A Report to the Citizens of Texas
Fiscal 2013 • Sept. 1, 2012 – Aug. 31, 2013
This is Texas
Oil and Gas Numbers
Texas currently accounts for over one third of all U.S. oil output, thanks in large part to production growth in the West Texas Permian Basin and the South Texas Eagle Ford Shale. This oil output translated to more than two million barrels a day — enough to rank the state among the top 15 of oil producing nations. In addition, Texas produces about 27 percent of the nation’s natural gas, ranking it in the top five among the world nations.
The Wall Street Journal reported in 2013 that oil output has more than doubled in Texas since 2005, with more than 400,000 Texans — earning an average annual salary of $100,000 — employed in the oil and gas industry.
Oil and natural gas production taxes together reached nearly $4.5 billion in fiscal 2013 — a 23 percent increase over the prior year, reflecting firm oil prices and increased production from the Permian Basin and Eagle Ford areas. A Baker Hughes rig count shows that nearly half of oil rigs in use in the U.S. are in Texas, and about 25 percent of the world’s oil drilling rigs are in the state.
Good for Business
For the ninth consecutive year, Texas was named the Best State for Business by Chief Executive magazine. Chief executive officers (CEOs) rated those states with which they were familiar on taxation/regulation, quality of workforce and living environment. Nearly 740 CEOs — the highest response on record — rated states on these metrics.
“States like Texas and Ohio are consistently trying to help us grow our business and are listening to the leaders of companies to help solve problems,” said CEO Terry Nea of Toledo-based Impact Products.
Fifty-two Fortune 500 companies are based in Texas. The magazine calls the state the “hottest IPO (initial public offering) market” in the nation, with Austin one of the fastest growing tech hubs.
Employment Gains Remain Steady
Between October 2012 and October 2013, total nonfarm employment in Texas increased by 267,400 jobs or 2.4 percent. Over the past year, Texas added jobs in all of the 11 major industries: professional and business services; trade; transportation and utilities; leisure and hospitality; education and health services; construction, mining and logging; government; financial activities; information; other services; and manufacturing.
A Thriving Population
U.S. Census Bureau estimates show the Texas population edging ever closer to 27 million. The 2013 estimate puts the population at 26.4 million, up more than 1.3 million from the official 2010 Census amount. Texas remains the second-most populous state — behind California’s 38 million residents.
According to the Census Bureau population estimates, half of the 10 fastest-growing cities in the nation are in Texas:
- Houston (2)
- San Antonio (4)
- Austin (5)
- Dallas (7)
- Fort Worth (10)
Employment Percent by Industry
|Health Care/Social Assistance||12%|
|Accommodation and Food Services||9%|
|Administrative & Support/Waste Management||6%|
|All other Industries||31%|
Texas by the Numbers
|Fiscal Year||Resident Population||Per Capita Income||Nonfarm Employment||Unemployment
|Public School Enrollment
(for preceding school year)