Governor Greg Abbott released his 2024 Report to the People of Texas reviewing everything accomplished in 2023 and sharing his vision for the year ahead.
Included in the report were several economic development tools established in the 88th Legislative Session and finalized in many cases by voter approval including: $1.5 billion for the Broadband Infrastructure Fund, $1 billion for the New Water Supply for Texas Fund, and $1 billion to enable Texas Parks and Wildlife Department to buy land from the Centennial Park Fund.
Also during the 88th $1.36 billion was provided “through the Texas CHIPS Act to leverage Texas’ investments in the semiconductor industry, encourage semiconductor-related companies to expand in the state, further develop the expertise and capacity at Texas higher education institutions, and develop a strategic plan to maintain the state’s position as the nation’s leader in semiconductor manufacturing.” Additionally $350 million will help to create the Texas Space Institute and allow the institute through the Texas Space Commission to administer $150 million to further research and invest in Texas’ space economy.
The report also includes details on the Texas Enterprise Fund (TEF), noting in fiscal years 2022-23 with $83.7 million in awards, the TEF “helped to attract” nearly $20.2 billion in new capital investments and nearly 9,500 new direct jobs, plus thousands more indirect jobs. TEF has been fully funded for fiscal years 2023-24.
About the report: This is the Governor’s fifth Report to the People since taking office in 2015. The Report features updates on the Governor’s initiatives and budget priorities including an overview of the bills that passed during the 88th legislative session such as the property tax cuts and the budget. Additionally, the report overviews Texas’ economic status as it has the 8th largest economy in the world, leads in jobs, has been deemed the best state for business 19 years in a row, among other things. The report also overviews the investments provided by the Texas Enterprise Fund and its expected return-on-investment. Additionally, the report overviews the historic investments in border security, related legislation that has passed, and the work of Operation Lone Star. News and events that occurred across the state round out the report, followed by the First Lady’s report to the people of Texas.