Texas Leads Nation With Fastest Economic Expansion | Oficina of the Governor of Texas

March 31, 2023 | Austin, Texas | Press release

Governor Greg Abbott released a statement today praising the strength of Texas’s economy as new data was released by the Office of Economic Analysis shows Texas leading the country with the fastest economic expansion in the fourth quarter of 2022. As measured by the state’s gross domestic product (GDP), the value of all goods and services produced, the Texas economy grew by 7% on an annual basis. This is the fastest growth in real GDP of any state and well above the country as a whole, which grew at 2.6%.

“It comes as no surprise that Texas continues to lead the nation, thanks to the hard-working men and women of this great state who have built America’s most dynamic economy,” said Governor Abbott. “This astonishing economic growth in Texas was also reflected in the leading and record-breaking job creation in our state is further proof that when companies are given the freedom to succeed, they invest and people aspire. That really is the secret of the Texas model. Together we are building an even greater Texas of tomorrow.”

Preliminary current dollar GDP estimates also released today for the full year 2022 show that Texas’s economy grew to an estimated $2.36 trillion, up from $2.1 trillion in 2021. This represents an estimated growth rate of 14.8%, faster growth than the nation as a whole.