Texas wins in U.S. economy shift

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Posted on 21st June 2011 by Grand_Homes in Real Estate News

Texas Economy, Texas Real Estate

Texas became the USA’s second-largest economy during the past decade — displacing New York and perhaps heading one day toward challenging California — in one of the biggest economic shifts in the past half-century.

USA TODAY examined each state’s gross domestic product to determine how the country’s economic output has shifted within its borders. The data reflected both population growth and income increases — in short, the economic weight of each state.

Texas notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output. The state gained nearly a full percentage point in its share of the U.S. economy during the decade, reaching 8.3% in 2010. This growth in economic clout has been matched only twice in the past 50 years — by California in the 1980s and Texas itself during the 1970s oil boom.

“We’re growing faster than everyone else, and this trend should last a good while,” says economic forecaster Raymond Berryhill of Waco, Texas. His state enjoyed “good fortune and good planning” from having natural resources, immigration and successful technology businesses while avoiding the real estate bubble, he says.

Full Story by Dennis Cauchon, USA TODAY.

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