Gov. Greg Abbott on Thursday celebrated Texas’ continuing economic expansion and the Lone Star State’s annual growth rate relative to the nation’s.
The Texas economy grew at an annual rate of 7.7% in the third quarter of 2023, well ahead of the U.S., which grew at 4.9%, recent data from the Bureau of Economic Analysis shows.
“Texas is America’s undisputed economic leader, outpacing the nation in economic expansion and job growth,” said Abbott in a news release. “Innovation and a strong work ethic are deeply rooted in Texas, where new ideas flourish. That is why Texas continues to attract business investments across diverse industries and in our strong and growing workforce.”
Overall, Texas’ real GDP — the total inflation-adjusted value of all goods and services produced in an economy — grew at a faster pace than the nation as a whole for five consecutive quarters.
“As we begin the new year, we remain focused on turning bold ideas into reality to further expand pathways to prosperity for all Texans and build an even brighter Texas of tomorrow,” Abbott said.
In addition to recognizing Texas for its robust economy, Abbott also recently celebrated the state’s strong employment data, which set three new record highs. These records include total jobs, the number of Texans working, and the size of the Texas labor force, as reported by The Dallas Express.
“Texas dominates as America’s jobs engine, again adding more jobs over the last 12 months than any state in the nation,” he said in a December news release. “I am proud that more Texans are working than ever before, thanks to employers who continue to invest and grow jobs here.
“Texas serves as a beacon of opportunity, proving that when given the freedom to aspire and the foundation to succeed, businesses flourish and people prosper.”
