economy news

Texas profits from 4th best state economy in the U.S., report finds

Everything is better in Texas, including the state economy.

Photo by Clark Van Der Beken on Unsplash

Despite growing sentiments that the U.S. is on a path towards a recession, Texas is pulling a lot of weight with one of the best state economies in the nation, according to a new annual report from WalletHub.

Texas' strong state economy ranked No. 4, with Washington (No. 1), Utah (No. 2), and Massachusetts (No. 3) claiming the top three spots.

The study analyzed all 50 states and the District of Columbia based on 28 metrics to determine the "Best & Worst State Economies" in 2024. Each state was ranked across three major categories: Economic activity, economic health, and innovation potential.

The Lone Star State earned a score of 60.08 out of 100 possible points, nipping at the heels of Massachusetts, which earned 61.52 points. For comparison, Washington claimed its No. 1 title with a score of 71.10.

Here's how Texas performed within the three major categories in the study:

No. 2 – Economic activity
No. 7 – Economic health
No. 24 – Innovation potential

Most notably, Texas tied with Louisiana for the No. 1 most exports per capita nationwide, according to the report's findings. Texas also had the second-highest change in GDP (gross domestic product) from 2022 to 2023.

Texas has the 10th highest amount of "startup activity," which WalletHub calculated as the rate of newly established firms. Texas also scored No. 10 in the country for its annual median household income of $75,647.

Nonfarm payrolls – defined as the number of workers employed in the U.S. (excluding those the farming, nonprofit, active military, and private household sectors) – is another indicator for measuring each state's economy. Texas had the third-highest change in nonfarm payrolls from 2022 to 2023, according to WalletHub, behind Nevada and Florida.

Although the overall state of Texas' economy may be strong, that doesn't guarantee all Texans will reap the benefits from that success. WalletHub analyst Cassandra Happe explained there's more to improving state residents' financial success than just relying on the economy.

"Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future," Happe said. "The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient."

On the other end of the economic scale, Hawaii and Mississippi flopped with the worst state economies in the U.S. in 2024, ranking No. 50 and No. 51, respectively.

The top 10 states with the best economies are:

No. 1 – Washington
No. 2 – Utah
No. 3 – Massachusetts
No. 4 – Texas
No. 5 – California
No. 6 – Colorado
No. 7 – Florida
No. 8 – North Carolina
No. 9 – District of Columbia
No. 10 – Arizona

The full report can be found on wallethub.com.

innovation texas reports rankings wallethub economy

University News

Univ of Texas at Arlington gets OK to proceed on west Fort Worth campus

Courtesy rendering

UTA West campus coming soon

A new university campus is in the works for west Fort Worth. According to a release, a proposal by the University of Texas at Arlington (UTA) to purchase 51 acres of property in west Fort Worth got the thumbs up from the University of Texas System Board of Regents, paving the way for UTA West, a new campus that would be built in the Walsh Ranch development.

Advantageously positioned at the intersection of I-30 and I-20 at the western gateway of Fort Worth, the new campus could begin welcoming students as early as fall 2028.

UTA West will be developed as part of a multiyear plan to serve more than 10,000 students.

“Anytime the UT System can expand greater educational opportunity, access, and affordability to Texans, we’re going to do it,” says UT System Board of Regents chairman Kevin Eltife in a satement. “We’ve recently done it in east Texas and south Texas and now we’re heading west. We’re looking forward to planting a UT Arlington flag in west Fort Worth, currently the nation’s fastest growing city.”

"The western part of the metroplex has an ever-growing population, a plethora of student talent, and a wide breadth of opportunity for explosive economic advancement. UTA has long been a top supplier of talent to companies across Fort Worth, and this expansion will allow UTA to broaden its impact across our region,” said UTA President Jennifer Cowley.

Walsh Ranch is the 7,200-acre development in west Fort Worth that calls itself "Fort Worth's next great neighborhood," being developed with neighborhoods, town centers, mixed-use areas, and commercial space.

And now a university campus.

UTA in Fort Worth
The new campus would be only the latest in a decades-long partnership between UTA and the city of Fort Worth. That includes the UTA Research Institute (UTARI), a facility established in east Fort Worth in 1986; and the UTA Fort Worth Center, a continuing education center for the downtown Fort Worth community established in 2007.

In 2023, the UTA Institute of Urban Studies, the principal research center for the College of Architecture, Planning, and Public Affairs, opened at UTA’s Fort Worth Center with a mission is to conduct research and provide technical assistance to city and county governments, governmental agencies, and nonprofit organizations, and to offer education and teaching opportunities to individuals either already in or contemplating public service careers.

The University of Texas at Arlington is a comprehensive teaching, research, and public service institution with an enrollment of approximately 41,000 students, and is the second-largest institution in the UT System. In 2021, its combination of outstanding academics and innovative research contributed to its reaffirmation as a Carnegie R-1 “Very High Research Activity” institution, a significant milestone of excellence. The University is designated as a Hispanic Serving-Institution and an Asian American Native American Pacific Islander-Serving Institution by the U.S. Department of Education and in 2022 earned the Seal of Excelencia for its commitment to accelerating Latino student success.