Texas' Booming Economy Is Far Outpacing the US as a Whole
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The Texas economy recorded its 36th successive month of growth in March, with a record of 14,115,700 nonfarm jobs and a total of 14,590,800 people working in Texas. The state's economy is performing substantially better than the US economy as a whole. In March, jobs were created in sectors such as leisure and hospitality, mining and logging, and other services. Unemployment in Texas remained stable at 3.9 percent. Between March 2023 and March 2024, nonfarm employment in Texas increased by 270,700, a 2 percent annual increase. In the fourth quarter of 2023, the Texan economy grew by 5 percent in real GDP terms, one of the fastest growth rates in the country. Governor Abbott attributes the success to the state's workforce, business climate, and investments in education, workforce development, and infrastructure.
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