Published December 21, 2021
If you're looking to start a business in Texas, you should be aware of these opportunities and challenges.
- Texas has the second largest gross domestic product, valued at $1.77 trillion annually.
- Texas has a lower-than-average unemployment rate of 3.4%.
- In Texas, there are 2.7 million small businesses employing 4.7 million people.
They say everything is bigger in Texas, and that includes the state's economy. The Lone Star State boasts a gross domestic product of $1.77 trillion – the second largest in the nation. The state is home to 2.7 million small businesses, which employ 4.7 million people. That's more than 45.1% of Texas' private sector workforce. Last year, the state's economy grew at a rate of 3.2%, outpacing the nation.
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