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Monday, November 28, 2022
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Texas’ Economic Dominance Continues

Business, Featured

Aerial view of a Texas flag with the Austin skyline in the background. | Image by Bryan RoschetzkyI via Getty Images

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The most recent data from the Bureau of Economic Analysis (BEA) shows that, economically, Texas is doing just fine, thank you. According to the BEA’s report, Texas had the second-largest Gross Domestic Product (GDP) in the U.S. last year, behind California.

The Lone Star State also led the nation in annual rate of real GDP growth for the fourth quarter of 2021.

The GDP represents the market value of all goods and services produced by a state, country, or region. It is used to measure the size and strength of the economy. The term “real GDP growth” means that the figures have been adjusted to account for inflation, giving a clearer picture of the economy.

During the fourth quarter of 2021, Texas’ GDP grew by 10.1%, while the U.S.’s average growth rate was 6.9%. Some of the greatest GDP growth for Texas was in DFW; Dallas and Tarrant Counties had the second and third-largest increases, respectively, following behind Harris County.

According to the Texas Center for Economic Development (TxEDC), Texas is a leading global destination for foreign direct investment. More than 16,000 foreign-owned companies employing over 620,000 workers have planted roots in the state, and its industries are among the most diverse in the nation.

“Thanks to the hardworking people of Texas, the Lone Star State leads the nation with the largest increase in fourth-quarter GDP,” said Texas Governor Greg Abbott. “This achievement is yet another testament to the prosperous economic climate we have cultivated by developing a highly-skilled workforce, cutting red tape, and investing in our robust infrastructure.”

The president and CEO of the TxEDC in Austin, Robert Allen, stated, “This increase in GDP for Texas is consistent with other economic indicators that prove Texas is the best state in the nation to do business.”

He enumerated the attributes that make the state so economically appealing to businesses:

“Texas has a long track record of economic strength and stability, as well as a business-friendly climate, a large skilled workforce, low tax burden, the availability of affordable land, robust transportation network and deep-water seaports — and elected leadership that enthusiastically welcomes new, expanding and relocating businesses.”

According to the data provided by the BEA in February 2022, besides the GDP spike, Texas was the No.1 exporting state in the U.S. for 2021 for the 20th consecutive year. Texas’ exports exceeded those of the next three largest states — California, Louisiana, and New York — combined.

As per the TxEDC, “Thirty-three Foreign Trade Zones across the state allow companies to move goods internationally without formal customs entry, and the Office of the Governor’s Texas Exports Assistance Program helps companies expand into international markets and export their goods and services.”

GDP figures from the International Monetary Fund (IMF) show that Texas surpassed Brazil in 2019 to become the world’s ninth-largest economy. Throughout the COVID-19 pandemic, Texas maintained its position in the world economy rankings based on GDP.

The TxEDC is a non-profit organization dedicated to business recruitment and job creation for economic development. TxEDC and the Texas Economic Development and Tourism Office have formed a public-private collaboration to promote Texas as a premier business destination.

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