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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 economy 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)
  • The Texas unemployment rate is 4.1%. (Texas Workforce Commission, August)
  • Texas added 78,000 non-farm jobs in August, the most jobs added in the nation. (Texas Workforce Commission)
  • Texas led the nation in jobs added over the last 12 months, with 302,400 jobs added from August 2023 to August 2024. (Texas Workforce Commission)
  • Texas reached a new historic high with the largest labor force ever in the state’s history at a record 15,398,400. (U.S. Bureau of Labor Statistics, August)
  • Texas reached a new historic high for Texans working, including self-employed, at 14,771,400. (U.S. Bureau of Labor Statistics, August)
  • Texas reached a new high for total jobs at 14,239,200. (U.S. Bureau of Labor Statistics, August)
  • Texas added jobs in 48 of the last 52 months. (Texas Workforce Commission, August)
  • In August, there were 27 new project locations announced in areas across Texas by various news sources. The projects are expected to create $1.58 billion in capital investment and 1,680 new jobs. (EDT Research)
  • State sales tax revenue for August totaled $4 billion, 0.4% higher than the same month last year. (Texas Comptroller of Public Accounts)
  • In July, Texas exports totaled $38.75 billion. (USA Trade)
  • The Texas economy again grew faster than the nation as a whole for the seventh quarter in a row, growing at a rate of 2.5% during the first quarter of 2024. (Bureau of Economic Analysis)