Texas GDP growth top among U.S. states

[Elderberry]

Houston Chronicle by  Diego Mendoza-Moyers Nov. 8, 2019

Texas had the fastest-growing economy among U.S. states in the second quarter of this year, according to data released by the Bureau of Economic Analysis.

The state’s gross domestic product — the value of all goods and services produced over a period of time — grew by 4.7 percent in the quarter. That’s well above the national growth rate of 2 percent over the same time.

Alaska, New Mexico and Wyoming were the only other states with at least 4 percent GDP growth.

“The reality is that we in Texas are living in a parallel universe,” said Nathaniel Karp, BBVA’s chief U.S. economist. “We’re talking about 4 percent real GDP growth rates in an environment where all developed economies pretty much have stagnated. There’s been very meager growth.”

The mining sector, which includes oil and gas extraction, had the largest growth among industries in Texas in the quarter. Oil and gas production has risen sharply since the 2015 oil bust, powering Texas’ recent economic growth.

More: https://www.houstonchronicle.com/business/article/Texas-GDP-growth-top-among-U-S-states-14820697.php