Texas Border Business
Texas Association of Business
The Texas Association of Business (TAB) released a new economic impact study showcasing the technology industry’s growing contribution to the booming Texas economy. The new study, conducted by renowned Texas-based economist Jon Hockenyos, offers compelling insights into how technology serves as a catalyst for economic prosperity, job creation and enhanced productivity for businesses and communities across the Lone Star State.
Notably, the study found that Texas is the top U.S. state for net tech jobs added – outpacing the national average – and that the tech industry’s economic impact accounts for roughly 20% of Texas’ GDP, wages, and employment. In fact, the tech sector contributed $469.75 billion to our state’s economy in 2022 alone, representing 19.6% of total GDP.
It’s no surprise that Texas – long a home for innovation – boasts an impressive tech sector that not only propels the state’s economy more broadly, but also helps give our state’s entrepreneurs the tools they need to grow and prosper. In fact, the study found that IT services and custom software services have driven job growth since 2017, accounting for 52% of job gains.
Furthermore, projections indicate that the tech workforce will grow twice as fast as the overall U.S. workforce over the next decade – putting Texas in a uniquely advantageous position to lead the charge into a future defined by technological advancement. Our unwavering commitment to maintaining an impeccable pro-business environment, coupled with a steadfast dedication to adaptability, has solidified Texas’s status as a global frontrunner in tech manufacturing and innovation. Upholding these standards will undoubtedly fortify our position and empower us to lead the charge effectively into the foreseeable future.
In a world that’s becoming increasingly reliant on technological advancements and tech-focused careers, it is imperative that all Texas businesses understand and adapt to the future of technology.
We were proud to join our local chamber partners at the Amazon Air Hub this week in Fort Worth to unveil the study and host a roundtable discussion with our Tech Means Business coalition. These leaders understand that all businesses are tech businesses, and the future for tech in Texas is looking brighter than ever.
As Senator Kelly Hancock said following a tour of the Air Hub facilities: “Every business across North Texas is impacted by technology and the changes of it. We’re becoming more efficient, I think everyone who’s ever ordered anything from Amazon has seen that you can order it today and have it delivered this afternoon, it’s because of the technology and the manpower available in North Texas that we’re seeing some of those goods and services change in ways we never thought or imagined.”
To access the full economic impact study and read more of its findings, please click the following link: https://www.txbiz.org/_files/ugd/ebaa36_3838b1f2650246d3a1aed6adb1b794a0.pdf
Information Source: Texas Association of Business
