AUSTIN – Texas is poised for substantial economic growth as Governor Greg Abbott emphasizes initiatives set for 2025, drawing attention to various sectors including the music industry, energy supply, and digital media.
Recently, Governor Abbott unveiled the 2025 Texas Music Industry Economic Impact Report through the Texas Music Office (TMO), stressing the importance of the music sector's economic contributions. This biennial report tracks growth in various facets of the music industry, including businesses, education, and tourism, and showcases the economic impact measured by annual earnings and job creation across the state.
“Live music lives in Texas,” stated Abbott, highlighting the state's vibrant music scene as not just cultural but also economic. “A thriving Texas music industry draws visitors from around the globe, attracts a skilled workforce across industries, and supports continuing business recruitment and expansion efforts.” The music industry alone generates over $31.7 billion annually, employing hundreds of thousands throughout Texas.
The TMO's Director, Chip Adams, emphasized the report's significance: “This report not only underlines the immense positive impact music has on the quality of life in Texas, it also highlights the economic vitality of our diverse and thriving music industry.” Adams noted how the long-standing music office aids communities and businesses alike, enhancing local job creation.
Alongside music industry advancements, Entergy Texas has made significant strides by partnering with Kinder Morgan and Golden Pass LNG to fortify the natural gas supply chain. The agreement aims to support the rapid growth of residential, commercial, and industrial sectors, particularly within Southeast Texas.
Eliecer Viamontes, President and CEO of Entergy Texas, emphasized the partnership's benefits, stating, “This strategic partnership demonstrates our commitment to delivering long-term value for our customers and communities.” This contract not only lowers costs for customers but also guarantees reliability for energy production through the planned Legend and Lone Star Power Stations.
The Trident Intrastate Pipeline project by Kinder Morgan, valued at $1.7 billion, is slated to transport natural gas from the Permian Basin to the LNG and industrial corridor near Port Arthur. Once operational, it will transport around 1.5 billion cubic feet of natural gas daily, with potential expansions to meet rising demands. “This project is imperative to meet the surging power and industrial needs of Texas,” said Sital Mody, President of KMI Natural Gas.
At the legislative level, the Texas House and Senate are focusing on enhancing economic growth through restructured committees aimed at tackling economic development more effectively. Senator Phil King will head the newly formed Committee on Economic Development, previously coupled with Natural Resources. “I am honored to lead the Economic Development Committee,” said King. He expressed optimism about using this session to pave pathways for Texas's economic future.
Meanwhile, the Texas House has established the Committee on Trade, Workforce, and Economic Development—the first of its kind dedicated to workforce issues. Speaker Dustin Burrows underscored the importance of this committee, asserting the need for policies to strengthen entrepreneurship and small business growth across the state.
Lastly, Lubbock has been recognized as Texas's second Digital Media Friendly Texas Certified Community, following Cedar Park. This distinction is anticipated to pave the way for economic development within the realms of animation, video games, and extended reality. Local officials heralded this certification as instrumental for job creation. “Lubbock benefits from having Texas Tech University create a pipeline of creators and aspiring leaders,” noted Texas House Speaker Dustin Burrows.
The Texas economy is clearly on the rise, fueled by targeted initiatives aimed at diversifying its growth. With the combined efforts of the music industry, energy partnerships, legislative reforms, and digital media recognition, Texas aims not just to expand its economic horizons but to solidify its position as one of the leading states for diverse business opportunities. Abbott’s administration is committed to fostering these growth sectors, ensuring the Lone Star State continues to thrive economically for years to come.
With these concerted efforts and strategic plans, the state is set to bolster its economic framework significantly, aiming for prosperity and sustainability entering 2025.