Texans have reason to tip their cowboy hats, as the Lone Star State's economy continues its sprint ahead of the rest of the country. According to the latest data from the Bureau of Economic Analysis, gleaned by Governor Greg Abbott's office, Texas' real gross domestic product (GDP) expanded at an impressive 5.0% annual rate in the fourth quarter of 2023. That's a full stride ahead of the entire U.S. economy, which saw a more modest 2.5% growth.
Once AGAIN, the Texas economy expands faster than the nation—for the 6th quarter in a row!
— Greg Abbott (@GregAbbott_TX) April 2, 2024
In 4Q 2023, Texas saw our GDP grow at an annual rate of 5.0%.
Texas’ pro-growth and innovative policies ensure we remain the BEST in the nation for economic opportunity. pic.twitter.com/zXm4RMi7GR
"Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate, and the strongest workforce in America," Governor Abbott stated. This marks the sixth consecutive quarter where Texas has beaten the national average. Abbott credits the state's economic prowess to an all-encompassing focus on developing a future-proof economy, from enhancing educational opportunities to investing in infrastructure.
The numbers are not a flash in the pan, either. A full-year review of 2023 uncovered that Texas saw its real GDP grow by 5.7% over the 12 months, again outstripping the national rate. Real GDP encapsulates the total value of all goods and services produced, and Texas' trajectory indicates a powerhouse in perpetual motion.
Abbott's recent celebration of the state's employment figures almost had the same fervor as a Friday night football rally, pointing out February job numbers that show Texas' labor market in a full-on touchdown dance. The state is not just leading the nation in jobs added for the month, but also over the last 12 months, setting new records for total employment and the size of its workforce. "This great state," said Abbott, "offers hardworking Texans the freedom to aspire." Despite these bold claims, some critics argue that not all Texans have benefited equally from the state's economic performance.
As Texas continues to boast its ranking as the eighth-largest economy in the world, home to a bevy of innovative businesses and globally recognizable brands, its climb seems unabated. "Texas truly is where the future is building," Abbott affirmed. With such a robust economic engine, it's clear from the Governor's outlook that Texas isn't just walking tall – it's running the national economic rodeo.
For detailed coverage of Governor Abbott's announcement and more numbers on the Texas economy, the source of this Texas-sized news can be found at the official website of the Governor of Texas.
