CBRE - Tracking Texas The Fastest Growing State Economy
2024-07-06 03:30:00 ET
Summary
- Texas has the fastest growing economy in the U.S. with a 7.7% real GDP growth rate reported as of Q3 2023.
- Texas is home to more Fortune 500 companies than any other state, and on a standalone basis, would be one of the 10 largest countries in the world based on GDP.
- The Texas Capital Texas Equity Index provides the ability to invest in an index designed to represent the growing economic activity of the state by owning public companies headquartered in Texas. The growth in revenue and earnings per share of the companies in the Index compares favorably to the benchmark.
- Based on the volume and diversity of businesses headquartered in Texas, the Index can be considered a strong core position in a portfolio or as a complement to a more technology-heavy index such as the S&P 500.
Overview
Texans are not shy to let the world know that Texas is booming. It is the fastest growing state in the union, and according to the US Census Bureau estimates, roughly 475,000 people moved to Texas in 2023. [1] That's about 1,300 people each day. [2] Companies are moving as well: in the past five years, industry-leading firms like Tesla ( TSLA ), Caterpillar ( CAT ), Charles Schwab ( SCHW ), AT&T ( T ), and Hewlett Packard ( HPE ) have moved their headquarters to Texas. As a result of this trend, Texas is now the home of 55 Fortune 500 companies [3] , more than any other state. The Texas economy is large and diversified - if Texas was a country, it would be the 8th largest economy in the world with a GDP of $2.4 trillion, surpassing Brazil, Italy, Russia, and South Korea. [4] ...
Tracking Texas, The Fastest Growing State Economy