and the mining industry is the largest in the nation, contributing $123.3 billion of the nation’s total $285.2 billion GDP for mining production. Mining includes both oil and gas, and Texas continues to be the leading producer of oil in the United States, surpassing even North Dakota and their recent oil boom.
The manufacturing, trade, finance and insurance industries all made the biggest contributions to the nation’s economic growth. States like Indiana and Tennessee made the list at numbers eight and nine, respectively, based on the huge auto manufacturing industries based in those states. California is looking up with a rise in industries like finance and technology, taking the number six spot. Oregon and Utah, numbers three and seven, attribute their growth to booming durable goods manufacturing. Minnesota takes the number five spot with one of the lowest unemployment rates in the nation, and Washington has become a major exporter and has secured the number four spot. West Virginia rounds out the list at ten as a major producer of natural gas.
For Austin, the real estate market is booming like the Texas economy. With the state’s economic and population growth and employment rate topping the charts, homeowners from all over the nation are looking to Austin to find their new home. The Austin real estate market is hot right now, so it’s a good time for home buyers and sellers to consider taking advantage of the great things happening around the capitol of one of the most economically robust states in the nation.