(The Center Square) – The Texas economy grew at a much faster rate than nearly all U.S. states in the third quarter in 2023.
Texas also surpassed national growth rates in all categories and grew faster than the nation for five quarters in a row, according to U.S. Bureau of Economic Analysis data.
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2023, with Texas leading the pack in nearly all categories.
Real GDP – the value of all goods and services produced – grew in Texas at an annual rate of 7.7%, well ahead of the U.S., which grew at 4.9%. Only Kansas had a higher percentage of 9.7%.
In all other categories analyzed, Texas dominated.
Current-dollar GDP increased in all 50 states and the District of Columbia in the third quarter with Texas reporting the highest percent change of 12.8%.
Current-dollar personal income increased in 49 states and the District of Columbia in the third quarter with Texas once again reporting the greatest percent change of 5.2%. By comparison, current-dollar personal income increased $195.3 billion, or 3.5%, nationally, at an annual rate, according to the data.
Earnings increased in all 50 states and the District of Columbia, growing 5.9% nationally, with Texas reporting the highest percent change of 8.3%.
Property income increased in all 50 states and the District of Columbia, growing 1.5% nationally, with Texas reporting the greatest percentage increase of 3%.
“Texas is America’s undisputed economic leader, outpacing the nation in economic expansion and job growth,” Gov. Greg Abbott said. “Innovation and a strong work ethic are deeply rooted in Texas, where new ideas flourish. That is why Texas continues to attract business investments across diverse industries and in our strong and growing workforce. As we begin the new year, we remain focused on turning bold ideas into reality to further expand pathways to prosperity for all Texans and build an even brighter Texas of tomorrow.”
The data is consistent with Texas leading in job growth in November, again adding more jobs over the last 12 months than any state. Texas also continues to break its own economic records every month, reporting the greatest number of total jobs, the greatest number of Texans working, and the largest Texas labor force in state history.