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Governor Greg Abbott has praised the latest data from the Bureau of Economic Analysis, which indicates that the Texas economy has grown faster than the entire U.S. economy for the fourth consecutive quarter. The Office of the Texas Governor reported that in the second quarter of 2023, Texas' real gross domestic product (GDP) — representing the value of all final goods and services produced — grew at an annual rate of 4.9%, compared to a 2.1% growth rate in the rest of the country.
"Opportunity knows no bounds in Texas thanks to the hardworking men and women of this great state," said Abbott, a Republican, in a press release issued by his office on December 7. He continued, "Texas’ continuing economic expansion, well ahead of the United States as a whole for the fourth quarter in a row, is further proof that when given the freedom to aspire, businesses invest and people prosper." Abbott concluded his remarks by saying, "Together, we continue to build a bigger, bolder Texas of tomorrow."
According to an article published by Austin Journal on November 20th, The Office of the Texas Governor announced that October employment data revealed Texas' continued leadership in annual job growth nationwide. The state also set new records with its largest civilian labor force ever at 15,162,100 and more Texans being either employed or self-employed than ever before, reaching a count of 14,536,800.
The publication cited information from Abbott's office reporting that between October 2022 and October 2023, Texas added 391,500 jobs - more than any other state.
The press release further highlighted that throughout this year Governor Abbott has frequently celebrated Texas's standing as an economically robust state. From recognition by various publications to accolades bestowed by organizations, Texas has been recognized as an ideal location for anyone looking to start a business or find new employment opportunities.