TxEDC Interim CEO, Michael Chrobak, Touts Texas
Texans are hardly averse to bragging about Texas. Perhaps that’s why “everything is bigger in Texas,” as they say.
Well, here at the Texas Economic Development Corporation (TxEDC) we certainly aren’t shy when it comes to bragging about the strength of our economy. That’s our job, after all. But sometimes people in Texas — as well as people around the U.S. and the world — need a reminder of just how outstanding the Lone Star State is from an economic standpoint.
Here are just three examples of the impressive economic stature of Texas:
- Since July 2022, Texas has added 441,700 jobs. Among all the states, that puts Texas at No. 1 for job growth from July 2022 to July 2023. “Texas again outpaces the nation in annual jobs growth thanks to strong business investments and the best workforce in America,” says Gov. Greg Abbott.
- The Texas economy has grown to $2.36 trillion, based on preliminary GDP estimates for 2022. That means we’re the eighth-largest economy compared with the nations of the world — larger than Canada and Russia, for instance.
- Thanks in large part to our robust transportation and infrastructure network, Texas accounts for 23% of all U.S. exports. We’ve ranked as the top state for exports for 21 consecutive years. The total value of Texas exports climbed to $485.6 billion last year, up 29% from 2021.
In July, TxEDC and the Governor’s Office of Economic Development and Tourism organized a successful business development mission to Germany, the United Kingdom and France. First Lady Cecilia Abbott and Secretary of State Jane Nelson led the mission. Among others, they were joined by TxEDC Board of Directors Vice Chair Arun Agarwal who is also CEO of Nextt.
The Texas delegation participated in a total of 20 meetings and events during the five-day mission.
Did you know, in the last decade:
- German companies have invested $9.4 billion in 141 projects in Texas, creating more than 11,900 jobs;
- Companies from the United Kingdom have invested $5.6 billion in 337 projects in Texas, creating more than 15,100 jobs; and
- French companies have invested $5.7 billion in 83 projects in Texas, creating more than 7,000 jobs.
Aside from boosting Texas’ relationship with the three European countries, the mission yielded a “Joint Statement of Intent” between our state and France. The statement declares the willingness “to encourage collaboration, increase prosperity in both regions and contribute to the further development of favorable relations between Texas and France.”
The strong ties between Texas and France cannot be overstated. In 2022, France ranked 12th among Texas’ export destinations, with exports totaling nearly $11.5 billion. Texas exports make up 25% of all U.S. exports to France, with crude petroleum, gas turbines and petroleum gas leading the way.
Now, it’s one thing for us to tout Texas’ status as an economic powerhouse;. it’s another thing when third parties toot our horn. For example:
- CEOs have named Texas the Best State for Business for 19 consecutive years in an annual survey conducted by Chief Executive Magazine.
- Business Facilities magazine has once again honored Texas as the state with the Best Business Climate.
- For the 11th year in a row, Site Selection Magazine has awarded Texas the Governor’s Cup, recognizing the nation’s top-performing state for job-creating business relocations and expansions.
- And Texas has attracted 284 corporate headquarters since 2015.
These accolades — and many others — reinforce Texas’ standing as an ideal place to do business.
So, what’s the secret? The unmatched business advantages found only in Texas: a business-friendly climate — with no corporate or personal income tax — along with our young, skilled, diverse and growing workforce, easy access to global markets, robust infrastructure and reasonable regulatory environment.
We’ve earned these bragging rights and more, and we look forward to bragging about the mighty Texas economy for years to come.