Texas Leads in GDP Growth: Interview with Governor Abbott
Site Selection speaks with Gov. Abbott about Texas’ recent success.
Texas led the nation in GDP growth during the first quarter of 2017 at 3.9 percent. The Lone Star State also had the largest gain in nonfarm payroll employment in June with an increase of more than 319,000 jobs.
Governor Abbott anticipates a coming boon to the oil and gas sector in Texas with the increasing exportation of oil and natural gas, as well as the continued diversification of the state’s industry expertise with significant clusters in aerospace, automotive, IT, data centers and advanced manufacturing. Major investments from Charles Schwab, McKesson and Merck in addition to developments at the new University of Texas Dell Medical Center and the Texas Medical Center—the largest medical center in the world—are driving growth in the healthcare and finance sectors as well.
Following the recent legislative session, Texas maintains “the same robust resources that we’ve had in the past,” according to Governor Abbott, with the Texas Enterprise Fund (TEF) and Governor’s University Research Initiative (GURI) both fully funded.