By Martha Vera,
Honorary Consul of Spain in El Paso
On March 12, 2024, Governor Abbott released his 2024 Report to the People of Texas, his accomplishments in 2023. It was considered a year of historic firsts, in addition to his vision for 2024. We don’t hear much about these accomplishments in the west Texas town of El Paso, but you will now.
“We live in a state of infinite possibilities,” said Governor Abbott. “Freedom and opportunity are deeply rooted in the history of our great state. As a result, the Texas of today is where innovation flourishes, where hard work is rewarded, and where Texans prosper.”
In this report you will find updates on the Governor’s initiatives and budget priorities to ensure a more prosperous Texas. It included the largest property tax cut ever in the history of Texas totaling $18 billion. “The school district homestead exemption will more than double to $100,000, senior homeowners will be protected from being priced out of their homes; the small business franchise tax will double, and Texas small businesses will be protected from excessive appraisal increases.” Wait a minute, did El Pasoans get that tax cut?
Texas economy was also mentioned because it had the largest budget surplus ever with the 88th Legislative Session in January 2023. The Governor said, “I signed a law to deliver the largest property tax cut ever in the history of our great state.”
It also reports a record in total jobs held by the working Texas workforce including an amazing increase in economic development. It ensures public safety and a “broadening path to prosperity for Texas families”.
The First Lady’s Report is also included with updates from several of the Governor’s commission of Texans serving Texans.
Texas has the eighth largest economy in the world at $2.4 trillion. The report states that it is the US leader in energy production and in exports, semiconductor exports, high-tech exports, and more. It is “the No. 1 state for Fortune 500 headquarters and home to 3.2 million small businesses, 1 in 5 of the nation’s Hispanic business owners, and 1 in 10 of the nation’s Black business owners. And thanks to the Best Business Climate in the nation and the productivity of our young, skilled, diverse, and growing workforce, our economy has expanded faster than the nation as a whole for five quarters in a row.”
Economic Development Tools were passed to fund Texas Jobs, Energy, Technology, and Innovation, the (JETI) Act to attract capital intensive economic development projects and bring new investment and jobs. $1.36 billion went to the Texas Semiconductor Innovation Consortium and Texas Semiconductor Innovation Fund. $350 million went to the Texas Space Commission and the Texas Aerospace Research and Space Consortium to support the development of emerging technologies, research, workforce training, and infrastructure for space exploration and commercial aerospace which will promote innovation and attract capital investment and new jobs.
Also passed were funds for Texas Enterprise Fund, Texas Tourism, Texas Music Incubator Rebate Program, and specialty litigation courts.
Texas was recognized as the 2023 State of the Year for excellence in economic development and job creation. Other recognitions include the Best State for Business and Best Business Climate.
Texas is home to 55 Fortune 500 company headquarters, hundreds of publicly traded firms, and over 3.2 million small businesses.
They also invested in education by investing in students, teachers and public schools. Community colleges were rewarded for their Workforce development and universities for excellence in research.
In his closing statement, Governor Abbott said, “By the grace of God, and with unwavering optimism and a steadfast focus, we will continue to turn bold ideas into reality. Together, we will build a bigger, better Texas for generations to come.”
2023 also saw Tesla’s new lithium refining facility in Robston, Texas.
To read the complete report, please visit: https://gov.texas.gov/uploads/files/press/2024_Report_to_the_People_of_Texas.pdf
You will be amazed!