(The Middle Square) – The Texas economy has grown faster than the national economy for four straight quarters, according to new data from the U.S. Bureau of Economic Analysis.
In the second quarter of 2023, real gross domestic product – the value of all goods and services produced – grew at an annual rate of 4.9% in Texas. This is more than double the national growth rate of 2.1%.
Texas Governor Greg Abbott praised the report's findings, saying: “Texas' continued economic growth, well ahead of the United States as a whole for the fourth consecutive quarter, is further evidence that companies are investing and investing when “They are given the freedom to achieve new goals.” People are doing well.”
Abbott also praised workers for their contributions to Texas' economic success, saying, “Thanks to the hard-working men and women of this great state, the opportunities in Texas know no bounds.”
The results come after U.S. Bureau of Labor data showed Texas again led the U.S. in job creation in October, as it has every month in more than two years. Texas also broke its own monthly employment records, as it has done for the past few months in a row.
This year, Texas won numerous awards for its world-class economic and business climate. Texas ranked first in the U.S. for best business climate according to Site Selection Magazine and won the magazine's Governor's Cup for total capital investment projects in 2022.
In March, Texas won the magazine's Governor's Cup for the most job-creating corporate relocations and expansions in the country for the 11th consecutive year.
In April, Texas once again took the top spot in the top U.S. CEO rankings as the Best State for Business for a record 19th consecutive year, according to Chief Executive Magazine.
In June, Business Facilities Magazine named Texas the state with the best business climate in its 19th annual rankings report.
In September, Texas was named the best business climate in the U.S. in Development Counselors International's triennial survey. Texas has frequently ranked first in this survey since it began in 1996.
Factors included in these rankings include number of moves and expansions; corporate or income tax climate (Texas has neither); a growing, skilled and diverse workforce; infrastructure; Startup ecosystem and other factors.
A recent report from the Federal Reserve Bank of Dallas states, “History and data have historically suggested that Texas is unlike any other place.” Over the past 40 years, the state has changed. The employment structure in Texas is increasingly similar to that of the entire United States, even more so than in California or New York. But Texas' economic performance is a different story. While declining oil production in the 1980s and 1990s initially caused sources of production to converge to the composition of the national gross domestic product, the shale oil boom reversed this trend.
“Bottom line: Texas remains unique. If Texas, an energy powerhouse, were a country, it would rank third in the world in crude oil and natural gas production. Texas is also a leader in the downstream energy sector, producing 30 percent of the nation's gasoline and 75 percent of its petrochemicals. Texas also governs renewable energy. It is number 1 in wind energy and ranks second in utility-scale solar energy.”
The Texas oil and natural gas industry continued to lead the United States in energy production. According to the US Energy Information Association, US petroleum product exports hit a new record in the first half of 2023, led by Texas. The U.S. also exported more natural gas in the first six months of 2023 than in any previous six months, led by the Gulf states of Texas and Louisiana, according to EIA data.
Texas and its ports collectively also lead the U.S. in impact on foreign trade, according to a recent analysis by Site Selection Magazine.
According to the Texas Oil & Gas Association, production of oil, natural gas and natural gas liquids hit new record highs this fall after surpassing broken 30- to 40-year records over the summer.
“The population of the state is also unique. It is younger and has a higher Hispanic population than all but one other state,” the Dallas Fed report said.
According to census data, Texas cities are the fastest growing among the largest cities in the United States. From 2000 to 2022, Texas gained over 9 million residents, more than any other state, an increase of 43%.
The state's largest county, Harris, has the second largest black population and the second largest Hispanic population of any county in the United States
According to the data, Hispanics outnumbered non-Hispanic whites last year, making up 40.2% of the population, compared to 39.8% of non-Hispanic white Texans.
Comments are closed.