AUSTIN, Texas — The Texas economy is growing at a faster rate than the nation as a whole, according to new data from the U.S. Bureau of Economic Analysis.
The bureau analyzed the state’s real gross domestic product, which is the value of all goods and services produced.
The state’s real GDP growth outpaced the U.S. average in the fourth quarter of 2024.
Preliminary data shows the Texas economy grew to an estimated $2.7 trillion in size, up by about $100 billion from 2023. The state’s real GDP grew in the fourth quarter at an annual rate of 3.5%, ahead of the U.S. average of 2.4%.
“Texas offers businesses the freedom to succeed and Texans the tools to prosper,” said Gov. Greg Abbott in a media release on Monday. “It is hardworking Texans who power our booming and growing economy. Year after year, we continue to lead the nation in job creation, in business location and expansion projects, and in innovation across diverse industries. 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.”
Meanwhile, personal income in Texas increased 3.9% in the fourth quarter of last year, below the U.S. average of 4.6%.
According to the Texas Workforce Commission, Texas led the nation in job creation in January and February, breaking records for total jobs, the number of Texans working and the scope of the Texas workforce.