News
Dear Texas Economic Development Stakeholders,
Texas has done it once again! In June, Business Facilities named the Lone Star State the Best Business Climate in the nation for the second year in a row, and our state and metros received top rankings in other categories in the 2024 State & Metro Rankings Report. It's clear that Texas is truly bigger and better for business! See the full state and metro rankings here.
In other good news, Texas continues to lead the nation in job creation over the last 12 months. We have also reached a new all-time high for Texans working and size of the Texas labor force—now at more than 15.3 million strong.
In this issue of the Texas Business Bulletin, you'll find an update from the recent Texas-Asia Business Development Mission to Taiwan, South Korea and Japan, new resources and publications, our economic snapshot, recent meetings and upcoming events, as well as project announcements across the state.
As always, please be sure to visit our website, follow us on social media or reach out to a member of our team if we can be of any assistance!
-Adriana Cruz, Executive Director, Texas Economic Development & Tourism
Texas Economic Snapshot
Texas continues to lead the nation in an economic resurgence 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%. (Texas Workforce Commission, June)
Texas added the most jobs in the nation over the last 12 months, adding 267,400 jobs from June 2023 to June 2024. (Texas Workforce Commission)
Texas reached a new historic high with the largest labor force ever in the state’s history at a record 15,311,500. (U.S. Bureau of Labor Statistics, June)
Texas reached a new historic high for Texans working, including self-employed, at 14,694,500. (U.S. Bureau of Labor Statistics, June)
In June, there were 34 new project locations announced in areas across Texas by various news sources. The projects are expected to create more than $2 billion in capital investment and more than 1,570 new jobs. (EDT Research)
State sales tax revenue for June totaled $3.9 billion, .4% higher than the same month last year. (Texas Comptroller of Public Accounts)
In May, Texas exports totaled $38.6 billion. (USA Trade)
The Texas economy again grew faster than the nation as a whole for the seventh quarter in a row, growing at a rate of 2.5% during the first quarter of 2024. (Bureau of Economic Analysis)
The Texas economy is officially the 8th largest economy in the world, valued at more than $2.4 trillion. (IMF GDP 2022)