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It’s Texas versus New York. And Texas is winning

AP Photo/Kathy Willens
Texas has room to run.
This article is more than 2 years old.

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.

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