Economy of Texas

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Economy of Texas

Post  kosovohp on Mon Oct 11, 2010 12:53 am

As of 2008, Texas had a gross state product (GSP) of $1.224 trillion, the second highest in the U.S.[142][143] Its GSP is comparable to the GDP of India or Canada which are ranked 12th and 11th worldwide. Texas's economy is the third largest in the world of country subdivisions behind California and Tokyo Prefecture. Its Per Capita personal income in 2007 was $37,083, ranking 22nd in the nation. Texas's large population, abundance of natural resources, and diverse population and geography have led to a large and diverse economy. Since oil was discovered, the state's economy has reflected the state of the petroleum industry. In recent times, urban centers of the state have increased in size, containing two-thirds of the population in 2005. The state's economic growth has led to urban sprawl and its associated symptoms.[144]

As of January 2010, the states unemployment rate is 8.2%.[145]

Texas has a "low taxes, low services" reputation.[133] According to the Tax Foundation, Texans' state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.4% of resident incomes.[146] Texas is one of seven states that lack a state income tax.[146][147] Instead, the state collects revenue from a state sales tax, which is charged at the rate of 6.25%,[146] but local taxing jurisdictions (cities, counties, special purpose districts, and transit authorities) may also impose sales and use tax up to 2% for a total maximum combined rate of 8.25%.[148] Texas is a "tax donor state"; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state received approximately $0.94 in benefits.[146]

In 2004, Site Selection Magazine ranked Texas as the most business-friendly state in the nation in part because of the state's three-billion-dollar Texas Enterprise Fund.[149] The state holds the most Fortune 500 company headquarters in the United States.[150][151]

In 2010, there were 346,000 millionaires in the state, second highest in the nation

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