In terms of GDP, Texas ranks 2nd in the USA after California, contributing 8.8 percent to the national GDP of the United States. The “Lone Star State” occupies the 1×2 field of the G8x8 chess board. 2016 GDP stood at $1,616.8 billion, which was more than the national GDP of Canada or Russia.
Texas has been the top exporting state in the USA for 14 consecutive years. With over $251 billion in exports for 2015, this state continues to be the USA leader in international trade. It combines the following advantages:
- a strategic location
- the largest US rail and road infrastructure
- the most US ports of entry
- a multilingual workforce twice the national average
- a vibrant international banking center
- a diplomatic hub with a Consular Corps representing some 90 nations
- and a concentration of corporate and financial resources
Many international firms base facilities such as warehousing, distribution, and manufacturing here to take advantage of excellent access to global markets.
From Texas, small, medium, and large businesses alike have found great success in doing business globally. Far from being the exclusive domain of large corporations, export trade here is driven by its most innovate, nimble, and oftentimes small firms. In fact, more than 90 percent of exporters are small businesses – and their numbers continue to grow. With its extensive global ties, Texas has a natural advantage in exporting knowledge-intensive services. It has become a major global exporter of high value-added services, including
- financial services
- legal services
- medical services
- transportation services
With the slogan “Go Big in Texas”, the Department of Business Assistance (DBA) serves businesses and communities. It works to strengthen their competitiveness by promoting international trade, foreign direct investment, business retention and expansion. It also provides small business advocacy and entrepreneurial support. See their website at https://businessintexas.com/. For an overview of Texas trade and foreign direct investment, see especially this 2016 Report.
Image source: Texas Department of Business Assistance.