Abbott Announces Texas 4th Quarter Economic Statistics for 2024
Governor Abbott announced that new data released by the U.S. Bureau of Economic Analysis shows the Texas economy growing at a faster rate than the nation as a whole. The state’s real gross domestic product (GDP) grew in the fourth quarter of 2024 at an annual rate of 3.5%, well ahead of the U.S. average of 2.4%.
Preliminary current dollar GDP estimates also released for the full year of 2024 show the Texas economy grew to an estimated $2.7 trillion in size — up from $2.6 trillion in 2023. GDP is the value of all goods and services produced.
The full press release can be found here.
Texas Workforce Commission February Data
February employment data released by the U.S. Bureau of Labor Statistics and the Texas Workforce Commission shows:
- Texas reached a new high with the largest labor force ever in the state’s history at 15,770,300.
- Texas reached a new high for Texans working, including self-employed, at 15,126,900.
- Texas reached a new high for total nonfarm jobs at 14,254,200 after adding 20,100 jobs in February.
- Texas added 182,300 nonfarm jobs from February 2024 to February 2025, the most in the nation.
The full press release from the Texas Workforce Commission can be found here. The State Employment and Unemployment Summary can be found here.
More information can be found on the Texas Workforce Commission Website.
Comptroller Announces $44.8 Million Payment from Opioid Abatement Trust Fund
Texas Comptroller Glenn Hegar announced he is making another payment to political subdivisions from the Opioid Abatement Trust Fund as part of his work as chairman of the Texas Treasury Safekeeping Trust Company.
This transfer of $44.8 million will be the third disbursement of opioid settlement proceeds to political subdivisions to address opioid-related harms in their communities. The initial transfer in March 2023 was $47.1 million, followed by $9.2 million in April 2024. The specific amounts received by individual subdivisions are regularly updated on the Comptroller’s website.
The full press release can be found here.
Texas LMI Releases Short-term Employment Projections
Short-term Employment Projections for Texas have been updated to show employment estimates for 2024-2026. These short-term projections can be viewed by checking the option to Display Statewide Projections 2024-2026 in the Projections category of TexasLMI.com. Short- and long-term statewide projections can also be found at ProjectionsCentral.org.
Comptroller Announces State Sales Tax Revenue Totaled $3.7 Billion in March
Comptroller Glenn Hegar announced state sales tax revenue totaled $3.68 billion in March, 2.7 percent less than in March 2024. The majority of March sales tax revenue is based on sales made in February and remitted to the agency in March.
Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes — $541 million, up 35 percent from March 2024;
- motor fuel taxes — $293 million, down 3 percent from March 2024;
- oil production tax — $425 million, down 10 percent from March 2024;
- natural gas production tax — $288 million, up 36 percent from March 2024;
- hotel occupancy tax — $58 million, down 8 percent from March 2024; and
- alcoholic beverage taxes — $138 million, down 1 percent from March 2024.
The full press release can be found here.
