Jul 13, 2013 6:12 PM GMT
While some will attribute this to luck of commodity prices, the fact that other states have been blessed with similar geology and haven't capitalized nearly as well, suggest that luck is only one, possibly much smaller part of the equation.
Houston has officially topped New York City as the greatest exporter of goods in the US—exports totaling $110.3 billion. The reasons for the shift should be familiar to anyone who’s been following the economic miracle in Texas. The FT reports:
“The largest component of Houston’s exports, accounting for a third of the total at $37bn, is petroleum and coal products, reflecting soaring US sales of products such as diesel, petrol and liquefied petroleum gas, which more than doubled between 2007 and 2012.
The second-largest category of Houston’s exports is chemicals, worth $31bn last year, which benefited from cheap natural gas used as a raw material for many commonly used products.”