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Apr 4, 2012 · Texas' rapid population growth has been a major driver of the state's economic growth over the last several decades. While some boosters claim that the population growth has resulted from public policies that lure migrants from other states, in fact the vast majority of the state's growth is the result of two factors specific to Texas: The state's relatively high level of "natural growth," i.e ...
Sep 27, 2024 · Governor Greg Abbott today celebrated the Texas economy expanding faster than the nation in 2023 following the release of data by the Bureau of Economic Analysis (BEA). The Texas economy expanded at an annual rate of 7.4% while the nation expanded at 2.9% as measured by the change in real gross domestic product (GDP) from 2022 to 2023. “The ...
- Employment Growth Accelerates in May
- Abating Price Pressures Noted
- Wage Growth Slowing But Still Elevated
- Expected 2023 Price, Wage Growth Revised Lower in May
- Fed Interest Rate Policy May Weigh on Texas Growth
Job growth strengthened in May as the Texas economy added 41,000 jobs—a 3.6 percent annual growth rate, which exceeded the 2.6 percent U.S. rate. April job gains were revised down to 2.5 percent from 2.8 percent. Employment within manufacturing and leisure and hospitality contracted in May, while every other sector expanded. With the job growth acc...
Price pressures remained elevated, though there has been a deceleration during the past year, TBOS respondents said (Chart 2). Downloadable chart | Chart data Price pressures in manufacturing have declined faster than in services, due in part to slowing demand, firms clearing out backlogs and input costs leveling out as supply chains normalize. The...
TBOS measures of wage inflation remained above their historical averages in May, although they declined substantially since peaking a little over a year ago (Chart 3). Downloadable chart | Chart data Manufacturing firms reported greater wage pressures than service sector firms despite flat production in recent months. Manufacturing contacts noted d...
Texas companies expect price pressures to moderate further through year-end. In May, TBOS respondents revised their expectations lower for price and wage growth relative to what they reported in December 2022 (Chart 4). Downloadable chart | Chart data Firms anticipated a 4.7 percent increase in input prices, a 5.3 percent increase in wages and a 3....
The Federal Reserve’s actions to curb inflation through interest rate increases are expected to contribute to slower economic growth, though Texas will likely continue to outperform the nation. The state’s faster pace reflects historically greater economic growth and labor force expansion. Additionally, the state’s labor markets are more efficient,...
Mar 14, 2024 · Texas saw faster GDP growth than the nation and the largest state economies: California, New York, Florida, and Illinois. Over these years, Texas’ GDP per capita rose a significant 39%, to $62,483 from $44,986, landing our state in 16th place. Texas tied with the nation in GDP per capita growth, but surpassed Florida and Illinois.
T aken together, this works out to about a 1 percentage point growth advantage over the nation since 1960. The recent oil boom and Texas’ avoidance of a hous-ing bust have been offered as ways to explain Texas’ recent strength. But these factors—while undeniably contributing to Texas’ economic resilience over the
- Jason Saving
- 2015
Below is a snapshot of the state's economic status: The Texas economy is the eighth-largest when compared to nations of the world and is now valued at $2.6 trillion, based on GDP for 2023 (up from $2.4 trillion in 2022). (Bureau of Economic Analysis) The Texas economy expanded at an annual rate of 7.4% in 2023, while the nation expanded at 2.9%.
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Texas economic growth ranks first in the nation, “thanks to strong employment and income growth forecasts for the next five years,” according to Forbes Magazine. The positive outlook for long-term Texas economic strength is the result of many factors: Investment in workforce education — Texas is home to more than 300 trade schools and 125 ...
