Texas’ Economy Dominates In 2024
AUSTIN — Governor Greg Abbott today lauded Texas' robust economy with records unmatched by any other state, as Texas continues to attract both large and small businesses in 2024.
“Texas is the leading economy in the United States because we move at the speed of business," said Governor Abbott. "This year, I launched two new state initiatives — the Texas Space Commission and the Governor's Small Business Freedom Council — to further spur economic growth and job creation. Texas has also received numerous awards in 2024, including, Best State for Business, Gold Shovel Award, the Governor's Cup, and more, showcasing Texas' investment in our future by partnering with Texas businesses and providing globally competitive and cost-effective financial tools to drive success and innovation. As the eighth largest economy in the world, Texas will continue to slash government regulations that holds our businesses back from thriving in 2025."
HIGHLIGHTS FROM TEXAS' 2024 ECONOMIC DEVELOPMENT INITIATIVES:
Governor Abbott Launches Texas Space Commission
In the spring, Governor Abbott launched the Texas Space Commission and appointed the inaugural members of the Texas Space Commission Board of Directors and the Texas Aerospace Research and Space Economy Consortium (TARSEC) Executive Committee at NASA's Johnson Space Center.
"As we look into the future of space, one thing is clear: those who reach for the stars do so from the great state of Texas," said Governor Abbott. "Now, with the Texas Space Commission, our great state will have a group that is responsible for dreaming and achieving the next generation of human exploration in space. Texas is the launchpad for Mars, innovating the technology that will colonize humanity’s first new planet."
The Texas Space Commission works to strengthen Texas’ proven leadership in civil, commercial, and aerospace activity by promoting innovation in the fields of space exploration and commercial aerospace opportunities, including the integration of space, aeronautics, and aviation industries into the Texas economy. The Commission is governed by a nine-member board of directors, who also administer the legislatively created Space Exploration and Aeronautics Research Fund to provide grants to eligible entities.
Learn more about the Texas Space Commission here.
Texas Named Best State For Business For Record-Breaking 20th Year
In April, Governor Abbott celebrated Texas again being named the Best State for Business for a record-breaking 20 years in a row. In an annual survey conducted by Chief Executive magazine, Texas was named the Best State for Business by the nation’s leading CEOs thanks to its pro-growth economic policies, no corporate income tax and personal income tax, and world class and highly skilled workforce.
"Freedom is a magnet, and Texas offers entrepreneurs and hardworking Texans the freedom to succeed," said Governor Abbott. "The nation’s leading CEOs continually cite our pro-growth economic policies—with no corporate income tax and no personal income tax—along with our young, skilled, diverse, and growing workforce, easy access to global markets, robust infrastructure, and predictable business-friendly regulations."
The Best State for Business ranking is determined in an annual survey conducted by Chief Executive magazine of CEOs' assessments of each state's business climate, workforce, and quality of life. Texas has topped the nation every year since Chief Executive began the ranking.
Texas Wins Governor’s Cup For Record-Breaking 12th Year In A Row
In March, Governor Abbott celebrated Texas winning Site Selection magazine's Governor's Cup for an unprecedented 12th consecutive year and 20th win overall.
“By cutting red tape and burdensome regulations and making strategic, continuing investments in infrastructure, education, and workforce development, Texas offers businesses the freedom to grow and Texans the tools to prosper," said Governor Abbott. "I am proud to again accept the Governor’s Cup from Site Selection magazine recognizing Texas’ dominance in attracting significant job-creating business investments."
Awarded annually by Site Selection since 1978, the Governor's Cup recognizes the nation’s top-performing state for job-creating business relocations and expansions. Site Selection publishes information for expansion-planning decision-makers, including CEOs, corporate real estate executives, facility planners, human resource managers, and consultants to corporations.
Texas Wins 11th Gold Shovel Award For Attracting Job-Creating Business Investments
In June, Texas was again recognized with a Golden Shovel Award by Area Development magazine for leading among the most populous states in attracting high-value economic development projects that created a significant number of new jobs. This is the 11th Gold Shovel Award for Texas; the state has now been recognized with a Gold or Silver Shovel in each of the 19 years of the award program.
"Texas again brings home the gold when it comes to attracting high-value business investments that create good-paying jobs for hardworking Texans across our great state," said Governor Abbott. "I congratulate our local, regional, and statewide economic development partners on this achievement. Texas offers innovative businesses the freedom to expand and thrive — with each of our regions offering unique advantages."
Area Development’s annual Shovel Awards recognize states for their achievements in attracting high-value investment projects that will create a significant number of new jobs in their communities.
Read more about Texas' ranking and other local recognitions here.
Governor Abbott Launches Small Business Freedom Council
Earlier this month, Governor Greg Abbott launched the Small Business Freedom Council to review government efficiency and sent a letter to Texas state agency heads directing them to provide recommendations to cut unnecessary government regulations.
"One of my priorities as Governor is to empower small business owners and entrepreneurs by providing the best environment for small business growth,” reads the letter. "To make it even easier for small businesses to operate in Texas, I am instructing the Office of Small Business Assistance in my Economic Development and Tourism Office to recommend the elimination of rules, fees, and regulations that create barriers to the success of our small businesses and entrepreneurs."
Texas state agencies' recommendations are due to the Governor’s Office by January 13, 2025. The Governor’s Small Business Freedom Council will review and provide a report for further action.