Chamber luncheon covers statewide economic development

Texas is the eighth largest economy in the world based on its gross domestic product, and Georgetown Chamber of Commerce members learned August 22 about economic activities across the state. 

The guest speaker for the Chamber’s Cornerstone Luncheon was Larry McManus, who is the director of business and community development at the Office of the Governor, which focuses on economic development and tourism.

Mr. McManus said the state has many departments that promote Texas as a place for tourism and business opportunities. The state department helps to facilitate the creation of new jobs; expand and retain national and international investment; help to administer state incentive programs for business and community development; establish ways of addressing economic growth in certain industries; as well as conduct economic research.

According to Mr. McManus, the state of Texas is ahead of Russia, Canada, Italy and Brazil in terms of economic success and GDP. 

The Lone Star State also boasts the second largest civilian labor force in the United States. Mr. McManus said there are 15.3 million industrious people in Texas. In 2023, Texas added 326,700 new jobs, the most of any state in the U.S. 

Texas was also the top exporter in the nation for the 22nd year in a row in 2023. Currently, Texas ranks number one in the nation for foreign trade zone economic impact.