April 2, Gov. Greg Abbott celebrated Texas’ continuing economic expansion as new data recently released by the Bureau of Economic Analysis shows the Texas economy again growing faster than the nation as a whole. In the fourth quarter of 2023, real gross domestic product (GDP) for Texas grew at an annual rate of 5.0%, well ahead of the U.S. for the sixth quarter in a row.
“Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate and the strongest workforce in America,” said Abbott. “Across every region of this great state, Texas offers hardworking Texans the freedom to aspire. As the eighth-largest economy in the world and home to the most innovative businesses and globally recognized brands, Texas truly is where the future is building. As we continue to invest in education, workforce development, and infrastructure, we remain focused on building an even bigger, better Texas for decades to come.” Preliminary estimates also show that real GDP for Texas grew over the full year of 2023 at an annual rate of 5.7%, again well ahead of the nation as a whole, which grew at 2.5%. Real GDP is the value of all goods and services produced.
Abbott also recently celebrated Texas as the nation’s undisputed jobs leader following the release of February employment numbers showing jobs surging in Texas. Leading the nation for jobs added over the month and over the last 12 months, Texas again smashed all previous records for total jobs, the number of Texans working, and the size of the Texas labor force.