Obscure and Outdated - Texas GDP grew 5.7% in 2023
Texas’ Gross Domestic Product grew 5.7% in 2023
“Texas is the eighth largest economy in the world behind the U.S. as a whole, China, Japan, Germany, India, the U.K., and France, in that order.”
“State leaders tout this fact as an example of Texas’ economic prowess — which it certainly is. The state is booming in business and population growth, and despite the very real drawbacks that few seem to acknowledge, it brings with it lots of wealth. And with that wealth, Texas is primed to move up on the global scale.”
“In 2023, the state’s gross domestic product grew by 5.7 percent to France’s 2.77 percent. It’s assuming a lot as growth is rarely linear, but rather than make up potential numbers I’ll use these as a basis.”
“At that rate, Texas will overtake France in five years to become the seventh-largest economy. The next on the list is the U.K., which Texas would pass at this rate in year seven.”
“The Texas economy is booming, and until that stops, there’s one place to go on the global economic hierarchy: up.”
Our Take
The time to take Texas seriously is long past. If the current GDP growth rate continues, Texas will surpass France and become the world’s 7th largest economy within 5 years.
As the Texas economy continues to thrive, we focus on developing townhome communities for new residents of the Lone Star State. When you're ready to explore the Texas miracle, let's have a conversation.
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Source: "Fourth Reading | The Texan", May 7, 2024