Texas Leads Nation With Fastest Economic Expansion
Governor Greg Abbott today released a statement lauding the strength of the Texas economy as new data released by the Bureau of Economic Analysis shows Texas leading the nation with the fastest economic expansion in the fourth quarter of 2022. As measured by the state’s gross domestic product (GDP), the value of all goods and services produced, the Texas economy expanded at an annual rate of 7%. This is the fastest growth in real GDP among all of the states and well ahead of the nation as a whole, which grew at 2.6%.
“It is no surprise that Texas continues to lead the nation, thanks to the hardworking men and women of this great state who have built the most dynamic economy in America," said Governor Abbott. "This astounding economic growth in Texas, reflected also in our state’s nation-leading and record-smashing job creation, is further proof that when given the freedom to succeed, businesses invest and people aspire. That is truly the secret to the Texas model. Together, we are building an even greater Texas of tomorrow.”
Preliminary current dollar GDP estimates also released today for the full year of 2022 show the Texas economy grew to an estimated $2.36 trillion in size—up from $2.1 trillion in 2021. This represents an estimated growth rate of 14.8%, faster growth than the nation as a whole.