In the ongoing economic rivalry between Texas and New York, the Lone Star state seems to be running away with it.
Just released data on full-year gross domestic product for each of the 50 US states shows Texas’s GDP grew 5.2% in 2014. The supercharged natural resources sector has helped the Texas economy leapfrog that of the New York in recent years. With a current value GDP of roughly $1.65 trillion, Texas is by far the most significant state economy to benefit from the recent US oil boom.
It should be noted, though, that New York’s all-important finance sector also has rebounded smartly from the Great Recession.
In any case, New Yorkers can salvage a bit of pride knowing that their GDP per capita, a very crude gauge of the standard of living, remains comfortably ahead of that of Texans. GDP per head last year was just shy of $65,000 in New York, versus $54,400 in Texas.
