Data released on April 2 by the Bureau of Economic Analysis indicates that the Texas economy continues to be the fastest-growing in the U.S.
"Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate and the strongest workforce in America,” Governor Greg Abbott said in a media release.
According to the release, Texas's real gross domestic product (GDP) increased at an annual rate of 5.0%, surpassing the U.S. for six consecutive quarters. Texas, the eighth-largest economy globally, is home to innovative businesses and globally recognized brands.
Abbott described Texas as a place where "the future is building.”
According to the Governor's office, preliminary estimates indicate that Texas's real-GDP grew over the previous year at an annual rate of 5.7%, which also outperformed the rest of the nation.
The figures were released more than two months after Abbott released analysis indicating Texas is the country’s leading job creator. The governor’s office reported that employers across the state added 49,800 jobs in February, contributing to a continuous streak of 12 months.
In February, Abbott also released the 2024 Report to the People of Texas, promoting the state as a leader in attracting job-creating business investments and setting records for job creation in the U.S.
“Across every region of this great state, Texas offers hardworking Texans the freedom to aspire,” Abbot said.