Texas led all 50 states with 7% real GDP growth in the fourth quarter of 2022, according to a report released Friday by the U.S. Bureau of Economic Analysis. The Lone Star State far outpaced the nation as a whole, which grew at a rate of 2.6%.
Still, growth in real gross domestic product was widespread in the quarter across the country, increasing in 46 states and the District of Columbia, with the percent change ranging from Texas’ lofty 7% to a low of –4.3% in South Dakota.
Oregon came in No. 2 in real GDP growth for the quarter, at 5.6%, followed by Nevada at 5.3%.
Governor Abbott lauds Texas’ ‘record-smashing job creation’
Texas Governor Greg Abbott lauded the report.
““It’s no surprise that Texas continues to lead the nation, thanks to the hardworking men and women of this great state who have built the most dynamic economy in America,” Abbott said in a statement. “This astounding economic growth in Texas, reflected also in our state’s nation-leading and record-smashing job creation, is further proof that when given the freedom to succeed, businesses invest and people aspire. That is truly the secret to the Texas model. Together, we’re building an even greater Texas of tomorrow.”
Preliminary estimates also released Friday for all of 2022 show the Texas economy grew to an estimated $2.36 trillion in size—up from $2.1 trillion in 2021. That represents an estimated growth rate of 14.8%—again, faster growth than the nation as a whole.
Personal income jumps in Texas too
According to the report, personal income rose by 7.7% in Texas during Q4 2022, slightly higher than U.S. national income growth of 7.4%.
You can view the full Bureau of Economic Analysis report by going here.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
Want to map your innovation-to-market commercialization path or apply for federal money through the $4 billion America's Seed Fund program? Or maybe you're an entrepreneur seeking to validate your customer's needs. The Texas SBDC Technology Commercialization Center wants to help.
-
Don't miss your chance to get our biggest-ever Dallas Innovates magazine. Request a complimentary copy of the once-a-year limited edition now.
-
Find your passion and give with purpose to support our community.
-
In Fannin County east of Sherman and Denison, Texas's first new major reservoir in almost 30 years is slated to come online next spring. The nearly 17,000-acre Bois d'Arc Lake will be a source of much-needed water for the North Texas Municipal Water District, which serves Frisco, McKinney, Plano, Richardson and other areas of fast-growing northeast Dallas County. “But something just as precious has been created near the lake: a new forest with more than 6 million trees, designed over the last four years as a natural habitat to replace what the lake is swallowing up.
-
In this week’s roundup of hires, promotions, and accolades in North Texas, you’ll also find news from Exela Technologies, Newmark, OrangeGrid, RailPros, Aimbridge Hospitality, Integrity Marketing Group, Smoothie King, Bank of Texas, MD7, Salvation Army, and more. Plus, you'll find board appointments including Texas Mutual Insurance, Zimperium, and the Ebby Halliday Foundation.
