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.
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