The Texas economy grew at an annual rate of 3.5 percent in the fourth quarter of 2024, outpacing national growth of 2.4 percent, according to figures released by the Bureau of Economic Analysis (BEA). Governor Greg Abbott noted that this growth reflects the strength of the state’s worker-driven economy and entrepreneurial freedom.
Abbott noted that Texas continues to lead in job creation, business expansion and innovation in a variety of industries. Preliminary estimates from the BEA also indicate that Texas’ Gross Domestic Product (GDP) reached US$2.7 trillion in 2024, up from the $2.6 trillion recorded in 2023.
Governor Abbott celebrated the state’s leadership in job creation over the past 12 months, highlighting record numbers in total jobs, number of Texans working and size of the workforce.
“Texas gives businesses the freedom to succeed and Texans the tools to get ahead. It is hardworking Texans who drive our booming and growing economy. Year after year, we continue to lead the nation in job creation, business expansion and location projects, and innovation across diverse industries,” Abbott said.
GDP reflects the total value of goods and services produced in the state, and these results underscore Texas’ continued economic momentum against the national average.
