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Texas Economic Snapshot

Texas continues to lead the nation in an economic resurgence and remains one of the strongest and most diverse economies in the nation. Below is a snapshot of the state's economic status:

  • The Texas unemployment rate is 4.1%. (Texas Workforce Commission, October)
  • Texas added 274,600 nonfarm jobs from October 2023 to October 2024, outpacing the nation in annual growth rate. (U.S. Bureau of Labor Statistics)
  • Texas reached a new historic high with the largest labor force ever in the state’s history at a record 15,497,100. (U.S. Bureau of Labor Statistics, October)
  • Texas reached a new historic high for Texans working, including self-employed, at 14,858,700. (U.S. Bureau of Labor Statistics, October)
  • In October, there were 31 new project locations announced in areas across Texas by various news sources. The projects are expected to create $551.3 million in capital investment and 943 new jobs. (EDT Research)
  • State sales tax revenue for October totaled $4 billion, 5.4% higher than the same month last year. (Texas Comptroller of Public Accounts)
  • In September, Texas exports totaled $30 billion. (USA Trade)
  • The Texas economy is the eighth-largest when compared to nations of the world and is now valued at $2.6 trillion, based on GDP for 2023 (up from $2.4 trillion in 2022). (Bureau of Economic Analysis)
  • The Texas economy expanded at an annual rate of 7.4% in 2023, while the nation expanded at 2.9%. (Bureau of Economic Analysis)