Texas Economy Expands Faster Than Nation

TEXAS, September 27 - September 27, 2024 | Austin, Texas | Press Release

Governor Greg Abbott today celebrated the Texas economy expanding faster than the nation in 2023 following the release of data by the Bureau of Economic Analysis (BEA). The Texas economy expanded at an annual rate of 7.4% while the nation expanded at 2.9% as measured by the change in real gross domestic product (GDP) from 2022 to 2023.

“The Texas economy continues to expand thanks to the Best Business Climate and the strongest workforce in America,” said Governor Abbott. “Texas is a state of infinite possibilities, where innovation flourishes and where hard work is rewarded. As the eighth-largest economy in the world, it is easy to understand why more people and businesses are choosing to call Texas home—and why more Texans are employed than at any point in our state’s history. Through continued investments in workforce training, innovation, education, and infrastructure, we will build a bigger, better Texas for decades to come.” 

BEA data also shows the Texas economy is now $2.6 trillion in size as measured by 2023 current-dollar GDP, up from $2.4 trillion in 2022.

On Tuesday, Governor Abbott championed Texas’ success at attracting job-creating economic development projects across the state and in the Rio Grande Valley during a fireside chat at the South Texas Alliance of Cities quarterly meeting in McAllen. And earlier this month, the Governor celebrated Texas as the nation’s jobs leader following the release of August employment data showing a surge in Texas jobs. 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.