In 2006, Texas had a gross state product of $1.09 trillion, the second highest in the U.S. after California, after recently surpassing New York state.[41] Gross state product per capita as of 2005 was $42,975. Texas leads the nation in number of beef, which usually exceed 16 million head. Cotton is the leading crop and the state's second-most-valuable farm product. Texas also leads in national production of grain sorghum, watermelons, cabbages, and spinach. Wheat, corn, and other grains are also important.
Texas' growth is often attributed to the availability of jobs, the low cost of housing (housing values in the Dallas, Houston, and San Antonio areas, while generally rising, have not risen at the astronomical rates of other cities such as San Francisco), the lack of a personal state income tax, low taxation and limited regulation of business, a geographic location in the center of the country, limited government (the Texas Legislature meets only once every two years), favorable climate in many areas of the state, and vast, plentiful supplies of oil and natural gas. The known petroleum deposits of Texas are about 8 billion barrels, which makes up approximately one-third of the known U. S. supply. Texas has 4.6 billion barrels of proven crude oil reserves. There are currently 33 billionaires residing in Texas today. Dallas has 11 billionaires, the most of any city in Texas.
Texas remained largely rural until World War II, with cattle ranching, oil, and agriculture as its main industries. Cattle ranching (though important) 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 (as in most of the South). After World War II, Texas became increasingly industrialized. Its economy today relies largely on information technology, oil and natural gas, fuel processing, electric power, agriculture, and manufacturing. The major segment of the economy depends largely on the region involved – for example, the timber industry is a major portion of the East Texas economy but a non-factor elsewhere, while Houston, the state's largest urban economic enclave stands at the center of the petrochemical, biomedical research trades, and aerospace (particularly NASA). Meanwhile, Dallas houses the state's predominant defense manufacturing interests and the expansive information technology labor market.
Texas has more Fortune 500 company headquarters (56) than any other state except New York, which has 57. This has been attributed to both the growth in population in Texas and the rise of oil prices in 2005, which resulted in the growth in revenues of many Texas oil drilling and processing companies.
In 2006, for the fifth year in a row, Texas was ranked as the number one state by export revenues. Texas exports for 2006 totaled $150.8 billion, which is $22.1 billion more than 2005 and represents a 17.2 percent increase. 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".
Texans pride themselves in a history of tradition, yet they also seek new social and technological developments. Round Rock (an Austin suburb) is the headquarters of Dell and the surrounding area is known as "Silicon Hills". Dallas is a famously cosmopolitan metropolis and the birthplace of the integrated circuit, and Houston is a global leader in the energy industry. The cultures of San Antonio and El Paso retain their Mexican heritage while Fort Worth maintains its western roots. With a nod to its diversity and its past as a sovereign nation, the state tourism slogan is "Texas: It's like a whole other country." Since 2003, Texas state officials have placed emphasis on developing the economy of Texas with various initiatives such as the Texas Enterprise Fund and the Texas Emerging Technology Fund, which invest money into developing Texas business.
Texas is one of the top filmmaking states in the United States, just after California and New York. Austin is now one of the leading filmmaking locations in the country. During 1995-2004, more than $2.75 billion was been spent in Texas for film and television production. The Texas Film Commission was founded for free services to filmmakers, from location research to traveling.
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It uses material from the Wikipedia article "Texas"