Texas is now the world’s third largest producer of natural gas and fifth largest producer of crude oil, turning out more crude oil than Iraq, according to an eye popping new report on the state’s booming economy from the Federal Reserve Bank of Dallas, News Radio 1200 WOAI reports.
The report pegs the state’s total economic output at more than $1.5 trillion, meaning the Texas economy is about the same size as the economy of the nation of Australia.
The report shows that the state’s economy is on pace to set several records on 2014, including record economic output, new highs in income per person, the highest percentage of home mortgages with positive equity, and the number one state for migration from other states.
“Since the beginning of the recession, the Texas labor force has grown at a rate ten times the U.S. labor force,” Federal Reserve Bank President Richard Fisher said.
Read more at WOAI.com.