Texas is nicknamed the Lonestar state and is famous for is cattle, Old West appeal, oil, and its big industry. Texas is home to some of the largest businesses in the nation, distinguished by such notable companies as Exxon Mobil, Valero Energy, Dell, and Marathon Oil, all of which sit atop the list of Fortune 1000 companies. Texas is truly a financial center of the United States that deserves recognition as its workforce and industry help to produce one of America’s largest gross domestic products (GDP). Statistics show that in 2001, Texas’ GDP reached $764 billion and the 1990s saw the population of Texas grow to become the second largest in the country behind that of California.

State Economy

Texas’ economy has been historically agricultural in nature due to the rural landscape, but has increasingly grown more industrialized in recent decades. Since World War II, Texas’ economy has been slowly moving away from cattle, oil, and agriculture and migrating towards information technology and manufacturing, while still relying on energy and oil as a major factor in the economy.

Divided

The state is divided into two parts: the Houston Metropolitan Area is the site for much of the state’s petrochemical and biomedical business, while Dallas and Fort Worth are home to much of the state’s agriculture and technology related companies. The success of Texas’ economy is at times attributed to the state’s lack of a state income tax combined with comparatively low taxes levied on business and industry. Texas is also a popular place for movie production and the state has seen the film industry spend an estimated $1.2 billion since the early 1990s.

Population

It is estimated that Texas is home to approximately 22,500,000 people with around 15 percent of its population being made up of foreign born residents. Texas estimates that approximately 1.2 million illegal aliens are resident in the state accounting for 5.4 of the state’s total population.

Religion

87 percent of Texans are Christian with the most common faith being Protestant. Close to 30 percent of residents are considered Roman Catholic, while 12 percent of the population consider themselves non-religious.

Summary

With so many natural resources and such a large and diverse population to supply a labor force, it is easy to see why Texas is among the United States’ largest financial centers.