Texas Leads in Economic Growth for 2014

Wall Street Journal: “The fastest growing economies in the U.S. last year were largely found deep in the heart of Texas.”

“Half of the 16 U.S. metro areas where the economy grew at a 6% rate or better last year were in Texas, led by the energy-rich Midland region’s 24.1% advance in gross domestic product, the Commerce Department said Wednesday.”

“In Texas, Midland was followed by 11.4% growth in San Angelo and an 8.5% increase in Dallas. The fastest growing non-Texas areas were Lake Charles, La., up 10.3%, and Greely, Colo., up 9.9%.”

“The common theme among those regions is energy. Natural resources and mining, which includes oil and gas extraction, was a relatively small contributor to growth, on average, in U.S. metro areas. But for areas leading overall growth, it was among the biggest drivers.”

“Among the metro areas with the 25 largest economies, Dallas was the leader, followed by San Jose, Calif., up 6.7% and San Francisco, up 5.2%. The national largest metro economy, New York, increased 2.4%–matching the national increase in GDP.”

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