Texas has the second-largest state economy in the nation and would rank as the eighth-largest country by GDP.
Texas has the second-largest state economy in the nation and would rank as the eighth-largest country by GDP. The energy sector remains dominant, with Houston serving as the world capital of the oil and gas industry, but the state has diversified dramatically. Austin has become a major technology hub attracting Tesla, Oracle, Samsung, and Apple, while Dallas-Fort Worth hosts the most Fortune 500 headquarters of any metro area. The Texas Medical Center in Houston is the largest medical complex in the world.
Texas has no state income tax, a large and growing workforce, and a pro-business regulatory environment that has driven massive corporate relocations from California, New York, and Illinois. The state's sheer market size — nearly 31 million people — provides a built-in consumer base for businesses of all sizes.
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