Dear Texas Economic Development Stakeholders,

Happy New Year!

We're thrilled to start off 2023 with strong economic momentum and the prospect of even more success in the new year! The latest data from the U.S. Bureau of Economic Analysis shows that Texas experienced a whopping 8.2% increase in GDP in the third quarter of 2022—more than double the national average. Not to mention, Texas set a new employment high for the 13th consecutive month in November and saw the fastest annual jobs growth rate in the nation. And to top it all off, the U.S. Census Bureau’s latest estimates show that Texas ranked #1 in the country for population growth for the 16th year in a row, now with a population of more than 30 million.

In more good news, according to data tracked by our office, more than $44.7 billion in capital investment and more than 35,377 new jobs were announced across Texas in 2022. We look forward to building upon this success in the coming year by working closely with our economic development partners around the state.

We're also excited to share that Texas was recently featured in Business Facilities Magazine for our strength as a top location for the automotive and auto supply industry! Also, be sure to check out our profile in the Site Seekers Guide!

Please enjoy this issue of the January Texas Business Bulletin, including an outlook on Texas for 2023, an economic snapshot, recent project announcements, meetings and events, plus much more!

To all of our economic development partners, Texas communities, existing businesses and those new to the state, please be sure to visit our website, follow us on social media or reach out to a member of our team if we can be of any assistance.

Here’s wishing you all a very happy, healthy and prosperous 2023!

-Adriana Cruz, Executive Director
And the Texas Economic Development & Tourism Team

Unemployment Rate:?4% 

Jobs Added in November: 33,600

Job Recovery Rate: 148%

Workforce: 14.59 million

View the full economic snapshot ›

Hot off the Press

Our office develops in-depth reports, publications and maps highlighting the Lone Star State's best assets for business and targeted growth sectors. Check out these and other Reports & Publications?on our website.

Texas Energy Industry Snapshot

As the top energy producing state in the nation, oil and gas, wind and solar all play a starring role in the state's economy. Check out the new Texas Energy Industry Snapshot for more on this important sector!

Texas Foreign Trade Zone Map

Texas is now home to 34 total Foreign Trade Zones (FTZs)—that's more than any other state in the nation. Check out our updated Texas FTZ Map to see details of each location!

Looking Ahead for Texas: Q&A with Adriana Cruz

What do you see as Texas' top advantages making the state a premier business destination in 2023?

Texas is entering 2023 with great momentum—a strong economic foundation, a surging job market, plus unwavering business advantages that make our state the best place to do business in the nation. These advantages include a superior business climate, strategic location in the center of North America, easy access to domestic and international markets, a highly skilled, diverse and growing workforce, no corporate or personal income tax, robust infrastructure, lower business operating costs and a pro-business regulatory environment. This is coupled with an exceptional quality of life for employees and overall lower cost of living. Most importantly, businesses and people have the freedom to aspire in Texas, which will keep our state a top destination in 2023 and beyond!

Workforce continues to be a top consideration for companies in the site selection process. How do you see the Texas workforce playing a part in attracting companies to the state?

The mighty Texas workforce has proven to be a magnet for attracting diverse job-creating projects across the state. This is thanks to a highly skilled, diverse and growing talent pipeline found across all regions of Texas. More than 14.5 million industrious Texans make up the second-largest workforce in the nation. Not to mention, top talent is flocking to the Lone Star State. With a population of more than 30 million, Texas has consistently been the #1 state for population growth, and again this year the U.S. Census Bureau named Texas the top state for population growth in the country. The bottom line is—companies can find the workforce they need to prosper and grow here.

Texas also excels in cultivating innovative programs and partnerships in workforce development as we prepare the workforce of the future. For example, in December 2022, the University of Texas and Texas State University systems announced a partnership with Google, making Google Career Certificates available to tens of thousands of students interested in careers in data analytics, IT support, e-commerce, digital marketing and more.

Other workforce development opportunities announced last year include Angelina College's collaboration with Lockheed Martin to create a manufacturing skills training lab on their campus in Lufkin, Dallas College was awarded a U.S. Economic Development Administration grant to help increase access to living-wage jobs in biotechnology, and Austin Community College will expand its manufacturing incubator to help support students interested in Central Texas' growing advanced manufacturing sector, plus much more!

We can't go without mentioning the Texas Workforce Investment Council, one of the divisions in our office, and our partners at the Texas Workforce Commission, plus the other local and regional workforce development organizations across the state, which keep our Texas workforce the most sought after in the nation. We look forward to continuing to work closely with these groups in 2023.

What is your outlook on headquarter relocations to Texas in the coming year?

It's clear that Texas offers a compelling business environment where corporate operations can thrive. Looking at the historical data our office tracks, the Lone Star State saw an unprecedented spike in headquarter relocations during and immediately following the pandemic—our team tracked a total of 42 headquarter relocations in 2020 and a historic high of 80 in 2021. In 2022, our state continued to attract more relocations than before the pandemic with a total of 35. Not to mention, in 2022, Texas became the #1 state in the nation for Fortune 500 headquarters with a total of 54, including last year's headquarters relocation announcement from Caterpillar.

Our state's successful track record in this arena is thanks to several factors, one of the lowest business operating costs in the nation, the availability of a skilled workforce, a comparatively lower cost of living with an exceptional quality of life and state leadership that values a pro-business climate. I anticipate that Texas will continue to be a top state for corporate headquarter relocations and expanded corporate operations in the coming year.

What are some of the top industries to watch in 2023?

Thanks to a highly diverse economy, and a targeted effort to continue to strengthen our economy across the state, there are a number of industry sectors that we are watching for growth in 2023. We ended last year with the largest pipeline of active projects we've seen in decades. We've seen strong interest in semiconductor manufacturing, general manufacturing and energy. Based on those trends, and recent federal legislation along with a focus on "nearshoring," we should continue to see strong investment in those sectors as well as in the state's other targeted growth sectors: petroleum refining and chemical, IT, biotech and life sciences, corporate services, and aerospace, aviation and defense. Not to mention, we've seen strong interest in automotive manufacturing, food and beverage manufacturing and distribution, supply chain and logistics. 

Other emerging industries to watch in Texas include EV and battery manufacturing, cybersecurity and commercial space tourism. It's clear that the diversity of the Texas economy will continue to be an asset for our state into the future.

Texas' success in attracting the highest number of corporate expansions and relocations is thanks to a unique combination of competitive business advantages that no other state can claim. For more on these business advantages, visit our Why Texas webpages. Here are some of Texas' recently announced projects in regions across the state:

• Boingo Wireless in Frisco: Boingo Wireless will create a new office in Frisco, with plans for the location to become the company's corporate headquarters. The project is expected to create 247 new jobs and approximately $1.48 million in capital investment. A Texas Enterprise Fund grant of $517,400 has been extended to the company.
• OCI in Beaumont: Production for a new $1 billion OCI ammonia plant is scheduled for 2025 in Beaumont. 
• Beauty Manufacturing Solutions in Fort Worth: High-tech beauty product manufacturer Beauty Manufacturing Solutions Corp announced plans to expand operations into Fort Worth with a $150 million advanced manufacturing facility and 250 new jobs. 
• Dongjin Semichem in Killeen: Dongjin Semichem Texas Inc. will build a 91,000-square-foot plant in Killeen to provide processing chemicals for the Samsung facility in Taylor. The facility is expected to create $70 million in capital investment.
• Siemens in Carrollton: Siemens eMobility announced it will locate its second U.S. manufacturing hub for EV charging operations in Carrollton, creating 100 new jobs.

More recent announcements ›

Recent Meetings & Webinars

Texas & Finland Statement of Mutual Cooperation

In December 2022, Governor Greg Abbott, Secretary of State John Scott and EDT's Executive Director Adriana Cruz met with the Minister for Development and Foreign Trade Ville Skinnari and Ambassador Mikko Hautala from Finland to sign a Statement of Mutual Cooperation. The new agreement strengthens economic partnerships between Texas and Finland and creates expanded opportunities for business collaboration, job creation and innovation in the areas critical to our state and Finland. Read more on the Office of the Governor's website.

Governor's Small Business Webinar Series

Did you miss any of the Governor's Small Business Series Webinars in 2022? Watch all webinar playbacks on demand and download the webinar presentations from the Governor's Small Business Webinar Resource Library. Here's what you missed in December:

• Just the Facts! a Texas Small Business Credit Initiative Webinar
• What’s Hot, What’s Not: Marketing Tools for Small Business
• Take the STEP: A Guide to the State Trade Expansion Program

Be sure to check back on our events calendar as we announce event and webinar dates for 2023!

“It ain’t bragging if it's true!” Here are some of the recent accolades Texas has received:

• Texas’ GDP grew by a whopping 8.2% in Q3 2022—well above the national average. (U.S. Bureau of Economic Analysis)
• Two Texas cities made the list of happiest American cities, according to SmartAsset: Frisco (#5) and Plano (#6).
• According to the latest data from the U.S. Census Bureau, Texas is once again the #1 state for population growth in the country—now for the 16th year in a row—with a population of more than 30 million.
• Texas is the #1 Growth State in America according to U-Haul data that analyzed movement of one-way trucks in 2022.

Join Our Team!

We're hiring! Interested in working with the best state economic development team in the country and helping grow the state's economy? There are multiple positions for experienced professionals in Business & Community Development, Tourism and other divisions. Here's a select sampling of open positions:

• Existing Industry & International Specialist
• Research Specialist
• Marketing Specialist
• Communications Specialist

For more information on available positions, visit gov.texas.gov/employment.

Texas Announces New Workforce Skilling Partnership
The University of Texas and Texas State University systems announced that Google Career Certificates are now available to students across the systems with the potential to reach tens of thousands of students. Thanks to this innovative workforce development partnership, Texas will continue to prepare job-ready workers in data analytics, e-commerce, digital marketing, IT support and more.

National Readiness & Preparedness Network Adds
Texas Biomedical Research Institute
The Administration for Strategic Preparedness & Response, the federal agency that protects against pandemics and bioterrorism, has elevated Texas Biomedical Research Institute in San Antonio into the top ranks of its national readiness and preparedness network, which is fewer than 15 labs nationwide.

All-Star Game to Return to Texas in 2024
The Major League Baseball All-Star game will return to Texas in 2024! The Texas Rangers were awarded the All-Star Game, presented by Mastercard. The Rangers will host the Midsummer Classic at Globe Life Field in Arlington in what will be the ballpark's fifth season.

Click Here for more information.