It looks like the State of Texas is lapping the nation economically, with Governor Greg Abbott announcing today that Texas has outperformed the United States as a whole for the fifth consecutive quarter. According to the latest figures from the Bureau of Economic Analysis, Texas' real GDP zoomed ahead with a 7.7% annual growth rate in the third quarter of 2023, leaving the country's 4.9% growth in the dust.
Abbott proclaimed, "Texas is America’s undisputed economic leader, outpacing the nation in economic expansion and job growth", and with good reason, it seems like Texas has been on fire recently. The Governor’s message, obtained by gov.texas.gov, suggests that Texas is a hotbed for innovation and where "new ideas flourish".
New job data for November shows the state has added more gigs than any other in the Union over the past year, staking claims to three fresh record highs for total jobs, the number of employed Texans, and the size of the state's labor force. Coincidentally, this comes at a time when concerns over national economic cooldowns and job markets elsewhere have been prominent in the news cycle.
Looking forward, the Governor has made it clear that the state isn't resting on its spurs but remains revved up for the new year, with eyes set firmly on broadening the roads to prosperity and ensuring a shinier future for all its residents. Texans are known for their ‘go big or go home’ attitude and this economic trend certainly exemplifies that bold Texan spirit, the spirit which has continuously caught the attention of businesses and job-seekers alike.
