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:
- In January, there were 21 new project locations announced in areas across Texas by various news sources. The projects are expected to create $566 million in capital investment and 589 new jobs. (EDT Research)
- State sales tax revenue for January hit an all-time high totaled at $4.11 billion, up 6.6% compared to the same month last year. (Texas Comptroller of Public Accounts)
- Texas is ranked as the ninth-largest economy among nations of the world, larger than Canada, Korea, Russia and Australia. (2021 GDP, IMF)
- The Texas GDP grew by a whopping 8.2% in the third quarter of 2022—way above the national average. (U. S. Bureau of Economic Analysis)
- Growth in the Texas service sector resumed in December and continues to be higher than the pandemic low point. (Federal Reserve Bank of Dallas)
- In December, Texas exports totaled nearly $37.5 billion. (USA Trade)
- Texas unemployment rate dropped in December to 3.9%. (Texas Workforce Commission, January data coming March 13)
- Texas added 29,500 nonagricultural jobs in December, setting a new employment high for 14 consecutive months with more than 13.7 million total jobs. (Texas Workforce Commission, January data coming March 13)
- Texas job recovery rate since peak pandemic impact is 149.5%. (EDT Analysis, December 2022, January data coming March 13)
- The Texas workforce is more than 14.6 million. (U.S. Bureau of Labor Statistics, December 2022, January data coming March 13)
- Texas hotel revenues are at record-highs driven by higher average daily rates and strong leisure demand.
- Domestic leisure travel has recovered to pre-pandemic levels with business travel and international travel expected to recover by 2024 and 2025 respectively.