Summary: "Texas continues to lead the U.S. with the fastest economic expansion, according to new data released by the Bureau of Economic Analysis. As measured by Texas’ gross domestic product, the value of all goods and services it produces, the Texas economy expanded at an annual rate of 7% – nearly triple the national GDP rate of 2.6%"
Latest Update: Monday, 03 April, 2023
Texas leads U.S. with fastest economic expansion.
• Texas Leads Nation With Fastest Economic Expansion, Office of the Texas Governor, 31 March 2023
• Texas leads U.S. with fastest economic expansion, The Center Square, 31 March 2023, Excerpts.
Texas continues to lead the U.S. with the fastest economic expansion, according to new data released by the Bureau of Economic Analysis.
As measured by Texas’ gross domestic product, the value of all goods and services it produces, the Texas economy expanded at an annual rate of 7% – nearly triple the national GDP rate of 2.6%.
Preliminary current dollar GDP estimates for the entire year of 2022 show that Texas’ economy grew to an estimated $2.36 trillion in size – up from $2.1 trillion in 2021. This represents an estimated growth rate of 14.8%, also faster than the national rate.
The professional, scientific, and technical services industry increased in all 50 states and the District of Columbia, the BEA reported. Industry gains were the leading factor in 15 states’ GDP gains, it said.
Retail trade increased in all 50 states and the District of Columbia and was the leading contributor to the GDP increase reported in 10 states.
The mining industry increased in 49 states and was the leading contributor to states reporting the greatest percentage of GDP increases including Texas, West Virginia, New Mexico, Wyoming, and Oklahoma, the states with the first, fourth, fifth, sixth, and seventh-largest increases in real GDP, it said.
The agriculture, forestry, fishing, and hunting industry decreased in 20 states, contributing to GDP decreases in South Dakota, Nebraska and Iowa, the only states reporting decreases.