The Texas Economy Ain’t All That
For all the impressive economic statistics, Texas doesn’t generate sufficient income or security for its residents.
No longer an oil-driven economy.
Photographer: Brandon Bell/Getty Images North AmericaIf Texas were a country, it would have the world’s 8th largest economy, with its sights on overtaking France at No. 7. It has been a model of strength and resilience for decades. Since the pandemic, Texas has had higher GDP growth and a lower unemployment rate than most states.
It is also, according to the personal-finance website WalletHub, the state with “the most people in financial distress.” This top ranking came as a surprise to a lot of people — but not to me, a Texas native and resident. For all the impressive statistics, Texas doesn’t generate sufficient income or economic security for its residents.