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FHA Loans in Texas

About This State and its People, Places, and Industries

Texas is the second-largest U.S. state by both area and population, and the largest state in the contiguous United States. The name, meaning "friends" or "allies" in Caddo, was applied by the Spanish to the Caddo themselves and to the region of their settlement in East Texas. Located in the South Central United States, Texas is bordered by Mexico to the south, New Mexico to the west, Oklahoma to the north, Arkansas to the northeast, and Louisiana to the east. Texas has an area of 268,820 square miles (696,200 km2), and a growing population of 24.7 million residents.
Houston is the largest city in Texas and the fourth-largest in the United States, while San Antonio is the second largest in the state and seventh largest in the United States. Dallas–Fort Worth and Greater Houston are the fourth and sixth largest United States metropolitan areas, respectively. Other major cities include El Paso and Austin—the state capital. Texas is nicknamed the Lone Star State to signify Texas as an independent republic and as a reminder of the state's struggle for independence from Mexico. The "Lone Star" can be found on the Texas State Flag and on the Texas State Seal today.

Due to its size and geologic features such as the Balcones Fault, Texas contains diverse landscapes that resemble both the American South and Southwest. Although Texas is popularly associated with the Southwestern deserts, less than 10% of the land area is desert. Most of the population centers are located in areas of former prairies, grasslands, forests, and the coastline. Traveling from east to west, one can observe terrain that ranges from coastal swamps and piney woods, to rolling plains and rugged hills, and finally the desert and mountains of the Big Bend.
The term "six flags over Texas" came from the several nations that had ruled over the territory. Spain was the first European country to claim the area of Texas. France held a short-lived colony in Texas. Mexico controlled the territory until 1836 when Texas won its independence, becoming an independent Republic. In 1845 it joined the United States as the 28th state. The state's annexation set off a chain of events that caused the Mexican–American War in 1846. A slave state, Texas declared its secession from the United States in early 1861, joining the Confederate States of America during the American Civil War. After the war and its restoration to the Union, Texas entered a long period of economic stagnation.

One Texas industry that thrived after the Civil War was cattle. Due to its long history as a center of the industry, Texas is associated with the image of the cowboy. The state's economic fortunes changed in the early 1900s, when oil discoveries initiated an economic boom in the state. With strong investments in universities, Texas developed a diversified economy and high tech industry in the mid twentieth century. Today it has more Fortune 500 companies than any other U.S. state. With a growing base of industry, the state leads in many industries, including agriculture, petrochemicals, energy, computers and electronics, aerospace, and biomedical sciences. It leads the nation in export revenue since 2002 and has the second-highest gross state product. Texas' GDP per capita (nominally) is ranked 23rd in the nation, which is below the national average.

As of 2009, the state has an estimated population of 24,782,406, an increase of 1.97% from the prior year and 16.1% since the year 2000. The state's rate of natural increase (births and deaths) since the last census was 1,389,275 people, immigration from outside the United States resulted in a net increase of 801,576 people, and migration within the country produced a net increase of 451,910 people. As of 2004, the state had 3.5 million foreign-born residents (15.6 percent of the state population), of which an estimated 1.2 million are illegal immigrants. Texas from 2000–2006 had the fastest growing illegal immigration rate in the nation. In 2010, illegal immigrants constituted an estimated 6.0% of the population. This was the fifth highest percentage of any state in the country.

Texas's population density is 34.8 persons/km2 which is slightly higher than the average population density of the US as a whole, at 31 persons/km2. In contrast, while Texas and France are similarly sized geographically, the European country has a population density of 110 persons/km2.

Two-thirds of all Texans live in a major metropolitan area such as Houston. The Dallas-Fort Worth Metropolitan Area is the largest in Texas. While Houston is the largest city in Texas and the fourth largest city in the United States, the Dallas-Fort Worth metropolitan area is considerably larger than that of Houston.

As of 2008, Texas had a gross state product (GSP) of $1.224 trillion, the second highest in the U.S. Its GSP is comparable to the GDP of India or Canada which are ranked 12th and 11th worldwide. Texas's economy is the third largest in the world of country subdivisions behind California and Tokyo Prefecture. Its Per Capita personal income in 2007 was $37,083, ranking 22nd in the nation. Texas's large population, abundance of natural resources, and diverse population and geography have led to a large and diverse economy. Since oil was discovered, the state's economy has reflected the state of the petroleum industry. In recent times, urban centers of the state have increased in size, containing two-thirds of the population in 2005. The state's economic growth has led to urban sprawl and its associated symptoms. As of January 2010, the state’s unemployment rate is 8.2%.

Texas has a "low taxes, low services" reputation. According to the Tax Foundation, Texans' state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.7% of resident incomes. Texas is one of seven states that lack a state income tax. Instead, the state collects revenue from a state sales tax, which is charged at the rate of 6.25% , but local taxing jurisdictions (cities, counties, special purpose districts, and transit authorities) may also impose sales and use tax up to 2% for a total maximum combined rate of 8.25%. Texas is a "tax donor state"; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state received approximately $0.94 in benefits.

In 2004, Site Selection Magazine ranked Texas as the most business-friendly state in the nation in part because of the state's three-billion-dollar Texas Enterprise Fund. The state holds the most Fortune 500 company headquarters in the United States. In 2010, there were 346,000 millionaires in the state, second highest in the nation.
While American football has long been considered "king" in the state, Texans today enjoy a wide variety of sports.
Texans can cheer for a plethora of professional sports teams. Within the "Big Four" professional leagues, Texas has two NFL teams (the Dallas Cowboys and the Houston Texans), two Major League Baseball teams (the Texas Rangers and the Houston Astros), three NBA teams (the Houston Rockets, the San Antonio Spurs, and the Dallas Mavericks), and one National Hockey League team (the Dallas Stars). The Dallas – Fort Worth Metroplex is one of only thirteen American metropolitan areas that hosts sports teams from all the "Big Four" professional leagues. Outside of the "Big Four" leagues, Texas also has one WNBA team (the San Antonio Silver Stars) and two Major League Soccer teams (the Houston Dynamo and FC Dallas).

Collegiate athletics have deep significance in Texas culture, especially football. The state has ten Division I-FBS schools, the most in the nation. Four of the state's universities, the Baylor Bears, Texas Longhorns, Texas A&M Aggies, and Texas Tech Red Raiders, compete in the Big 12 Conference. Also, four of the state's schools, the Texas Longhorns, the Texas A&M Aggies, the TCU Horned Frogs, and the SMU Mustangs claim at least one national championship in the sport.

According to a survey of Division I-A coaches the rivalry between the University of Oklahoma and the University of Texas, the Red River Shootout, ranks the third best in the nation. A fierce rivalry, the Lone Star Showdown, also exists between the state's two largest universities, Texas A&M University and the University of Texas.

The TCU Horned Frogs and SMU Mustangs also share a rivalry and compete annually in the Battle for the Iron Skillet.The University Interscholastic League (UIL) organizes most primary and secondary school competitions. Events organized by UIL include contests in athletics (the most popular being high school football) as well as artistic and academic subjects.

Texans also enjoy the rodeo. The world's first rodeo was hosted in Pecos, Texas. The annual Houston Livestock Show and Rodeo is the largest rodeo in the world. It begins with trail rides that originate from several points throughout the state that convene at Reliant Park. The Southwestern Exposition and Livestock Show in Fort Worth is the oldest continuously running rodeo incorporating many of the state's most historic traditions into its annual events. Dallas hosts the State Fair of Texas each year at Fair Park.

From 2012 Austin will play host to a round of the Formula 1 World Championship - the first at a permanent road circuit in the United States since the 1980 Grand Prix at Watkins Glen International.

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