The Lone Star State's economy is not just riding high, it's outpacing the entire nation. According to the latest figures from the U.S. Bureau of Economic Analysis, the Texas economy surged ahead in the fourth quarter of 2024, growing at an annual rate of 3.5%. This puts the state well ahead of the national average, which saw an increase of just 2.4%. As Governor Greg Abbott highlighted, "Texas offers businesses the freedom to succeed and Texans the tools to prosper," according to the Office of the Texas Governor.
The economic fervor in Texas doesn't stop at quarterly growth. In fact, the state's real gross domestic product managed to quickly grow to an estimated $2.7 trillion for the full year of 2024, up from $2.6 trillion in 2023. A strong testament to the state's economic resilience and attraction for business, this growth encompasses the value of all goods and services produced within Texas' borders, as reported by the Office of the Texas Governor.
It's not just the gross domestic product numbers that Texans are celebrating. Governor Abbott recently shared the state's employment successes, based on February 2025 data, Texas is leading all states in job creation over the past 12 months. Moreover, the state has set new records for total jobs, the number of Texans gainfully employed, and the sheer size of the Texas labor force, according to the Office of the Texas Governor.
Data suggests that the state's policies and economic climate are likely not just to continue to draw businesses, but also to continue to drive growth. "With more Texans working today than ever in the history of our great state, we will build on this momentum for a stronger, more prosperous Texas,” Abbott told visitors at a recent press conference, as obtained by the Office of the Texas Governor. Indeed, with these numbers in hand, it's clear that Texas is positioned as a beacon of economic opportunity in the national landscape.
