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%. (Texas Workforce Commission, May)
- Texas added 41,800 non-farm jobs in May. (Texas Workforce Commission)
- Texas added the most jobs in the nation over the last 12 months, adding 316,700 jobs from May 2023 to May 2024. (Texas Workforce Commission)
- Texas reached a new historic high with the largest labor force ever in the state’s history at a record 15,262,600. (U.S. Bureau of Labor Statistics, May)
- Texas reached a new historic high for Texans working, including self-employed, at 14,655,700. (U.S. Bureau of Labor Statistics, May)
- Texas reached a new high for total jobs at 14,195,600. (U.S. Bureau of Labor Statistics, May)
- Texas has added jobs in 47 of the last 49 months. (Texas Workforce Commission, May)
- In May, there were 44 new project locations announced in areas across Texas by various news sources. The projects are expected to create more than $3.57 billion in capital investment and more than 599 new jobs. (EDT Research)
- State sales tax revenue for May totaled $4.01 billion. (Texas Comptroller of Public Accounts)
- In April, Texas exports totaled $39 billion, increasing 2.8% from the month prior. (USA Trade)
- The Texas economy again grew faster than the nation as a whole for the sixth quarter in a row, growing at a rate of 5% during the fourth quarter of 2023. (Bureau of Economic Analysis)
- The Texas economy is officially the 8th largest economy in the world, valued at more than $2.4 trillion. (IMF GDP 2022)