The Bureau of Economic Analysis recently released data indicating that the Texas economy continues to outpace the rest of the United States. This development, reported on April 2, was positively received by Gov. Greg Abbott, as per a press release from the Office of the Texas Governor.
"Texas is again outpacing the nation in economic expansion and job growth thanks to the best business climate and the strongest workforce in America,” Abbott, a Republican, said in the release," said Abbott, according to Office of the Texas Governor. "Across every region of this great state, Texas offers hardworking Texans the freedom to aspire."
Gov. Abbott emphasized that Texas, known as the Lone Star State, ranks as the eighth-largest economy globally and serves as a hub for innovative businesses and internationally recognized brands. He referred to it as "where the future is building." The press release further highlighted that Texas's real gross domestic product (GDP) saw an annual increase of 5.0%, surpassing U.S growth for six consecutive quarters.
According to Gov. Abbott's office, preliminary estimates suggest that Texas's real GDP experienced an annual growth rate of 5.7% over the previous year, once again outperforming the national average. Abbott conveyed his state's commitment to building an even larger and better Texas in the coming decades.
These figures were disclosed over two months after Gov. Abbott received an analysis labeling Texas as the country's unrivaled leader in job creation. His office reported that employers across the state added 49,800 jobs in February alone, contributing to a continuous streak of job growth spanning 12 months.
In February, Gov. Abbott published the 2024 Report to the People of Texas, praising his state as a leading destination for job-creating business investments and lauding its continued record-breaking job creation.