During a pro-school voucher tour stop in San Antonio this spring, Gov. Greg Abbott proudly touted the dominant position of the state’s economy, saying “in Texas, if you seek to be anything other than No. 1, then you are not a Texan.”
Although the Texas economy grew a whopping 7% during the fourth quarter of 2022, a new study from financial site WalletHub found it’s not at the top of the list like Abbott claimed — or even in the Top 5.
The Texas economy ranks ninth in the nation, following behind Democratic strongholds California, Colorado and Washington state, the latter of which topped the list. Indeed, seven of the top 10 state economies — at least according to WalletHub — are led by Democrat governors. To determine which states had the best economies, WalletHub compared the 50 states and the District of Columbia across 28 key indicators, including changes in GDP, start-up activity and innovation, among others.
Texas ranked No. 10 for overall economic activity and came in sixth for economic health — far better than California, which came in at an abysmal 42nd when it came to economic health.
However, one key factor that diminished Texas’ overall ranking is its innovation potential, which came in at No. 23.
“The best economic environment for quality growth is one that is rich in workforce talent obtained by training, retaining, and attracting productive workers who have diverse and dynamic skill sets,” Dennis L. Hoffman, a professor of economics at Arizona State University, said in the WalletHub report. “Investments in education and amenities that attract and retain quality workers are important.”
Texas’ lack of innovation comes even though the Lone Star State has more Tier 1 research universities than any other state, something Abbott said was a priority of his when he first took office in 2015. However, the study suggests the state’s other educational investments have fallen short.
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This article appears in Jun 14-27, 2023.
