Texas Economic Development Year in Review

State of Texas flag painted on a barn | Image by 12019/Pixabay

Texas acted as the nation’s economic backbone in 2023.

A snapshot of Texas’ economy over the last 12 months shows that the Lone Star State continues to lead the nation in an “economic resurgence” and remains one of the “strongest and most diverse economies” in the country, according to Texas Economic Development & Tourism (EDT), a division within the Office of the Texas Governor.

“We’re heading into the Holiday Season, and what a year it’s been for Texas! As we look back over the events of 2023, we want to say thank you to each of our economic development partners and stakeholders for all you do for our great state!” said EDT in the December issue of the Texas Business Bulletin.

“The key to our ongoing success in economic development is teamwork and we are so thankful to work with you as we keep Texas a global leader in economic expansion, a national leader in job creation, and the best state to live, work, and raise a family.”

Data from the Texas Workforce Commission and the Bureau of Labor Statistics shows Texas added the most jobs in the nation over the past year, adding 391,500 jobs from October 2022 to October 2023 and growing at an annual rate of 2.9%, well above the growth rate of the nation (1.9%).

Additional economic data from October shows that Texas achieved the largest labor force ever in the state’s history at a record 15,162,100 and a new historic high for Texans working, including self-employed, at 14,536,800. The Lone Star State’s unemployment rate of 4.1% also continues to hold steady.

Furthermore, The Texas Comptroller reported in September that the state’s sales tax revenue for October had totaled $3.8 billion.

At the end of October, there were numerous new project locations announced in areas across Texas by various news sources including The Dallas Express. According to EDT research, these projects are expected to create more than $1 billion in capital investment and more than 4,900 new jobs.

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