Austin News

Governor Greg Abbott announced today that the Texas economy has once again outpaced the national economy for the fifth consecutive quarter. According to the Bureau of Economic Analysis, the third quarter of 2023 saw Texas' real GDP grow at an annual rate of 7.7%, compared to the national rate of 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."

The governor highlighted Texas' ability to attract business investments and create jobs, stating that the state's strong and growing workforce is a major factor in its economic success. He also emphasized the importance of turning bold ideas into reality to further expand pathways to prosperity for all Texans.

Governor Abbott also celebrated Texas' position as the leading jobs engine in the country. Recent employment data for November showed that Texas added more jobs over the past year than any other state. Additionally, the state set three new record highs for total jobs, the number of Texans working, and the size of the Texas labor force.

As Texas enters the new year, Governor Abbott expressed his commitment to building an even brighter future for the state. He stated, "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."

Texas' economic success can be attributed to its favorable business environment, diverse industries, and skilled workforce. The state continues to attract businesses from various sectors, fueling its economic growth and providing opportunities for its residents.

With its consistent economic expansion and job growth, Texas remains a top destination for businesses and individuals seeking prosperity and success. The state's commitment to innovation and its strong work ethic have solidified its position as a leader in the national economy.

The Texas economy's continuous outpacing of the nation is a testament to the state's resilience and ability to adapt to changing economic conditions. As Texas continues to attract investments and create jobs, its future looks promising, offering a bright and prosperous tomorrow for all Texans.

Click this link to access more information: https://gov.texas.gov/news/post/texas-economy-again-expands-faster-than-nation-5th-quarter-in-a-row