Texas economy is the second largest in the U.S and the 15th largest on the world based on
GDP (nominal) figures. Texas ranks first in the United States on export revenues. Texas is among
one of 7 U.S. states which don't have a state income tax.
Agriculture is very important to Texas economy. The state rank first in the U.S. by number of cattle.
Texas is also national leader in production of sheep and goat products, and in production of cotton as well.
Aeronautics, Lyndon B. Johnson Space Center (the center of the National Aeronautics and Space Administration)
in Houston is the leader in the Aeronautics industry. Many Defense and Military facilities are located in
Texas and create sizable state employment.
Austin area is often called as "Silicon Hills". Headquarter of Dell is located in the Austin's suburb,
Round Rock. Other important city is Dallas as the birth-place for the integrated circuit.
The North Dallas area is named the "Telecom Corridor". There is high concentration of IT companies like
EDS and Texas Instruments. Compaq and Hewlett-Packard currently employs the most employees
in the Houston area.
Average salaries in Texas are lower than the U.S. average salaries. High-tech jobs and other skilled
jobs are paid very good. For example experienced Software developer earn around $89,000.
Mechanical Engineer's average earnings are around $64,000. Registered Nurse receive
around $55,000 on average per year.