Gov. Rick Perry has some new ammunition he can use as he continues to weigh a possible presidential bid with the release of a study showing Texas passing New York as an economic powerhouse.
Based on data released by the Bureau of Economic Analysis, Texas now ranks No. 2 behind California for having the highest economic output over the past decade.
“Texas notched one of the biggest increases in size (based on gross domestic product) in a half-century, surpassing $1 trillion in annual economic output,” reports USA TodayUSA TodayLatest from The Business JournalsTarget CEO gives outlook for 2011 and beyondOregon Coast Aquarium strugglesGulfport restaurants ready for ‘Best of the Road’ visit Follow this company in an article looking at the data. According to the article, Texas’ $1.2 trillion 2010 GDP represented a 26.8-percent increase since 2000. While California retained the top spot, it was actually shrinking in size from 2000 while Texas has been growing, leading some to suggest that Texas could soon challenge it for the top spot.
The recent growth in Texas’ economic clout has been matched only twice in the past 50 years, according to the study — by California in the 1980s and Texas itself during the 1970s oil boom.
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