Texas and New York in a Global Context
Which countries have larger economies than the “Lone Star” and “Empire” states?
June 15, 2017
1. Other than the United States itself, eight countries – China, Japan, Germany, UK, France, India, Italy and Brazil – have larger economies than the U.S. state of Texas at $1.65 trillion.
2. The national economy that, at $1.55 trillion, is closest in nominal GDP size to (but slightly smaller than) Texas is Canada, with its 37 million people.
3. The economy of Texas is 38% – or fully $1 trillion – smaller than California’s economy, which is the largest U.S. state economy.
4. Texas, the second-largest U.S. state economy, is dominated by the oil industry and associated support sectors.
5. Extractive industry (oil, gas, mining), while still smaller than manufacturing or government, accounts for $127 billion (nearly 8%) of the Texas economy.
6. Texas’s economy is 8.8% larger than New York’s economy, which totaled $1.49 trillion in 2016.
7. The largest sectors of New York state’s economy, which overall accounts for 8% of the U.S. economy, are finance/insurance (Wall Street), real estate and government.
8. In addition to the eight countries with larger economies than Texas, Canada makes the ninth national economy larger than New York.
Sources: The Globalist Research Center, U.S. Bureau of Economic Analysis, U.S. Census Bureau, World Bank