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:

Texas is ranked as the ninth-largest economy among nations of the world, larger than Canada, Korea, Russia and Australia. (2021 GDP, IMF)
Texas unemployment rate is 4%. (Texas Workforce Commission, October 2022)
Texas added 49,500 nonagricultural jobs in October, setting a new employment high for 12 consecutive months with 13.63 million total jobs. (Texas Workforce Commission)
Texas leads the nation for the fastest annual jobs growth rate (October 2021 – October 2022) at 5.4%. (Texas Workforce Commission)
Texas job recovery rate since peak pandemic impact is 145%. (EDT Analysis, October 2022)
The Texas workforce is now at nearly 14.6 million. (U.S. Bureau of Labor Statistics, October 2022)
Texas manufacturing output grew in October. (Federal Reserve Bank of Dallas)
Activity in the Texas service sector increased at a faster pace in October. (Federal Reserve Bank of Dallas)
Texas retail sales declined in October, but at a slower pace than in September, and continues to stay higher than the pandemic low point. (Federal Reserve Bank of Dallas)
In October, there were 38 new project locations announced in areas across Texas by various news sources. The projects are expected to create $942 million in capital investment and 2,510 new jobs. (EDT Research)
State sales tax revenue for October totaled $3.82 billion, up 11.9% compared to the same month last year. (Texas Comptroller of Public Accounts)
In September 2022, Texas exports totaled nearly $40 billion. (USA Trade)
Record breaking hotel revenues were recorded across Texas in Summer 2022 driven by leisure travel demand and higher average daily rates. (STR)