The economy of Texas is one of the largest and fastest growing economies in the United States. In 2006, Texas was home to six of the top 50 companies on the Fortune 500 list and 46 overall, more than any other state. Texas has an economy that was the second largest in the nation and the 15th largest in the world based on GDP (nominal) figures. As the largest exporter of goods in the United States, Texas currently grosses more than $100 billion a year in trade with other nations.
In 2008, Texas had a gross state product of $1.245 trillion, the second highest in the U.S. The Gross state product per capita as of 2005 was $42,975.
Texas had the second largest workforce in the United States, with almost 11 million civilian workers. The lack of personal income tax as well as the largely undervalued real estate throughout Texas has led to significant growth in population. Since 2003, the legislature in conjunction with the Governor's office has made economic development a top priority.
Much economic activity in Texas is regional. For example, the timber industry is important in East Texas's economy but a non-factor elsewhere. Houston, the state's largest urban economic enclave stands at the center of the petrochemical, biomedical research trades, shipping, and aerospace (particularly NASA). Dallas/Fort Worth houses the state's predominant defense manufacturing interests and the expansive information technology labor market. West Texas and the panhandle is dominated by ranching and the petroleum industry. Austin's economy is dominated by the State Government, Educational Institutions, and the booming IT Industry.
Texas's growth can be attributed to the availability of jobs, the low cost of housing, the lack of a personal state income tax, the quality of higher education, low taxation and limited regulation of business, a central geographic location, a limited government, favorable weather, and plentiful supplies of oil and natural gas. There are currently 35 billionaires residing in Texas today. Dallas has 27 billionaires, the most of any city in Texas.
Texas has the highest number of Fortune 500 company headquarters in the United States, fifty-eight. This has been attributed to both the growth in population in Texas and the rise of oil prices in 2005.
History
Texas remained largely rural until World War II, with cattle ranching, oil, and agriculture as its main industries. Cattle ranching was never Texas's chief industry – before the oil boom back to the period of the first Anglo settlers, the chief industry was cotton farming. After World War II, Texas became increasingly industrialized. Its economy today relies largely on information technology, oil and natural gas, aerospace, biomedical research, fuel processing, electric power, agriculture, and manufacturing.
Exports
In 2008, for the seventh year in a row, Texas led the United States in export revenues. Texas exports for 2008 totaled $192.2 billion. In 2002, the Port of Houston was 6th among the top sea ports in the world in terms of total cargo volume; Air Cargo World rated Dallas-Fort Worth International Airport as "the best air cargo airport in the world". The ship channel at the Port of Houston—the largest in the U.S. in international commerce and the sixth-largest port in the world.
Taxes
According to the Tax Foundation, Texan's state and local tax burdens are among the lowest in the nation, 7th lowest nationally, with state and local taxes costing $3,580 per capita, or 8.7% of resident incomes. Texas is only one of 7 states to not have a state income tax. The state sales tax rate, 6.25%, is above the national medium, with localities adding more to this percentage. Texas does have a "back to school" sales tax holiday once a year (generally around the first weekend in August) on clothing and footwear under $100.
As for Texas's business tax climate, the state ranks 8th in the nation. Property taxes are exclusively collected at the local level in the state, and are generally at rates above the national average. As a whole, Texas is a "tax donor state" with Texans receiving back approximately $0.94 per every dollar of federal income taxes collected in 2005.
Tax burden
Texas is one of the nine states of the United States with no personal state income tax. In addition, Texas does not allow any lower level of government (counties, cities, etc.) to impose an income tax. This means that, for the residents of Texas, the maximum rate of income taxation is the top rate set by the US Government. Businesses (except for sole proprietorships and partnerships) are subject to a gross margins tax.
The state sales tax is set at 6.25 percent. Cities are allowed to impose an additional 1% tax, and additional taxes not to exceed 1% may be approved by voters for any combination of county sales tax, transportation districts, economic development, and/or crime prevention. The average sales tax in Texas amounts to 8.25 percent. The state determines the items subject to sales tax, which all other entities must follow. Motor vehicle sales are subject only to the 6.25% state sales tax. Food (except for prepared food) and non-prescription medicines are among the major items exempt from sales tax.
Property taxes, however, are among the highest in the nation, and constitute the bulk of revenue for many local governmental entities (but not the state as the Texas Constitution specifically prohibits a state property tax). For real property, counties, cities, and school districts (along with other special districts, such as for a community college or public hospital) will impose taxes. The property is assessed uniformily throughout the county via the county "appraisal district", and taxes are assessed based on 100% of the property's determined value (which can be somewhat tricky, as Texas does not require the sales price to be disclosed at closing). Larger personal property items (such as cars, boats, and airplanes) can be subject to tax as well depending on whether a local government has chosen to do so, but is far less common.
Industries
Agriculture
Texas is a productive agricultural state with the most farms both in number and acreage in the United States. It is known for its fertile land and abundant supply of fresh water. Texas leads the nation in number of cattle, which usually exceed 16 million head. The sprawling 320,000 deeded acre (1,200 km²) La Escalera Ranch , located 20 miles (32 km) south of Fort Stockton, Texas, is one of the largest cattle ranches in the Southwestern United States.
The state also leads nationally in production of sheep and goat products. Texas is king of cotton leading the nation in cotton production, its leading crop and second-most-valuable farm product. Texas is a leader in cereal crop production. The state is a large produce growing state especially with watermelons, grapefruits and cantaloupes.
Aeronautics
Lyndon B. Johnson Space Center, the center of the National Aeronautics and Space Administration, is in Houston. It is a leading hub for the Aeronautics industry. The National Space and Biomedical Research Institute is headquartered in Houston.
The Dallas-Fort Worth International Airport, located nearly equidistant from downtown Dallas and downtown Fort Worth, is the largest airport in the state, the second largest in the United States, and fourth largest in the world. In terms of traffic, DFW is the busiest in the state, third busiest in the United States, and sixth busiest in the world. The airport serves 135 domestic destinations and 40 international. DFW is the largest and main hub for American Airlines, the world's largest in terms of total passengers-miles transported and passenger fleet size.
Texas's second-largest air facility is Houston's George Bush Intercontinental Airport (IAH). Downtown Houston has the headquarters of Continental Airlines, which has Bush Airport as its largest hub. IAH offers service to the most Mexican destinations of any U.S. airport. IAH currently ranks second among U.S. airports with scheduled non-stop domestic and international service.
American Airlines, headquartered in Fort Worth, is the second largest airline in the United States by number of passengers carried domestically per year; the largest, Southwest Airlines, is based in Dallas.
Defense
Military Facilities
Texas is home t
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