Important announcements, resources, events & recent news.



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The Governor's Texas Business Bulletin, Economic Development and Tourism

Dear Texas Economic Development Stakeholders,

Happy New Year! We're excited to start off 2024 with great news for Texas! Bookending an outstanding year in economic development, Texas has secured the 2023 State of the Year [ [link removed] ] title from Business Facilities magazine! Plus, the latest economic data shows that Texas GDP continues to grow faster than the nation as a whole [ [link removed] ]. Building on our impressive track record, we look forward to the year ahead and are optimistic for continued success for Texas and the people of this great state!

In the January issue of the Texas Business Bulletin, you'll find my 2024 outlook for economic development in Texas, "hot off the press" publications, recent and upcoming events, as well as project announcements across the state. 

As always, please be sure to visit our website [ [link removed] ], follow us on social media or reach out to a member of our team [ [link removed] ] if we can be of any assistance!

Best wishes for a wonderful 2024, filled with growth and prosperity!

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"-Adriana Cruz, Executive Director, Texas Economic Development & Tourism"

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*Unemployment Rate: *4.1%

*Workforce:* 15.1 million+

*U.S. Rank in Annual Job Growth: *#1

See full economic snapshot › [ [link removed] ]

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*Looking Ahead: The Texas of Tomorrow*

"*Q&A with Executive Director Adriana Cruz*"

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*Q: What are some of Texas’ top successes in 2023 that will be the biggest benefit to businesses in the coming year?*

A: Now the eighth-largest economy in the world, with a GDP valued at $2.4 trillion, our state’s recent successes prove that businesses and talent can take advantage of boundless economic opportunity in Texas.

Not to mention, the Texas economy once again grew faster than the nation as a whole for the fifth quarter in a row during Q3 2023. This is according to the latest data from the U.S. Bureau of Economic Analysis [ [link removed] ] showing that Texas GDP grew at a rate of 7.7%. And we expect our state’s economy will reach even greater heights in 2024!

Texas also set new records for total jobs, Texans working and labor force throughout 2023. Now with the largest labor force ever in our state’s history—more than 15.1 million strong—Texas will offer companies an even deeper talent pool across the entire state.

This is in combination with our three #1 best business climate rankings last year, plus our recent 2023 State of the Year [ [link removed] ] title from Business Facilities magazine! These accolades are thanks to our state’s unique competitive business advantages, including no state or personal income tax, lower operating costs, a reasonable regulatory environment, easy access to global markets, robust infrastructure networks and our young, growing, highly skilled and diverse workforce.

It's clear that Texas offers the foundation for businesses not only to grow, but to thrive. We look forward to even greater prosperity for all businesses and residents of Texas as we build the Texas of tomorrow. Because when businesses succeed, all Texans succeed!

*Q: How does EDT plan to continue to promote the “Made in Texas” brand in 2024?*

A: “Made in Texas” has never been a more powerful global brand. It’s a symbol of the sheer strength of the Texas economy, the pride of our craftmanship and the power of our manufacturing sector. From advanced manufacturing to aerospace and aviation and from biotechnology to semiconductors and more, Texas is truly a manufacturing mecca.

As we look ahead to the new year, we will build upon Texas’ many successes in 2023 as we continue to promote our economic expansion, competitive business advantages and diversified industrial base. Last year, we saw large job-creating and high-value projects announced across the state—such as Graphic Packaging International’s new $1 billion facility in Waco, X-FAB’s expanded semiconductor fab in Lubbock, JCB’s new construction equipment manufacturing plant in San Antonio and much more [ [link removed] ].

In 2024, EDT is planning numerous trade and investment promotion activities, including participation at industry leading trade shows across the globe. Also, we will continue to work closely with our partners at the Texas Economic Development Corporation to plan domestic and international business development missions. We are also working to stand up the Made in Texas labeling program, which was established during the 88th Legislative Session to help identify and promote products made in the Lone Star State. Stay tuned for more information and visit our website at gov.texas.gov/business [ [link removed] ] as we announce additional details.

Texas is where today’s products are made and where tomorrow’s technologies are brought to life. We look to continue to collaborate with industry partners, corporate leaders and economic development organizations across the state to promote Texas as the best place to create, innovate and manufacture leading edge products.

*Q: What new economic development initiatives, programs and changes should we expect to see in the coming year?*

A: Thanks to a robust economic development agenda during the 88th Legislative Session, there are many new programs in development. This includes new and ongoing investments in infrastructure, education and workforce, in addition to new economic development incentive tools.

The Texas Jobs, Energy, Technology and Innovation (JETI) Act [ [link removed] ] was created as a new competitive economic incentive program to attract large-scale economic development projects, bringing new capital investment and creating new, good-paying jobs in Texas communities. This program, administered through the Texas Comptroller of Public Accounts, is poised to begin accepting applications in January 2024.

Also passed this legislative session, the Texas CHIPS Act [ [link removed] ] takes advantage of opportunities through the federal CHIPS and Science Act by creating the Texas Semiconductor Innovation Consortium (TSIC) and Texas Semiconductor Innovation Fund (TSIF). These programs were established 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 maintain the state’s position as the nation’s leader in semiconductor manufacturing. The TSIC and the TSIF will be administered by the Texas CHIPS Office, a newly formed division within the Texas Economic Development & Tourism (EDT) Office, in the Office of the Governor.

Other new programs include the Texas Space Commission and the Texas Aerospace Research & Space Economy Consortium, the Texas Small & Rural Community Success Fund Program, specialty business courts and more.

These strategic economic development investments show that Texas is focused on maintaining our competitive advantages and ensuring we remain the premier destination for businesses large and small.



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Hot off the Press

Our office develops in-depth reports, publications, infographics and maps highlighting the Lone Star State's best assets for business and targeted growth sectors. Check out more Reports & Publications [ [link removed] ] on our website.

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*Texas Business Licenses & Permits Guide [ [link removed] ]**
*The new 2024-2025 Texas Business Licenses & Permits Guide offers a comprehensive listing of permits needed to operate in Texas for more than 300 business types, listed by industry.


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*Texas State Profile - 2024 Site Seeker's Guide [ [link removed] ]
*The Texas State Profile in the 2024 Site Seeker’s Guide from Business Facilities Magazine offers fast facts on doing business in the Lone Star State.*
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EDT's Community Relations Representative for East Texas Betty Russo attended the groundbreaking for Drake Plastics' new facility in Cypress.

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Texas' success in attracting the most corporate expansion and relocation projects in the U.S. 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 [ [link removed] ] webpages. Here are some recently announced projects in regions across the state:


* Drake Plastics in Cypress [ [link removed] ]: Drake Plastics held the groundbreaking of its new $26 million, 140,000-square-foot campus in Cypress, which will serve as the company's headquarters.
* Waaree Energies in Brookshire [ [link removed] ]: Indian solar product maker Waaree Energies Ltd intends to build a 3-gigawat PV module factory in Texas with an investment expected to be up to $1 billion over the next four years.
* Cedar Park [ [link removed] ]: Four global companies have announced expansions into the Cedar Park area, including PD Labs' headquarters office, Compedia's new facility, Plug and Play's new satellite location and Hanyang ENG USA Inc.'s new facility, which will bring a combined total of 298 new jobs and $5.3 million in capital investment.
* Nike in Texas [ [link removed] ]: Nike has announced plans to expand its operations with the construction of a state-of-the-art manufacturing facility in Texas. The state’s favorable business environment, skilled workforce and strategic geographical position were key considerations for the company.
* SpaceX in Boca Chica [ [link removed] ]: SpaceX is expanding its facilities in Boca Chica with plans to ramp up launch cadence and will soon build a rocket manufacturing factory called Starfactory.

More recent announcements › [ [link removed] ]

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


* Texas was named the *2023 State of the Year* by Business Facilities magazine [ [link removed] ].
* U-Haul [ [link removed] ] migration trends show that Texas was the *#1 state for one-way movers in 2023*, marking the third consecutive year Texas has held the top spot.
* Four Texas metropolitan statistical areas ranked among the top in the country as the *best performing for middle- and working-class households* (Ludwig Institute for Shared Economic Prosperit [ [link removed] ]y).
* Six Texas universities made the list of TIME’s [ [link removed] ] *Best Colleges for Future Leaders*.
* Six Texas counties ranked among the best nationwide for *talent and economic performance* with the highest inbound migration in 2023 (Lightcast [ [link removed] ]). 

Download the latest *Top Texas Touts* [ [link removed] ] to your phone for talking points you can take on-the-go—everything from economic expansion, job creation, workforce, industry, infrastructure, education and more. 

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Recent Meetings & Events

*Meeting with Olivier Becht & French Delegation*

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In December 2023, Governor Greg Abbott, Secretary of State Jane Nelson and EDT's International Business & Industry Team Lead Shirley Temple met with Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht, Consul General Valérie Baraban and Ministry staff from France. The meeting finalized a Statement of Mutual Cooperation between Texas and the French Ministry of Foreign Trade to help promote energy, aerospace, healthcare, semiconductors and other shared industries.

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*Texas Association of Business Policy Conference*

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EDT Executive Director Adriana Cruz participated in the Texas Association of Business Policy Conference in December. Adriana spoke on a panel regarding the importance of semiconductors to the economic development landscape in Texas and the new Jobs, Energy, Technology & Innovation (JETI) Act, known as House Bill 5, passed during the 88th Legislative Session.

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*SelectUSA Conference Canada*

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In December, the EDT team traveled to Canada to attend the SelectUSA Conference and promote Texas’ competitive business advantages to international companies. "*Did you know?*" Canada is one of Texas' top trade and investment partners. Canadian firms have announced $7.4 billion in capital investment in Texas over the last decade. More here: [link removed] [ [link removed] ]

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*Governor's Small Business Summit — Houston*

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The sold-out Governor's Small Business Summit — Houston took place December 7, connecting more than 200 women entrepreneurs in the region with resources to start, grow and sustain their businesses. The event, hosted in partnership with the Governor's Commission for Women and the Greater Houston Women's Chamber of Commerce, also featured expert panel sessions in workforce recruitment and retention, social media marketing, access to finance and funding and more. The Beacon State Fund Pitch Competition awarded a local woman-owned business, eco-friendly sneaker company DrinKicks, with a $10,000 grant. See more photos from the event [ [link removed] ].

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*Governor's Small Business Webinar Series: Challenges that Businesses Face*

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In case you missed the final Governor's Small Business Webinar of the year, "Challenges that Businesses Face", you can watch the recording on demand and find the presentation slides and a transcript in the Governor's Small Business Webinar Resource Library [ [link removed] ]. Hear from a panel of experts on some of the most common business challenges from 2023, and learn about strategies to overcome those challenges in 2024.

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Join Our Team!
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Interested in working with the best state economic development team in the country and helping grow the Lone Star State's economy? Come join our team! There are multiple positions for experienced professionals in Business & Community Development (BCD), Economic Development Finance (EDF), the Texas Film Commission (TFC) and other divisions. Here's a select sampling of open positions:


* Marketing & Communications Specialist (BCD) [ [link removed] ]
* Research Specialist (BCD) [ [link removed] ]
* Projects Development Program Manager (BCD) [ [link removed] ]
* Senior Financial Analyst (EDF) [ [link removed] ]
* Production Specialist (TFC) [ [link removed] ]
* Executive Director (Texas CHIPS Office) [ [link removed] ]

For more information on available positions, visit gov.texas.gov/employment [ [link removed] ].

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*Texas Tech University Awarded U.S. DOE Grant [ [link removed] ]*
Texas Tech University professors were awarded more than $3 million from the U.S. Department of Energy to develop a photoconductive semiconductor switching device. The DOE announced the Texas Tech team as one of 15 research groups across the country to receive funding as part of a commitment to improve America's power grid.


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*NASA Technology Tested at Johnson Space Center [ [link removed] ]
*New technology from NASA, a humanoid robot named Valkyrie, is being tested at the Johnson Space Center in Houston. NASA is also partnering with robotics companies like Austin-based Apptronik to learn how humanoid robots developed for terrestrial purposes could benefit future humanoid robots destined for space.


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The Texas Economic Development & Tourism Office markets Texas as
one of the world's premier business locations and travel destinations.
For more information on doing business in Texas, visit us online at gov.texas.gov/business [ [link removed] ].



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