In today’s modern economy, Texas has become one of the fastest growing trade sectors in the US. The state is currently the 2nd largest economy in the nation right behind California, with a GDP of over 1 trillion dollars. Many industries, including exports, appear to be thriving compared with Texas’ neighbors. The port in Houston is one of the largest places for commerce in the country still, affording the state a massive advantage. Other key sectors include: agriculture, aeronautics, defense, energy, tourism, entertainment, and health care.
Growing Health Care System
Texas has begun to grow a booming health care sector over the years. The Texas Medical Center, is one of the largest medical centers in the world, and is a global leader in cancer and research treatment. This center has been a leader in searching for new cures for cancer and other life threatening diseases. And the industry has also established a uniquely qualified system to perform organ transplants. In order to better study and research the practice of transplanting, transplants patients from all over the country, most notably the MidWest, are seen by Texas physicians. Many of these transplants have been migrated from the Midwest to Texas, contributing greatly not only to the receptive patients and their families, but to the research as well. There are a total of nine medical research centers in the state, trying to find ways to improve medical practice in key areas.
Texas is also super productive in the agriculture sector, and has the most farms in the United States, bar none. Known for it’s abundant land and resources since way back when, Texas is still the idea farming locale. And did we mention cattle? Texas has some of the largest cattle ranches in the country. Sheep and goats are also extremely profitable for Texas agribusiness. Milk and wool are just two of the massively profitable products the state’s sheep herders provide. Cereal production and other produce products are also big winners for the Texas agriculture industry.
Another booming sector for Texas is in Military Defense. It is here that the two largest Army facilities are located in Fort Hood and Fort Bliss. Yet it’s the defense contracting that really brings in the money, with a global market of exports. The United States have created a formidable reputation in the market of defense and weapons, many of which are based out of Texas. Companies such as Lockheed Martin, have risen to the top of the world’s defense market, and make up a significant portion of Texas’s economy. Theses companies specialize in aerospace, defense, security, and advanced technology.
Texas has also become notoriously wealthy from their massive oil business. Thanks to the many oil reserves still present, the state is a big contributor to the nation’s supply. Several of these oil companies have become some of the largest corporations in the world, most notably Exxon Mobile. Along with their oil distribution comes their thriving electricity market, that consumes the most energy in the nation. Due to the necessities of these services, most of the Energy industry is deregulated for the state in order to let them operate their business to its fullest potential.
Port of Houston
Another one of Texas’ economic gems, is found in the Port of Houston. Houston overseas shipping has became an essential component to the city, in expanding their business on a global scale. The port is the fourth largest in the nation, however, it is one of the busiest when it comes to international business. Houston freight forwarders are booming with incoming imports and exports. Its total cargo volume is quite substantial, from barrels of oil to military supplies.
International tentacles stretch from the vast industrial base of Texas around the world literally. As has always been the case, Texas is a leader when many other places are forced to follow. It seems a bit ironic that this would be the case again during this economic recession. Not everything in Texas comes up smelling like a yellow rose, but given recent reports, Texas is an overall “rosy” place to do business.