Texas Economic Snapshot
Texas continues to be a global economic force and remains one of the strongest and most diverse economies in the nation. Below is a snapshot of the state's economic status:
- The Texas unemployment rate is 4.2%. (Texas Workforce Commission, December)
- Texas added 37,500 nonfarm jobs over the month of December. (Texas Workforce Commission)
- Texas was the #1 jobs creator in 2024. Texas led the nation for jobs added over the last 12 months, adding 284,200 nonfarm jobs from December 2023 to December 2024. (U.S. Bureau of Labor Statistics)
- Texas reached a new historic high with the largest labor force ever in the state’s history at 15,575,900. (U.S. Bureau of Labor Statistics, December)
- Texas reached a new historic high for Texans working, including self-employed, at 14,922,200. (U.S. Bureau of Labor Statistics, December)
- In January, there were 34 new project locations announced in areas across Texas by various news sources. The projects are expected to create $1.24 billion in capital investment and 1,492 new jobs. (EDT Research)
- State sales tax revenue for January totaled $4.3 billion, 6.8% higher than the same month last year. (Texas Comptroller of Public Accounts)
- In December, Texas exports totaled $37.25 billion. (USA Trade)
- The Texas economy grew at a rate of 4.2% in Q3 2024, growing faster than the nation as a whole (U.S. Bureau of Economic Analysis)
- The Texas economy is the eighth-largest when compared to nations of the world and is now valued at $2.6 trillion, based on GDP for 2023 (up from $2.4 trillion in 2022). (Bureau of Economic Analysis)