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Orioles Funding Review of Texas
Texas has a booming economy, and many sectors not traditionally linked to the Lone Star state are exploding.
From its sky-high production of oil to the robust wine industry, here are 10 unusual facts about the Texas economy.
1)Texas produces nearly 40% of America’s oil
Texas accounted for 37% of US crude oil production, according to 2017 data from the US Energy Information Administration.
In addition to this, Texas also accounted for 24% of US-marketed natural gas production.
2) There are more miles of roads and rail in Texas than any other state
With such a huge volume of goods produced in Texas and shipped out, the state has developed a sprawling transportation network spanning over 300,000 miles of public roads.
There are also 380 airports and 16 seaports in Texas.
3) Orioles Funding – Texas is the 10th largest economy on earth
If Texas were a sovereign nation, it would rank as the 10th-largest economy globally.
Texas’s 2017 economic output was $1.7 trillion, placing it just ahead of Canada but just below Brazil.
4) There’s a vast discrepancy in per-capita income in Texas
There’s a huge gap between the rich and the poor in Texas. Per capita income in Albany, TX, averages $162,000 wherein in Hebbronville, TX, averages just $27,000.
5) Texas produces $13 billion of wine annually
Texas ranked just. 48 out of wine-producing states in 1980.
In 2020, Texas is the 5-largest wine producer in the US with over 400 wineries generating $13 billion a year.
6) Texas is the largest wind power producer in America
Texas produces more petroleum than any other state by far.
It also produces much more wind power than other states. In 2017, for instance, windmills in Texas produced 21,044 megawatts while in Iowa, the 2-largest producer, production was just 6,952 megawatts.
7) Texas exports most products to Mexico
Texas exported $11.5 billion of goods to China in 2017 and $25.5 billion to Canada.
In the same year, exports to Mexico totaled $92.4 billion.
8) Texas is responsible for 10% of all US manufacturingTexas’s 2017 manufacturing output exceeded $226 billion, one-tenth of all US manufacturing dollars.
Manufacturing provided 865,000 jobs in Texas in 2017.
9) Texas has almost 1 million female-owned businesses
Texas ranks third in the US for the number of female-owned businesses.
The past couple of decades have seen a growth of 150% in this area.
Roughly half of Texas’s overall workforce is female, slightly higher than the national average of 47%.
10) Texas’s crude oil reserves would fill 1 million Olympic-sized swimming pools
Texas has crude oil reserves of 15.94 billion barrels, according to data from the US Energy Information Administration.
Over 669 billion gallons of oil, would be enough to fill over a million Olympic-sized swimming pools.
Penelope Piza is versatile and a gifted writer. She joined The Elgin Daily a few months ago and has helped our readership grow a lot. She always connects with the readers and produces noteworthy news pieces. She is also working on her first novel, which she plans to publish by the end of this year.