Late July is normally a bit late to start a presidential bid, but there are three factors to consider: Texas is a GOP fund-raising hub, Mr. Perry has never been short of campaign cash and few Republican candidates have posted impressive donation totals.

The governor raised $53.7 million between 2009 and 2010 for his re-election campaign from a relatively small group of deep-pocketed donors, according to a Washington Wire analysis of Texas campaign finance numbers. The Lone Star State has no limits on campaign contributions. In 2009 and 2010 combined, Texas homebuilder Bob Perry, who is not related to the governor, gave more than $2.1 million. These big donors would be limited $2,500 for a presidential primary and $2,500 for the general election.

Still, about 94% of Mr. Perry’s donors gave $5,000 or less and accounted for $9.1 million of his donations during those two years. Aside from former Massachusetts Gov. Mitt Romney, who has raised more than $18 million for his bid, all other candidates raised less than $5 million during the second quarter.