It’s easy to see what Texas is bracing for: another oil bust.

But there are early signs the latest crash in crude may not inflict as much damage on Texas as past energy downturns, especially in parts of the Lone Star State that have diversified away from energy-related goods and services.

After California, Texas is the largest economy in the U.S. At nearly $1.5 trillion in gross state product last year, Texas produced more goods and services than South Korea or Australia.

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