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Governor Greg Abbott right this moment launched a press release lauding the energy of the Texas financial system as new knowledge launched by the Bureau of Economic Analysis reveals Texas main the nation with the quickest financial enlargement within the fourth quarter of 2022. As measured by the state’s gross home product (GDP), the worth of all items and companies produced, the Texas financial system expanded at an annual charge of seven%. That is the quickest progress in actual GDP amongst all the states and nicely forward of the nation as a complete, which grew at 2.6%.
“It’s no shock that Texas continues to steer the nation, because of the hardworking women and men of this nice state who’ve constructed probably the most dynamic financial system in America,” mentioned Governor Abbott. “This astounding financial progress in Texas, mirrored additionally in our state’s nation-leading and record-smashing job creation, is additional proof that when given the liberty to succeed, companies make investments and folks aspire. That’s really the key to the Texas mannequin. Collectively, we’re constructing a fair better Texas of tomorrow.”
Preliminary present greenback GDP estimates additionally launched right this moment for the total 12 months of 2022 present the Texas financial system grew to an estimated $2.36 trillion in dimension—up from $2.1 trillion in 2021. This represents an estimated progress charge of 14.8%, sooner progress than the nation as a complete.
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