investing

6 states with best GDP growth since 2007

Texas
Texas © Jim Parkin/Shutterstock.com
  • 2007 GDP: $1.1 trillion
  • 2011 GDP: $1.3 trillion
  • Growth: 15.13 percent

Ever since the Spindletop gusher spewed oil more than a century ago, oil has been a big part of the Texas economy. That was no different during the recession.

Like the other states on this list, Texas owes much of its recent economic success to its petroleum underfoot. Oil production has nearly doubled in the Lone Star State from 2007 to 2012 according to federal data.

"We have an oil boom in the state," Dallas Federal Reserve senior economist Pia Orrenius says. "And that affects everything, including petrochemicals, finance and real estate."

Another big contributor is immigration. Between 2000 and 2010, Texas' population grew by nearly 4.3 million -- more than any other state, according to Census data. "And if you have all that growth, then you have the expansion of government -- we see growth in education and health care," Orrenius says.

Sectors contributing majority of growth:

  • Government (mostly state and local)
  • Finance and insurance (mostly banks and credit intermediaries)
  • Manufacturing (especially oil refining and chemical manufacturing)
  • Real estate, rental and leasing
  • Health care and social assistance

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.04%  0.02 4.02%
15 year fixed refi 3.16%  0.07 3.09%
10 year fixed refi 3.20%  0.03 3.17%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.33%  0.01 4.32%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.92% --0.00 3.92%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.81% --0.00 2.81%
48 month used car loan 3.03%  0.01 3.04%
60 month new car loan 3.25%  0.01 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.00%  0.01 1.01%
2 Year CD 1.20% --0.00 1.20%
5 Year CD 1.84%  0.02 1.86%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.73% --0.00 15.73%
Cash Back Cards 16.43% --0.00 16.43%
Low Interest Cards 10.98% --0.00 10.98%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us