March 31, 2022 Texas’ economic dominance continues, ranks No. 1 in U.S. in GDP growth
Monday, April 04, 2022
By: Texas EDC
Texas, the ninth largest economy in the world according to Gross Domestic Product (GDP), saw a 10.1% increase in the annual rate growth of real GDP in the last quarter of 2021 — compared to the national average of 6.9% — according to data from the Bureau of Economic Analysis released March 31.
GDP is a measure of the size and strength of an economy.
“Thanks to the hardworking people of Texas, the Lone Star State leads the nation with the largest increase in fourth quarter GDP,” said Gov. Greg Abbott. “This achievement is yet another testament to the prosperous economic climate we have cultivated by developing a highly skilled workforce, cutting red tape, and investing in our robust infrastructure.”
This increase in GDP for Texas is consistent with other economic indicators that prove Texas is the best state in the nation to do business, said Robert Allen, President and CEO of the Texas Economic Development Corporation, based in Austin.
“Texas has a long track record of economic strength and stability as well as a business-friendly climate, a large skilled workforce, low tax burden, the availability of affordable land, robust transportation network and deepwater seaports — and elected leadership that enthusiastically welcomes new, expanding and relocating businesses,” Allen said.
In addition to the GDP increase, Texas was the No. 1 exporting state in the nation for 2021 — for the 20th consecutive year, according to data released by BEA in February 2022. Texas’s exports exceeded the exports of the next largest states, California, New York and Louisiana combined.
Texas overtook Brazil to become the ninth largest economy in the world — if Texas were a country — according to 2019 GDP data from the International Monetary Fund. Texas sustained its position in the rankings of global economies by GDP through the pandemic.