Texas Boasts No. 2 Economy in Union

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    NEWSLETTERS

    TK
    Flickr/scazon

    Over the last decade, Texas moved past New York to become the nation's second-largest economy, according to a report in USA Today.

    The report cites data released by the Bureau of Economic Analysis that shows Texas gross domestic product enjoyed a 26.8 percent increase since 2000, bringing the state's GDP to $1.2 trillion.

    California remains first with $1.9 trillion while New York is at $1.16 trillion.

    "Texas (GDP) notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output," the USA Today article said. "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."

    The data from the BEA reflected both population growth and income increases to determine the economic weight of each state, USA Today reported. 

    The article indicates that with continued growth, avoiding the real estate bubble and continued immigration, Texas may soon challenge a shrinking California for the union's largest economy.