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Dear Texas Economic Development Stakeholders,
The 89th Texas Legislative Session is in full swing! Here in EDT, we are hard at work supporting our communities across the state and continuing to assist all of our economic development partners in promoting Texas as the best state for business and travel!
I was honored to attend Governor Greg Abbott's 2025 State of the State address in February. One of the first items he spoke about was the Texas economy—a testament to how important our work in economic development truly is! The Governor in his address, including emergency property tax relief, Texas-sized investments in water, expanded career training and creation of the Texas Cyber Command, among others. We look forward to continuing our work to help fulfill Governor Abbott's vision of a more prosperous Texas than ever before.
Last week, was a BIG week for economic development in Texas! We were proud to accept the Governor's Cup for the 13th year in a row for attracting the most new and expanded corporate facility projects in the U.S.! We were also thrilled to announce the new “Bigger. Better. Texas.” Economic Development Strategic Plan, our five-year economic development strategy to build an even stronger Texas of tomorrow! Not to mention, Governor Abbott announced his Small Business Freedom Council's comprehensive report with their recommendations to make it even easier to start and run a business in Texas. More on each in the email below.
Also in this issue of the Texas Business Bulletin, you'll find a highlight on the growing Texas financial services industry, our economic snapshot, recent meetings, upcoming events and project announcements from across the state.
As always, please be sure to visit our website, follow us on social media or reach out to a member of our team if we can be of any assistance.
Thanks for all you do on behalf of the great state of Texas!
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-Adriana Cruz, EDT Executive Director
  Unemployment Rate: 4.2%
Workforce: 15.5 million
Blueprint to build a stronger Texas of tomorrow
Texas has enjoyed extraordinary economic success in the past decade. The new "Bigger. Better. Texas.” Economic Development Strategic Plan helps position Texas to capitalize on our success and capture the promise of our future economy in order to maintain our competitive edge in the years ahead.
Our vision is simple: ensure Texas remains the premier place to visit, live, work and grow a business. And it will take all of us to ensure Texas’ regions, industries and residents continue to thrive for years to come.
Everyone has a role to play in building our future economy. We welcome and encourage the many individuals and organizations who are driving growth in the state to join us in this effort to build a bigger, better Texas for decades to come!
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Nyein Gray recently joined the Business & Community Development (BCD) team as a Research Specialist where she is responsible for the research, coordination and dissemination of economic trends and data. Nyein began her research career as a Data Analyst, gathering and analyzing housing data in the period leading up to the global financial crisis. She was also an Industry Analyst and Product Marketing Manager at Dun & Bradstreet, where she covered the financial services sector and marketed technical API solutions. Nyein earned her MBA at The University of Texas' McCombs School of Business and loves to walk her pups Rosie and Lucy during her time off. Please reach out to Nyein through our online staff directory.
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Giselle Gourguechon joined the BCD team in January as an Existing Industry and International Specialist where she supports companies seeking to relocate to Texas and assisting with foreign direct investment attraction. She holds a degree in Business Administration from an international institution. Before joining BCD, Giselle gained experience at a startup in Spain, managing manufacturing and logistics for international markets. In her spare time, she runs a small business with her husband and participates in weekly farmers markets. When she's not working, Giselle enjoys playing tennis, cooking, hiking and swimming. Please reach out to Giselle through our online staff directory.
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Governor Greg Abbott released the Governor’s Small Business Freedom Council comprehensive report with their recommendations to cut unnecessary government bureaucracy that create barriers to small business success in Texas.
In coordination with the Office of Small Business Assistance, the Freedom Council gathered feedback from 46 Texas state agencies and nearly 700 Texas small businesses owners. The resulting report provides recommendations to the Texas Legislature to remove obstacles for small businesses, strengthen the state’s economy, and ensure that Texas remains the nation’s economic leader. Governor Abbott announced the formation of his Small Business Freedom Council in December 2024.
Texas: The Financial Capital of America
"Y'all Street" takes on "Wall Street” as the Lone Star State emerges as the next financial capital of America!
With the historic announcement of the Texas Stock Exchange in 2024, the recent announcement of NYSE Texas—a fully electronic equities exchange to be headquartered in Dallas—and Nasdaq’s growth in the state, Texas continues to expand our financial prowess. Not to mention, Texas accounts for the largest number of NYSE listings, representing over $3.7 trillion in market value.
More than 100 years ago, Dallas was selected as the headquarters for the Federal Reserve Bank’s 11th District for its well-developed financial hub and central location. Now, Texas is the ONLY state with our own Exchange-Traded Fund (ETF) launched by Texas Capital Bank.
Compounded by a growing financial technology landscape, Texas continues to attract major operations for the world’s largest companies, as well as the most innovative start-ups in the field.
Industry leaders like Merrill Lynch, Wells Fargo, Morgan Stanley, Goldman Sachs, UBS Financial Services, USAA, JPMorgan Chase, Fisher Investments, Victory Capital and Fidelity Investments, among many others have significant operations in the state.
In 2021, Fortune 500 firm Charles Schwab relocated its headquarters from California to the North Texas city of Westlake to take advantage of lower costs and a business-friendly environment. Additionally, JPMorgan Chase has more employees in Texas than in New York (source).
With plenty of room to grow, other financial services companies are also choosing to expand here. Finance and insurance firms announced more than $137 million in new capital investment and nearly 800 new jobs created in Texas in 2024 alone.
This is thanks to a number of factors, including Texas’ sizable financial services workforce, ranking #1 in the U.S. for total employment at more than 628,065. In fact, Texas has created 43% more financial services jobs by new and expanding businesses than New York since 2019, according to the U.S. Bureau of Labor Statistics.
Texas is also becoming the country’s epicenter for financial transactions due to our dominance in data center development and cybersecurity. Texas is not only driving electronic trading but uniting consumers with businesses in a digitally connected world.
It is evident that the state’s strength in the financial sector will only continue to grow as Texas becomes known as the new frontier for fintech, capital markets, data centers, cybersecurity and more.
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Join us at a Governor's Small Business Summit! Take your entrepreneurial journey to new heights by connecting with resources and information to help start, strengthen and grow a business in Texas. These events bring together local, state and federal resource partners to provide key insights on critical business topics. There's also opportunity to network with other business owners and hear from subject-matter experts to gain timely, relevant and actionable advice.
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March 27: Governor’s Small Business Summit — Uvalde
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April 24: Governor’s Small Business Summit — Orange
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May 15: Governor’s Small Business Summit — Denison
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May 29: Governor’s Small Business Summit — Sugar Land
 
In February 2025, Governor Abbott celebrated the announcement of Vinton Steel's expansion in El Paso County.
Texas' success in attracting the most corporate expansion and relocation projects in the U.S. is due to a unique combination of competitive business advantages that cannot be found in any other state. For more on these business advantages, visit our Why Texas webpages. Here are some recently announced projects in regions across the state:
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Vinton Steel in El Paso County: Vinton Steel will expand its presence in Vinton with the growth of its existing advanced manufacturing facility, creating $229 million in capital investment and 188 new jobs. The project has qualified under the Texas Jobs, Energy, Technology & Innovation (JETI) program. A Texas Enterprise Fund grant of $1,504,000 was extended to Vinton.
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Summit Next Gen in Harris County: Summit Next Gen will open a world-class sustainable aviation fuel manufacturing and refining facility along the Texas Gulf Coast, which will be the largest ethanol-to-jet fuel production facility announced to date in North America. The project will create more than $1.6 billion in capital investment. Summit Next Gen's new facility qualified under the new JETI program.
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Dongjin Semichem in Killeen: Dongjin Semichem has been awarded a Texas Semiconductor Innovation Fund (TSIF) grant, which encourages the continued leadership of Texas in semiconductor research, design and manufacturing. The company’s new specialty chemicals and materials facility in Killeen is expected to create more than $110 million in capital investment.
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Silicon Labs in Austin: Silicon Labs announced their new R&D operation in Austin, which is expected to create more than $80 million in capital investment. A TSIF grant of $23,250,000 was extended to Silicon Labs.
2025 International Paris Air Show Ι June 16-22, 2025 Ι Paris, France
We are now accepting applications for Texas businesses interested in joining the Texas Pavilion at International Paris Air Show—the world’s premier and largest event dedicated to the aviation and space industry. The 55th edition of the show will bring together all the players in this global industry around the latest technological innovations. The event is expected to receive 2,500 international exhibitors and 300,000 professional visitors, making it one of the most decisive events in the aerospace industry.
In Texas, everything is big—that includes small business! Home to more than 3.3 million small businesses, Texas is focused on ensuring our state remains the best in the country to start and run a business. Please see the below programs to learn more about loan opportunities for small and micro-businesses in the state:
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Texas Small Business Credit Initiative (TSBCI) Program: supports small business growth and helps create new jobs through increased access to small business funding. The latest listing of approved financial institutions (FIs) is now available online as well as a new, simplified application process for financial institutions. FIs should launch the TSBCI Portal to apply, and small businesses should reach out to an approved lender!
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Texas Micro-Business Disaster Recovery (MBDR) Loan Program: provides zero-interest loans to eligible CDFIs for purposes of making interest-bearing loans to qualifying micro-businesses that have difficulty in accessing capital following a declared disaster. CDFIs are encouraged to apply to participate in the program now—before disaster strikes.
  "It ain't bragging if it's true!" Here are some of the recent accolades Texas has received:
- Texas cities are among Milken Institute's 2025 Best-Performing Cities in the nation: Austin-Round Rock (#6 in Best-Performing Large Cities) and Midland (#5 in Best-Performing Small Cities).
- Texas is now home to 16 Carnegie Tier One Research Universities, more than any other state (source).
- Austin was named the #1 Best City for STEM Jobs in the U.S. (WalletHub).
- Dallas (#1) and Austin (#6) are among the Best Cities for Headquarters in the nation, based on a survey of site selection consultants by Site Selection magazine.
- Austin (#2), Dallas (#4) and Houston (#9) take top spots on the Top 20 Southern Metros Leading in Tech Companies and Talent list from CommercialCafe.
Download the latest Top Texas Touts to your mobile device for talking points you can take on-the-go—everything from economic expansion, job creation, workforce, industry, infrastructure, education and more.
The EDT team has participated in various meetings, events and interactions with our economic development partners throughout the start of the year! Here's a selection of just a few of the many recent activities. To see more updates from EDT Executive Director Adriana Cruz, check out her weekly updates on LinkedIn!
Governor's Cup Award
 Governor Greg Abbott accepted the Governor’s Cup from Site Selection magazine for an unprecedented 13th year in a row! Texas reported 1,368 new or expanded corporate facility projects announced across the state in 2024—more than the previous year and twice the number of the second-place state. Read more in the Governor's press release.
Meeting with Taiwan Electronic Equipment Manufacturers Association
 In February, EDT hosted a delegation of leaders from the Taiwan Electronic Equipment Manufacturers Association (TEEMA) as they met with Governor Abbott, Secretary of State Jane Nelson and EDT Executive Director Adriana Cruz and toured the Texas Capitol. We continue to build upon the strong relationship between Texas and Taiwan!
 Texas Association of Business 2025 Policy Conference
 In January, EDT Executive Director Cruz spoke at the Texas Association of Business 2025 Policy Conference to provide an update on the future of the Texas economy and economic development outlook for the year ahead.
 Brownsville Days at the Capitol
 In January, EDT Executive Director Cruz spoke at Brownsville Day at the Capitol, hosted by the Brownsville Chamber of Commerce. Adriana gave an update on economic development opportunities and our office's programs and incentives. We look forward to continuing to work with all of our South Texas partners!
 Abilene and Great Lakes Cheese
 We were honored to have Development Corporation of Abilene (DCA) and Great Lakes Cheese join us for a Lunch and Learn in February, sponsored by American Electric Power (AEP). The Abilene and Great Lakes Cheese teams presented on the process behind the project location of Great Lakes Cheese's new dairy production facility, a highly transformative project for the area. Big thanks to DCA, Great Lakes Cheese and AEP!
 Interested in working with the best state economic development team in the country and helping grow the Texas economy? Come join our team! There are multiple positions for experienced professionals in Business & Community Development (BCD), Economic Development Finance (EDF) and other divisions. Here's a select sampling of open positions:
For more information on available positions, visit gov.texas.gov/employment.
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