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Texas is Leading U.S. GDP Growth, Fueled by Oil and Energy

  • The Southwest region led real GDP growth in 2023, driven by rapid population growth, oil production, and electric vehicle investments.
  • The Southeast region also surpassed the national average, with Georgia and Tennessee emerging as automotive hubs.
  • The Mideast and New England regions fell below the national average, while the Great Lakes region experienced the lowest growth, attributed to labor force shrinkage and manufacturing contraction.
Texas

Distinct variations in regional economic growth were evident throughout America in 2023, driven by differences in industry composition and population dynamics.

This graphic, via Visual Capitalist's Dorothy Neufeld, shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis.

Which Regions Grew the Fastest in 2023?

Below, we show the U.S. regions with the highest real GDP growth last year:

Outpacing all other regions is the Southwest, fueled by rapid population growth and booming oil production across the state of Texas, one of the fastest growing state economies in 2023.

In addition, electric vehicle factories and battery plants are increasingly emerging across the Sun Belt. This includes a 10 million square foot Tesla facility in Texas and a $320 million battery manufacturing plant and assembly facility in Oklahoma. The combination of lower land, labor, and electricity costs are driving corporate investment in the region.

With the second-highest real GDP growth rate, the Southeast also surpasses the national average.

Just as Texas is attracting industrial production across clean energy technologies, Georgia and Tennessee are emerging as automotive hubs. In fact, Georgia leads the country in electric vehicle assembly and battery plant investment, at a staggering $14.5 billion.

By contrast, growth in the Mideast and New England regions fell below the national average, weighed down by states like Massachusetts and New York as construction, manufacturing, and finance and insurance sectors witnessed slower activity.

Lastly, the Great Lakes region, covering Illinois, Ohio, Michigan, Wisconsin, and Indiana, experienced the lowest growth nationally, at just 1.2% in 2023. This sluggish performance was attributed to a shrinking labor force in Illinois and a contracting manufacturing sector in Ohio amid high interest rates. Moreover, three states in the region saw among the weakest real GDP growth in 2023.

By Zerohedge.com

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  • George Doolittle on June 10 2024 said:
    Wow, Texas has oil? Who knew!?!!??

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