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Governor Greg Abbott has unveiled a bold new five-year statewide economic development strategic plan, aiming to solidify Texas' reputation as a national and global economic powerhouse. The plan, titled "Bigger. Better. Texas. Statewide Economic Development Strategic Plan: 2025–2029," outlines key industry targets, job creation strategies, and policy recommendations designed to foster continued economic growth across the state.
“Texas is a national leader in population growth, job creation, technology and innovation, and overall economic expansion,” said Governor Abbott. “Entrepreneurs and businesses choose Texas because of our unmatched business-friendly policies, low taxes, and highly skilled workforce. With this strategic plan, we will cement Texas as a global economic powerhouse.”
The plan was developed over the course of a year through collaboration between local, regional, and statewide organizations, business leaders, and state agencies, all working under the leadership of the Governor’s Texas Economic Development & Tourism Office (EDT).
A Strategic Vision for Texas' Economic Future
The newly released economic development strategy identifies target industry sectors expected to drive growth and outlines initiatives aimed at keeping Texas competitive in the global economy. Among the plan’s key objectives are:
Strengthening high-growth industries such as technology, energy, manufacturing, and healthcare.
Encouraging investment through tax incentives and regulatory reforms.
Enhancing workforce development programs to ensure businesses have access to skilled labor.
Expanding Texas' global business presence through international partnerships and trade agreements.
Adriana Cruz, Executive Director of the Texas Economic Development & Tourism Office, emphasized Texas’ unique economic approach:
“Economic development in Texas is a team sport,” Cruz said. “We work collaboratively to create an environment that is business-friendly, internationally competitive, and rich in opportunity. This plan reflects that philosophy by allowing communities, industries, and businesses to take the lead in driving growth and prosperity.”
Small Business Growth: Reducing Red Tape and Bureaucratic Barriers
Alongside the five-year strategic plan, Governor Abbott announced a new initiative to reduce bureaucratic red tape for small businesses, based on the findings of the Governor’s Small Business Freedom Council’s Report. The report, compiled with input from over 700 small business owners and 46 state agencies, highlights key areas where government regulations can be streamlined to support Texas’ 3 million small businesses.
“Small businesses are the backbone of the Texas economy,” Abbott stated. “With nearly half of our workforce employed by small businesses, it’s critical that we remove unnecessary rules, fees, and regulations that hinder success.”
Key recommendations from the Governor’s Small Business Freedom Council’s Report include:
Eliminating unnecessary regulations and fees that drive up costs and delay business operations.
Reducing tax burdens to incentivize investment and expansion.
Modernizing government processes to improve efficiency and ease compliance.
Increasing access to capital and state contracts to fuel business growth.
Enhancing workforce flexibility to address labor shortages.
Glenn Hamer, President and CEO of the Texas Association of Business, emphasized the report's significance, calling it a “roadmap to ensure small businesses continue to thrive.”
“We have a historic opportunity to make this the best legislative session for small businesses in Texas history,” Hamer said. “By cutting red tape, streamlining regulations, and expanding opportunities, we can strengthen our economy and keep Texas the nation’s top state for business.”
Tax Relief and Business Incentives on the Horizon
To further promote economic expansion, Governor Abbott’s 2026-27 budget proposal includes additional tax relief measures. Among them:
Increasing the business personal property tax exemption to $100,000.
Allocating $500 million in business property tax relief, with bipartisan support from both the Texas Senate and House.
These measures aim to reduce the financial burden on businesses, encouraging further investment and job creation throughout Texas.
A Vision for a Prosperous Future
Governor Abbott’s economic plan and small business initiative reflect his administration’s long-term commitment to ensuring that Texas remains the best state in the country for business, innovation, and job creation.
“With this strategic plan, we are not just planning for the next five years—we are laying the foundation for a stronger, more prosperous Texas for generations to come,” Abbott concluded.
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