HOUSTON – Everything is bigger and better in Texas, and a recent study confirmed this about our state’s economy.
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A recent study by WalletHub says Texas had one of the best state economies in the country. Researchers looked at a variety of metrics as part of their report on 2024′s Best & Worst State Economies.
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The data ranged from GDP growth, unemployment rates, startup activity, and high-tech industry jobs.
Researchers’ findings led them to rank Texas as the 4th best state economy due to having the most experts per capita, second highest change in GDP, and 3rd when it comes to change in nonfarm payrolls.
Washington, Utah, and Massachusetts outranked the Lone Star State but it narrowly took the lead against California. How can state leaders maintain or help this economic trend improve? According to Dr. Robert Lowry, a political science professor at UT Dallas, wise investment strategies would be needed to enhance residents’ quality of life.
“State and local officials have relatively limited ability to affect local economies in the short run due to a combination of limited constitutional powers (no monetary or international trade policy), strict balanced budget rules, and their openness to the national economy,” Lowry told WalletHub. “In the middle to long run, I think their best strategy is to invest in infrastructure that supports economic development (e.g., transportation, education), as well as amenities that enhance quality of life and make local areas attractive places to live.”
To read the full report and how other states compared, click here.