Final answer:
Texas's economy has historically been fueled by oil and natural gas, but it is now diversified across high-tech manufacturing anchored by the space industry, healthcare, business services.
Step-by-step explanation:
The historical backbone of the Texas economy was primarily oil and natural gas, which laid the foundation for its growth and development. Over time, the state's economy has expanded and diversified significantly. One key area of diversification is the high-tech sector, which includes the famous space industry centered around NASA's Lyndon B. Johnson Space Center in Houston. This space industry has driven growth and provided numerous job opportunities in the region.
Another significant industry in Texas is healthcare, which, along with education, represents a large segment of the state's spending. Additionally, business services and information technology have become notable sectors, offering high-paying job opportunities and attracting major companies that have established factories in Texas.
Through these developments, Texas has shifted its economic focus. While the oil and gas industry still plays a vital role, evidenced by the regulatory role of the Railroad Commission, the imposition of new regulations has promoted safer drilling practices. Industries such as manufacturing, health care, and high-tech sectors have gained prominence, with major companies opening factories and investing in the region.