Texas Economy Expands Faster Than Nation
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~ In a recent report released by the Bureau of Economic Analysis (BEA), it was revealed that the Texas economy has expanded at a much faster rate than the national average in 2023. Governor Greg Abbott expressed his delight at this news, stating that the state's economy grew at an annual rate of 7.4%, while the nation only saw a 2.9% increase in real gross domestic product (GDP) from 2022 to 2023.

Governor Abbott credited this growth to Texas' "Best Business Climate" and its strong workforce, stating that the state offers endless opportunities for innovation and rewards hard work. He also highlighted Texas' position as the eighth-largest economy in the world, which he believes is a major factor in attracting more people and businesses to call Texas home.

The BEA data also showed that the size of the Texas economy has reached $2.6 trillion in 2023, up from $2.4 trillion in 2022. This further solidifies Texas' position as a major economic powerhouse.

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During a fireside chat at the South Texas Alliance of Cities quarterly meeting in McAllen, Governor Abbott championed Texas' success in attracting job-creating economic development projects across the state and specifically in the Rio Grande Valley. He also celebrated Texas' status as the nation's jobs leader, with August employment data showing a significant surge in jobs within the state.

According to Governor Abbott, these achievements are a result of continued investments in workforce training, innovation, education, and infrastructure. He believes that these efforts will lead to an even bigger and better Texas for years to come.

With record-breaking numbers for total jobs, employed Texans, and size of labor force, it is clear that Texas is on track for continued economic success under Governor Abbott's leadership. The state's strong business climate and commitment to growth make it an attractive destination for both individuals and companies looking to thrive.

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