Factors contributing to Texas' economic prowess

Texas, as the second-largest US state, has maintained stable economic growth, outpacing similar-sized global economies. The state's early growth was driven by industries like cotton and cattle, which took advantage of comparative advantages in land, labor, and logistics. Texas successfully transitioned its economy from resource-based industries to diverse sectors such as energy, advanced manufacturing, and technology. The state's business-friendly practices, lack of corporate and personal state income taxes, and investment in higher education have attracted companies and skilled population growth from states like California.