Texas

Historically, five major industries shaped the Texas economy prior to World War II: cattle, bison, cotton, timber, and oil.^[12] Before and after the Civil War, the cattle industry—which Texas came to dominate—was a major economic driver and created the traditional image of the Texas cowboy. In the later 19th century, cotton and lumber grew to be major industries as the cattle industry became less lucrative. Ultimately, the discovery of major petroleum deposits (Spindletop in particular) initiated an economic boom that became the driving force behind the economy for much of the 20th century. Texas developed a diversified economy and high tech industry during the mid-20th century. As of 2024, it has the second-highest number (52) of Fortune 500 companies headquartered in the United States. With a growing base of industry, the state leads in many industries, including tourism, agriculture, petrochemicals, energy, computers and electronics, aerospace, and biomedical sciences. Texas has led the U.S. in state export revenue since 2002 and has the second-highest gross state product.