Texas Economy Surges Ahead of National Growth for Fourth Consecutive Quarter

Texas Economy Surges Ahead of National Growth for Fourth Consecutive Quarter

In a recent announcement, Governor Greg Abbott lauded the robust economic performance of Texas, citing new data from the Bureau of Economic Analysis. The report reveals that, for the fourth consecutive quarter, the Texas economy outpaced the national growth rate.

According to the data, the real Gross Domestic Product (GDP) of Texas for the second quarter of 2023 expanded at an annual rate of 4.9%. In contrast, the overall U.S. economy grew at a rate of 2.1% during the same period.

Governor Abbott expressed his optimism, attributing Texas’ economic success to the dedication of the state’s hardworking citizens. He emphasized the limitless opportunities in Texas and highlighted the state’s ongoing economic expansion, showcasing its ability to outpace the national average.

The Governor stated, “Opportunity knows no bounds in Texas thanks to the hardworking men and women of this great state. 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. Together, we continue to build a bigger, bolder Texas of tomorrow.”

This positive economic momentum follows recent accolades for Texas, including being recognized for the Top Business Climate. Texas has earned the third national best business climate ranking this year, along with additional awards in June and September. Furthermore, earlier in the year, Texas secured its position as the Best State for Business for an unprecedented 19th consecutive year.