Texas has recently been ranked as the 4th best state economy in the country, according to a recent study by WalletHub. The study analyzed various metrics to assess the economic performance of different states, and Texas stood out for its high levels of exports per capita, second-highest change in GDP, and third-highest change in nonfarm payrolls.
Researchers considered factors such as GDP growth, unemployment rates, startup activity, and high-tech industry jobs when making their rankings. While Texas was outranked by Washington, Utah, and Massachusetts, it narrowly surpassed California in the rankings.
State leaders are now tasked with maintaining and improving this economic trend. Dr. Robert Lowry, a political science professor at UT Dallas, emphasized the importance of wise investment strategies to enhance residents’ quality of life. He urged state and local officials to invest in infrastructure that supports economic development, such as transportation and education, as well as amenities that make local areas attractive places to live.
While short-term influence on the economy may be limited for state and local officials, long-term strategies can have a significant impact on improving economic outcomes. To see how other states compared in the study, you can read the full report here. Overall, Texas has proven itself to have one of the strongest state economies in the nation, but ongoing investment in key areas will be essential to sustaining this success in the future.
