Thursday, June 30, 2011

Texas Surpasses New York, Becomes Nation's Second Biggest Economy

Texas moved past New York over the past decade to become the nation's second-largest economy, according to a USA Today examination of data released by the Bureau of Economic Analysis.

"Texas (GDP) notched one of the biggest increases in size in a half-century, surpassing $1 trillion in annual economic output," the USA Today article said.

According to the article, Texas' $1.2 trillion 2010 GDP represented a 26.8-percent increase since 2000.

Though California retained its first-place ranking as the state with the largest economy, the article indicated that California's share of the national economy, which peaked in 1990, shrank faster than all but three states from 2000 to 2010. Noting the growth of Texas, USA Today suggested the Lone Star State may soon challenge California for the top spot.

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