The economy of Texas is not only performing well but also surpassing the national average. Governor Greg Abbott highlighted this achievement following data from the Bureau of Economic Analysis (BEA), which reported an annual growth rate of 7.4% for Texas last year, compared to the national average of 2.9%. Abbott noted that "the Texas economy continues to expand thanks to the Best Business Climate and the strongest workforce in America," emphasizing the state's positive economic conditions in a statement from the Office of the Texas Governor's website.
These figures indicate a current-dollar GDP increase to $2.6 trillion in 2023, up from $2.4 trillion the previous year, highlighting the strength of the Texas economy. It’s not only the GDP that is significant but also the optimism among policymakers. During a fireside chat in McAllen at the South Texas Alliance of Cities quarterly meeting, Abbott emphasized the region's important role in driving this economic growth while reiterating the state's business-friendly environment.
Additionally, recent employment numbers released earlier this month have provided Texans with more positive news. Texas has become a national leader in job growth, showing significant month-over-month and year-over-year gains. These figures highlight the state's ability to attract businesses and create job opportunities, resulting in new records for total jobs, the number of employed Texans, and the size of the labor force. Abbott noted in the press release, "Texas leads all states for jobs gained over the month and over the year and again set new records for total jobs, the number of Texans working, and the size of the Texas labor force."
The implications of these economic indicators are far-reaching with Abbott's administration vowing to continue investing in areas critical to sustaining growth like workforce training, innovation, education, and infrastructure his administration is clearly committed to leveraging the state's momentum, aiming to create a bigger, better future for Texas.
