Texas now second-largest economy in the US

Texas now has the second-best economy in the U.S., behind only California.According to a recent report, the economy in Texas is now the country's second largest, moving ahead of New York. The state now sits behind only California, which it could rival in the upcoming years, USA Today reports.The news source ranked the states by their gross domestic product in order to determine how their output has shifted. USA Today relied on data compiled by the Bureau of Economic Analysis, which showed both population growth and income increases.During the last half century, Texas' increase in size was one of the largest, as it surpassed $1 trillion in annual economic output. Furthermore, the state improved by nearly a full percentage point for its share of the U.S. economy during the last decade, achieving 8.3 percent in 2010. This percentage has only been matched twice during the last half century – once by California in the 1980s and Texas itself in the 1970s, when the oil boom took place.”We're growing faster than everyone else, and this trend should last a good while,” says economic forecaster Raymond Berryhill of Waco, Texas.The improved economy in the state could translate into increased real estate sales for Dallas, Forth Worth and Houston properties. With better economies, more jobs could be created and more home sales could take place.Courtesy of 2M Realty News?

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