Texas Economic Growth
Texas is the second largest state by population and area located in the heart of the southern United States. Texas has the 3rd fastest growing economy in the country, with an average GDP of $1.648 trillion. If Texas were its own country, it would be the tenth largest economy in the world.
Texas' pace of job creation exceeded the nation's in March 2017. Texas gained 249,000 non-agriculture jobs from March 2016 to March 2017, an annual growth rate of 2.1 percent, higher than the nation's employment growth rate of 1.5 percent.
The energy sector continues to stabilize as weekly West Texas Intermediate (WTI) crude oil prices have remained above $40 per barrel since January 2017. Manufacturing activity has also improved, with the Dallas Fed's Texas Manufacturing Outlook Survey (TMOS) production index in positive territory for the fifth consecutive month in November 2016.