Dear Texas Economic Development Stakeholders,
The Texas economy is booming! According to the latest data from the U.S. Bureau of Economic Analysis, over the past two quarters, Texas saw economic growth of 5.9%—the highest growth rate among the large states in the country, and higher than the national average. In June, Texas was awarded its 9th Gold Shovel Award from Business Development Magazine, recognizing states for their ability to attract high-value-added investment projects expected to create a significant number of new jobs. In addition, Tesla’s new Texas Gigafactory was named project of the year and many other Texas projects received honorable mentions. These awards are a testament to our state’s resiliency and proves that we remain the best state for business in the nation.
In this newsletter, you will find more information on the Texas economy, an overview of Texas’ growing electric vehicle industry, an update on the 87th Legislative Session and much more. Be sure to visit our website and follow us on social media to receive the most up-to-date information and announcements from our office.
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Texas Economic Snapshot: May 2021
Unemployment Rate: 6.5%
Workforce: 14 million
Leisure & Hospitality: 14,200 jobs added
Professional & Business Services: 13,800 jobs added
Manufacturing: 3,200 jobs added