go texas

Report: Lone Star State snags spot as world's 9th largest economy by GDP

New study found that Texas has the 9th largest economy. Photo by gguy44/Getty Images

If Texas were a country — and plenty of Texans wish that were the case — it would rank among the world's 10 largest economies. Economic development officials are now touting that fact as evidence of Houston and the rest of Texas being a great place to start or relocate a business.

In a January 27 news release, the nonprofit Texas Economic Development Corp. noted that based on 2019 data from the International Monetary Fund, Texas would boast the world's ninth largest economy if it were a country. The news release lists the state's gross domestic product, or GDP — a key indicator of economic size and strength — as $1.9 trillion.

Texas' GDP would put it ahead of 10th-place Brazil ($1.8 trillion GDP, based on 2019 data from the International Monetary Fund) and behind eighth-place Italy ($2 trillion GDP), the economic development group says. Previously, Texas had ranked 10th for GDP when compared with countries.

If you dig deeper into the data, the competition between Texas and Brazil is even closer than the news release reveals. Texas' 2019 GDP stood at $1.844 trillion, giving it a razor-thin edge over Brazil ($1.839 trillion). Nonetheless, Texas beats Brazil in terms of economic strength.

It turns out that the Houston metro area contributes about one-fourth of Texas' GDP. In 2019, the region's GDP stood at $472.1 billion. The size of Houston's economy ranks seven among U.S. metro areas. If the Houston metro area were a state, it would rank 15th for GDP.

In the wake of last year's pandemic-clobbered economy, the Greater Houston Partnership predicts the region will add 35,000 to 52,000 net new jobs this year.

"The virus has dealt this region a significant blow, and the reality is it will take many months — if not years — to regain the jobs lost and repair the damage," Bob Harvey, president and CEO of the partnership, said in December. "We have our work cut out for us in growing our economy out of the hole it is currently in. But we are Houston and I believe we will recover. We will continue to work to make this a truly global city, one with a strong, diverse, 21st century economy that provides a great quality of life and opportunity for all."

While the pandemic has strained the state's economy as a whole, the International Monetary Fund estimates Texas should maintain the No. 9 spot for GDP in 2021 when stacked against countries. Texas would be wedged between No. 8 France ($2.1 trillion GDP) and No. 9 Canada ($1.76 trillion GDP). This year, the U.S. GDP is projected to remain the world's largest ($21.9 trillion), with China in second place (nearly $16.5 trillion).

"This is more than just a statistic. The fact that our state, if it were a nation, would be the world's ninth largest economy shows that Texas is well positioned to outperform economically, regardless of the challenges that may lie ahead," Robert Allen, president and CEO of the Texas Economic Development Corp., says in the release.

Allen's group cites the pending move of Hewlett Packard Enterprise's headquarters from Silicon Valley to the Houston suburb of Spring as one factor demonstrating the power of Texas' economy.

"Why come to Texas from other states? Our highly competitive tax climate, world-class infrastructure, a skilled workforce of 14 million people, business-friendly economic policies, and abundant quality of life," Allen says. "Texas obviously has a lot to offer. Our standing as the world's ninth largest economy and our long-term expansion shows that Texas also offers rock-solid stability to companies that want to locate here."

Trending News

Building Houston

 
 

The human body undergoes specific challenges in space. A new film from TRISH explains the unique phenomenon and how research is helping to improve human life in space. Photo courtesy of NASA

A Houston space health organization has launched a film that is available to anyone interested in how space affects the human body.

The Translational Research Institute for Space Health, or TRISH, which is housed out of Baylor College of Medicine in consortium with Caltech and the Massachusetts Institute of Technology, announced a new documentary — “Space Health: Surviving in the Final Frontier.” The film, which covers how space affects humans both physically and mentally. It's free to watch online.

“This documentary provides an unprecedented look into the challenges – physical and mental – facing space explorers and the types of innovative research that TRISH supports to address these challenges,” says Dr. Dorit Donoviel, TRISH executive director and associate professor in Baylor’s Center for Space Medicine, in a news release. “We hope the film inspires students and researchers alike to see how their work could one day soon improve the lives of human explorers.”

The documentary interviews a wide range of experts — scientists, flight surgeons, astronauts, etc. — about all topics related to health, like food, medicine, radiation, isolation, and more. Some names you'll see on the screen include:

  • Former NASA astronaut Nicole Stott
  • Active NASA astronaut Victor Glover
  • NASA Associate Administrator Kathy Lueders
  • Inspiration4 Commander Jared Issacman
  • TRISH-funded researchers Level Ex CEO Sam Glassenberg and Holobiome CEO Philip Strandwitz

“Understanding and solving the challenges that face humans in space is critical work,” says Dr. Jennifer Fogarty, TRISH chief scientific officer, in the release. “Not only does space health research aim to unlock new realms of possibility for human space exploration, but it also furthers our ability to innovate on earth, providing insights for healthcare at home.”

TRISH is funded by NASA’s Human Research Program and seeks both early stage and translation-ready research and technology to protect and improve the health and performance of space explorers. This film was enabled by a collaboration with NASA and HRP.

Trending News