While other states stumbled during the Great Recession, Texas just kept running.
The oil-rich state has benefited from America's shale gas boom, but the Lone Star state isn't just a one-hit wonder. Since its big oil bust in the 1980s, Texas has added several industries to its repertoire: technology, health care and education, among others.
Texas' economy expanded 5.2% in 2014, a big rise from its 3.7% gain from the prior year.
While Texas is still second to North Dakota in the race for fastest growing state, Texas is by far and away the top performing big state. Texas accounts for almost 10% of U.S. total GDP. That's how big it is.
Its unemployment rate of 4.2% is among the lowest in the country, and it continues to be one of the top destinations for people to move to in the United States. In fact, three of the five fastest growing U.S. cities -- Houston, Austin and San Antonio -- are in Texas.
There is some concern that Texas will slowdown a lot in 2015 as cheap oil hurts the energy sector and spills over into real estate and other industries, but the state heads into the crunch from a place of strength.
"Although oil prices plummeted in 2014, the negative effects took some time to materialize and have been more noticeable in 2015," wrote Wells Fargo (WFC) economist Michael Wolf in a note.
NMLS #1136
