In 2023, the real gross domestic product (GDP) of Texas was 2.03 trillion U.S. dollars. This is an increase from the previous year, when the state's real GDP stood at 1.92 trillion U.S. dollars.

In 2023, the real gross domestic product (GDP) of Texas increased by roughly 7.4 percent compared to the previous year. The state's real GDP experienced the most growth in 2006, when the GDP increased by 7.6 percent when compared to the previous year.

Graph and download economic data for Real Gross Domestic Product: All Industry Total in Texas (TXRQGSP) from Q1 2005 to Q3 2024 about GSP, TX, real, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: All Industry Total in Texas from 1997 to 2023 about GSP, TX, industry, GDP, and USA.

In 2023, the mining, quarrying, and oil and gas extraction industry added 170.97 billion chained 2017 U.S. dollars of value to the Texas GDP. The total value added to the GDP of Texas from all industries came to around 2.1 trillion chained 2017 U.S. dollars in the same year.

Graph and download economic data for Total Real Gross Domestic Product for Houston-The Woodlands-Sugar Land, TX (MSA) (RGMP26420) from 2001 to 2023 about Houston, TX, real, industry, GDP, and USA.

Graph and download economic data for Total Gross Domestic Product for San Antonio-New Braunfels, TX (MSA) (NGMP41700) from 2001 to 2023 about San Antonio, TX, industry, GDP, and USA.

Out of all 50 states, New York had the highest per-capita real gross domestic product (GDP) in 2023, at 90,730 U.S. dollars, followed closely by Massachusetts. Mississippi had the lowest per-capita real GDP, at 39,102 U.S. dollars. While not a state, the District of Columbia had a per capita GDP of more than 214,000 U.S. dollars. What is real GDP? A country’s real GDP is a measure that shows the value of the goods and services produced by an economy and is adjusted for inflation. The real GDP of a country helps economists to see the health of a country’s economy and its standard of living. Downturns in GDP growth can indicate financial difficulties, such as the financial crisis of 2008 and 2009, when the U.S. GDP decreased by 2.5 percent. The COVID-19 pandemic had a significant impact on U.S. GDP, shrinking the economy 2.8 percent. The U.S. economy rebounded in 2021, however, growing by nearly six percent. Why real GDP per capita matters Real GDP per capita takes the GDP of a country, state, or metropolitan area and divides it by the number of people in that area. Some argue that per-capita GDP is more important than the GDP of a country, as it is a good indicator of whether or not the country’s population is getting wealthier, thus increasing the standard of living in that area. The best measure of standard of living when comparing across countries is thought to be GDP per capita at purchasing power parity (PPP) which uses the prices of specific goods to compare the absolute purchasing power of a countries currency.

In 2023, the GDP of the Dallas-Fort Worth metro area amounted to around 613.38 U.S. dollars, an increase on the previous year. The Dallas-Fort Worth metro area The Dallas–Fort Worth–Arlington Metropolitan Statistical Area is composed of 12 counties within the U.S. state of Texas. Dallas–Plano–Irving and Fort Worth–Arlington are the two metropolitan divisions of the area. It is the economic and cultural hub of North Texas or North Central Texas, and is commonly referred to as the Dallas/Fort Worth metro area, DFW or The Metroplex by residents. Estimates of the 2022 population of the Metroplex were roughly 7.94 million inhabitants. The Dallas Cowboys The Dallas Cowboys are a well-known sports team from the city of Dallas in the Dallas/Fort Worth metroplex. The Dallas Cowboy’s franchise value has risen greatly since 2002. The franchise was valued at 784 million U.S. dollars in 2002. As of 2022, the Dallas Cowboys franchise was valued around nine billion U.S. dollars. The Dallas Cowboys also ranked first on a list in terms of 2022 revenue of national football league teams, being the only team to have generated more than a billion U.S. dollars in revenue that year, about 406 million more U.S. dollars than the second ranked team, the Las Vegas Raiders. In 2022, the average ticket price for Dallas Cowboys games was 108 U.S. dollars.

The state of North Dakota experienced the most significant growth in real GDP in 2023, growing 7.8 percent when compared to 2022. Texas and Oklahoma also experienced growth at or more than seven percent.

Graph and download economic data for Gross Domestic Product: Oil and Gas Extraction (211) in Texas (TXOILGASNGSP) from 1997 to 2023 about extraction, oil, mining, gas, GSP, private industries, TX, private, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Natural Resources and Mining (11, 21) in Texas (TXNATRESMINNGSP) from 1997 to 2023 about natural resources, mining, GSP, TX, industry, GDP, and USA.

In 2023, the finance, real estate, insurance, rental, and leasing industry added the most value to the GDP of the United States. In that year, this industry added 5.66 trillion U.S. dollars to the national GDP.

Gross Domestic Product

Gross domestic product is a measure of how much a country produces in a certain amount of time. Countries with a high GDP tend to have large economies, for example, the United States. However, GDP does not take into consideration the cost of living and inflation rates, so it is not a good measure of the standard of living. GDP per capita at purchasing power parity is thought to be more reflective of living conditions within a particular country.

U.S. GDP

California added the largest amount of value to the real GDP of the U.S. in 2022. California was followed by Texas and New York. In California, the professional and business services industry was the most valuable to GDP in 2022. In New York, the finance, insurance, real estate, rental, and leasing industry added the most value to the state GDP. While the business sector added the highest value to the U.S. real GDP in 2021, it was the information industry that had the biggest percentage change in value added to the GDP between 2010 and 2021.

Graph and download economic data for Total Gross Domestic Product for Austin-Round Rock, TX (MSA) (NGMP12420) from 2001 to 2023 about Austin, TX, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Construction (23) in Texas (TXCONSTNGSP) from 1997 to 2023 about GSP, private industries, construction, TX, private, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: Military in Texas (TXGOVFEDMILNGSP) from 1997 to 2023 about military, GSP, federal, government, TX, industry, GDP, and USA.

Graph and download economic data for Total Gross Domestic Product for Lubbock, TX (MSA) (NGMP31180) from 2001 to 2023 about Lubbock, TX, industry, GDP, and USA.

Graph and download economic data for Gross Domestic Product: All Industries in Fort Bend County, TX (GDPALL48157) from 2001 to 2023 about Fort Bend County, TX; Houston; TX; industry; GDP; and USA.

Graph and download economic data for Real Gross Domestic Product: All Industries in Angelina County, TX (REALGDPALL48005) from 2001 to 2023 about Angelina County, TX; TX; real; industry; GDP; and USA.

Graph and download economic data for Gross Domestic Product: All Industries in Harris County, TX (GDPALL48201) from 2001 to 2023 about Harris County, TX; Houston; TX; industry; GDP; and USA.