Governor Greg Abbott has acknowledged the rapid expansion of the Texas economy, which outpaced national growth in 2023. According to data released by the Bureau of Economic Analysis (BEA), Texas experienced an annual economic growth rate of 7.4%, compared to the national growth rate of 2.9%. This measurement is based on changes in real gross domestic product (GDP) from 2022 to 2023.
"The Texas economy continues to expand thanks to the Best Business Climate and the strongest workforce in America," said Governor Abbott. He emphasized that Texas is "a state of infinite possibilities, where innovation flourishes and where hard work is rewarded." The governor also highlighted that as "the eighth-largest economy in the world," it is clear why many individuals and businesses are relocating to Texas. Additionally, he noted that more Texans are employed now than at any other time in the state's history.
Governor Abbott further stated that through ongoing investments in areas such as workforce training, innovation, education, and infrastructure, there is a commitment to building a larger and improved Texas for future generations.