Texas Economy Grows Faster Than Nation In 4th Quarter Of 2024

TEXAS, March 31 - March 31, 2025 | Austin, Texas | Press Release

Governor Greg Abbott today touted the strength of the expanding Texas economy as new data released by the U.S. Bureau of Economic Analysis shows the Texas economy growing at a faster rate than the nation as a whole. The state’s real gross domestic product (GDP) grew in the fourth quarter of 2024 at an annual rate of 3.5%, well ahead of the U.S. average of 2.4%.   

“Texas offers businesses the freedom to succeed and Texans the tools to prosper,” said Governor Abbott. “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.”  

Preliminary current dollar GDP estimates also released for the full year of 2024 show the Texas economy grew to an estimated $2.7 trillion in size — up from $2.6 trillion in 2023. GDP is the value of all goods and services produced.

On Friday, Governor Abbott celebrated Texas again leading all states for jobs added over the last 12 months based on February 2025 employment data. Texas also broke all previous records for total jobs, the number of Texans working, and the size of the Texas labor force.