Texas Economy Outpaces National Growth, Sets New Records

Governor Greg Abbott (R) recently celebrated the continued strength of Texas' economy, which is growing faster than the nation. New data from the U.S. Bureau of Economic Analysis revealed that Texas' real gross domestic product (GDP) grew by 3.5% in the fourth quarter of 2024, well ahead of the national average of 2.4%.

“Texas offers businesses the freedom to succeed and Texans the tools to prosper,” said Gov. Abbott. “It is hardworking Texans who power our booming and growing economy.”

The state’s GDP for 2024 reached an estimated $2.7 trillion, an increase from $2.6 trillion in 2023, reflecting a steady upward trajectory. This growth highlights the state’s leadership in driving economic progress through job creation, business expansion, and innovation.

Abbott noted that Texas continues to lead the nation in job creation, marking another milestone with its record-breaking employment figures. "Year after year, we continue to lead the nation in job creation, in business location and expansion projects, and in innovation across diverse industries," he stated.

The February 2025 employment data revealed that Texas broke previous records for total jobs and the size of its labor force, with more Texans working today than ever before in the state’s history. Abbott attributed this success to a strong workforce, bolstered by a business-friendly climate that encourages investment and development.

Texas’ economic performance stands as a testament to the state’s robust economy, which has maintained its momentum despite national economic challenges. With continued growth in both GDP and employment, the state is on track for a future of even greater prosperity.

“With more Texans working today than ever in the history of our great state, we will build on this momentum for a stronger, more prosperous Texas,” Abbott concluded.

As Texas looks ahead, the state’s continued economic expansion sets a powerful example for the nation.