Texas Economy Again Expands Faster Than Nation 5th Quarter In A Row

January 3, 2024 | Austin, Texas | Press Release

Governor Greg Abbott today celebrated Texas’ continuing economic expansion as new data recently released by the Bureau of Economic Analysis shows the Texas economy again grew faster than the nation as a whole for the fifth quarter in a row. Third quarter 2023 real GDP—the value of all goods and services produced—grew in Texas at an annual rate of 7.7%, well ahead of the U.S., which grew at 4.9%.
“Texas is America’s undisputed economic leader, outpacing the nation in economic expansion and job growth,” said Governor Abbott. “Innovation and a strong work ethic are deeply rooted in Texas, where new ideas flourish. That is why Texas continues to attract business investments across diverse industries and in our strong and growing workforce. As we begin the new year, we remain focused on turning bold ideas into reality to further expand pathways to prosperity for all Texans and build an even brighter Texas of tomorrow.”
Governor Abbott also recently celebrated Texas' dominance as America's jobs engine following the release of November employment data showing Texas again added more jobs over the last 12 months than any state in the nation. Additionally, Texas again set three new record highs for total jobs, the number of Texans working, and the size of the Texas labor force.