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Texas economy ranks No. 2 in the nation7.1.2011- Mike Thomas - San Antonio Business Journal
Gov. Rick Perry has some new ammunition he can use as he continues to weigh a possible presidential bid with the release of a study showing Texas passing New York as an economic powerhouse.
Based on data released by the Bureau of Economic Analysis, Texas now ranks No. 2 behind California for having the highest economic output over the past decade.
“Texas notched one of the biggest increases in size (based on gross domestic product) in a half-century, surpassing $1 trillion in annual economic output,” reports USA Today in an article looking at the data.
According to the article, Texas’ $1.2 trillion 2010 GDP represented a 26.8-percent increase since 2000.
While California retained the top spot, it was actually shrinking in size from 2000 while Texas has been growing, leading some to suggest that Texas could soon challenge it for the top spot.
“We’re growing faster than everyone else, and this trend should last a good while,” says economic forecaster Raymond Berryhill of Waco. Berryhill says Texas enjoyed “good fortune and good planning” from having natural resources such as oil and gas, a growing population fueled by immigration and successful technology businesses while also avoiding the worst effects of the real estate bubble.
The recent growth in Texas’ economic clout has been matched only twice in the past 50 years, according to the study — by California in the 1980s and Texas itself during the 1970s oil boom.