Texas Economy III April 14, 2016. Components of Texas GDP The Texas economy is relatively diversified. Is that a good thing? Why or why not? It is good.

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Presentation transcript:

Texas Economy III April 14, 2016

Components of Texas GDP The Texas economy is relatively diversified. Is that a good thing? Why or why not? It is good because it makes the economy less vulnerable to a decline in one sector. Where does oil & gas fit? Mining

Largest Companies in Texas Exxon Mobile Phillips 66 Valero AT&T ConocoPhillips Dell Enterprise Products (pipeline) Sysco Corp. How many of these are oil and gas related?

More Largest Companies Plains All-American Pipeline Tesoro (oil refineries) Halliburton Fluor American Airlines Baker Hughes Others—HEB, Dr. Pepper, JC Penny, Whole Foods, KBR, Neiman Marcus

Job Growth

Research & Development Texas ranks # 3 nationally for science and engineering doctorates awarded. Texas residents rank # 2 nationally for patents awarded.

Real Estate

Houston Home Sales

Tourism In 2012, total direct travel spending in Texas was $65.7 billion which directly supported 568,000 jobs with earnings of $18.9 billion. Texas had an estimated 220 million domestic visitors and 7.5 million international visitors at tourism destinations in What are some of the major tourism destinations in Texas?

Transportation Texas has 312,911 miles of highways and 11,425 miles of freight transport railroad, more than any other state. The Port of Houston is the second most important port in the nation for international trade. Houston’s Intercontinental Airport and DFW Airport are major hubs for the airline industry. DFW ranks # 3 and Houston Intercontinental ranks # 13 among the nation’s busiest airports. How does the state’s location make transportation a key element of the economy?

International Trade Texas is the # 1 state for export revenue. The state’s top exports are Petroleum & Coal Products, Computer & Electronic Products, Chemicals, Machinery (not electrical), and Transportation Equipment. Texas’s leading trade partners are Mexico, Canada, Brazil, and China. Major imports are crude oil, cell phones, and petroleum-related products. Why would you expect Texas to be a leader in international trade?

Quiz What is the largest company in Texas? A) HEB B) Exxon Mobil C) Phillips 66 D) AT&T The answer is B.

What You Have Learned What are the main components of the Texas economy? What are some of the largest companies headquartered in Texas? What are the major growth drivers of the Texas economy?