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AP Photo/Kathy Willens
Texas has room to run.

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

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.