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A Report to the Citizens of Texas

Sept. 1, 2008 – Aug. 31, 2009

The Story of Texas

With the world’s 12th largest economy, Texas is a global powerhouse. It attracts, creates and fosters some of the world’s most successful businesses. Its ports move more than half of the world’s imports and exports annually.

The state’s enormous size, diverse population and abundant natural resources make it a leader in agriculture and energy. Texas has a low tax burden, low cost of living and a range of climates and geography to suit every taste.

The following factors help shape the state, its economy and its way of life:

Business Advantage

Texas’ low tax burdens and business-friendly climate make it a highly desirable location for new and growing companies. The state ranks 11th best in the nation in the Tax Foundation’s State Business Tax Climate Index, which compares states in five areas of taxation that affect business.

Demographics

Texas is one of the nation’s fastest-growing states. Our growing population is becoming older, less rural and more diverse. The state gained more people than any other state between July 1, 2008, and July 1, 2009.

Energy

Texas is the nation’s largest producer and consumer of energy, and a national leader in the development of renewable energy sources. Texas remains the nation’s largest producer of oil and gas (excluding federal offshore areas), accounting for 19.9 percent and 30.4 percent of total U.S. production.

Global Trade

Texas is a hub for world trade. The nation’s leading exporting state, Texas’ export shipments of merchandise in 2009 totaled $163 billion.

Housing

Texas is a great place to live and work, with an affordable housing market that ranked 39th among states in median costs in 2008.

Infrastructure & Transportation

Texas has more than 12,000 miles of railroad tracks, more than any other state, and the nation’s most extensive roadway network, as well as three of its 10 busiest ports.

Science and Technology

Texas is a global technology leader, with world-class university research and unique programs that encourage entrepreneurial and tech-related business.

Sources: The Tax Foundation, U.S. Census Bureau, Energy Information Administration, International Trade Administration, American Association of Port Authorities, Texas Department of Transportation

Texas by the Numbers – Fiscal 2009 average

Resident Population 24,749,300
Per-capita Income $38,163
Nonfarm Employment 10,479,800
Unemployment Rate (percent) 6.8%
Public School Enrollment (2007-2008) 4,671,493

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