Greg Abbott has good news for Texans


Texas Governor Greg Abbott dubbed his state “the undisputed economic leader of America” after it registered nearly 8 percent economic growth in the third quarter of 2023, higher than the national expansion of about 5 percent.

“New year, new milestones for the mighty Texas economy!” Abbott said on X, formerly Twitter, before alluding to the latest economic data from the Commerce Department that showed gross domestic product (GDP) grew by 7.7 percent in Texas in the summer.

“Texas is the undisputed economic leader of America,” Abbott added.

New year, new milestones for the mighty Texas economy!

Real GDP for Q3 2023 in Texas grew at an annual rate of 7.7%, well ahead of the national rate of 4.9%.

Texas is the undisputed economic leader of America.

Read more here: https://t.co/ikzvONvcGQ pic.twitter.com/DJQdzzA4q2

— Gov. Greg Abbott (@GovAbbott) January 3, 2024

Newsweek contacted Abbott’s office for comment on Thursday afternoon via email.

Texas’ growth during the third quarter was part of a better-than-expected economic expansion in the U.S., as Americans spent billions going to concerts, visiting movie theaters and eating dinners at restaurants, sparking the nation’s economy.

All states in the U.S. saw their local economies expand, according to data from the Commerce Department’s Bureau of Economic Analysis.

“Real [GDP] increased in all 50 states and the District of Columbia in the third quarter of 2023, with the percent change ranging from 9.7 percent in Kansas to 0.7 percent in Arkansas,” the bureau said in December.

The Austin City Limits Music Festival at Zilker Park is pictured on October 14, 2023, in Austin, Texas. The state’s economy has shown strong signs of growth.
RICK KERN/GETTY IMAGES

On the jobs front, Texas saw one of the largest decreases in initial claims for unemployment, a signal that residents of the state are able to find jobs, according to figures from the Department of Labor released on Thursday.

Abbott lauded his state’s labor market, where the unemployment rate has held steady at a little more than 4 percent over the last six months, slightly above the national rate, which stood at 3.7 percent in November.

The state generated the largest increase in jobs for November in the country, according to the Bureau of Labor Statistics, adding more than 400,000, a 3 percent jump.

In a statement, Abbott said Texas has reported 33 months of job growth, giving it the status of creating more jobs than any state in the nation.

“Texas dominates as America’s jobs engine, again adding more jobs over the last 12 months than any state in the nation,” Abbott said in December.

Industries that saw growth included business services, construction, private education and health services.

Abbott, in his comments on Wednesday, attributed Texas’ economic growth and job creation to what he called the state’s innovation and strong work ethic.

“That is why Texas continues to attract business investments across diverse industries and in our strong and growing workforce,” he said.

Uncommon Knowledge

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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.





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