AUSTIN (Nexstar) — On Tuesday morning, Gov. Greg Abbott and his Texas Economic Development (EDP) & Tourism Office released a 155-page plan for the immediate future of the world’s eight-largest economy (excluding the U.S.).
Texas’ Present
First the report touched on where Texas currently is, highlighting its recent growth in industry, entrepreneurship, workforce and infrastructure. It also discusses Texas’ diversity, noting “no single industry sector in our economy currently generates more than 10 percent of total Gross Domestic Product (GDP).”
The report also highlights Texas’ export growth, which has outpaced the overall United States’ from 2015 to 2021. Texas has led the country in exports every year since 2002, with nearly 6% of exports coming from the manufacturing and energy sectors.
Texas is also spotlighted as a place Americans want to live, boasting the lowest rate of native-born Texans leaving the state and the highest rate of population growth.
“( Texas) gained over 9 million new Texas residents over the last two decades, meaning our population grew by approximately 43 percent.”
‘When businesses succeed, all Texans succeed’ — The future of business
To continue the state’s economic development, Abbott placed a priority on supporting businesses. Specifically his plan calls to bolster Texas’ key industries, to promote Texas exports, to expand regional economic efforts and to pursue more federal funding options.
Some examples of the work they’ve already done include adding a Texas CHIPS Office within the EDT, formation the Texas Space Commission, and the Department of Agriculture’s State Trade Expansion Program (STEP).
‘That pioneering spirit’ — The future of innovation and entrepreneurship
Abbott also identified four goals to help new businesses grow: incentivize research, cultivate innovation, connect entrepreneurs to resources and promote Texas as a global destination for start-ups. Ideas include creating advertisements “highlighting (innovators’) stories from across all sectors and regions” to “demonstrate to the world the advantages that Texas offers.”
‘The job creators of tomorrow’ — The future of the workforce
In coordination with his several efforts to improve education this legislative session, Abbott highlighted three ways education can lead to a greater workforce.
First, Abbott wants to create a workforce pipeline in Texas’ key workforce sectors, including supporting retraining programs for workers leaving more outdated industries. He also wants a more successful workforce development system, improving apprenticeship programs and encouraging more hands-on career training. Lastly, Abbott says the EDT will work with all education providers and industry leaders to help quickly adapt education to what the incoming workforce needs.
‘Gateway to global trade’ — Future of Texas infrastructure
According to the EDT report, infrastructure “is essential to the success of our economy.” To improve it, Texas wants to improve transportation, energy, water and broadband networks in the future.
