The Texas LNG industry is making a significant impact on the coastal communities, contributing billions to the local economy. In 2023, the Gross Regional Product from the oil and natural gas industry in Texas coastal counties surpassed $60 billion. This region, which spans 16 counties from Beaumont to Brownsville, has established Texas as a leader in liquefied natural gas (LNG) exports, contributing $43.8 billion to the U.S. GDP and generating $11 billion in tax revenues [3729f010].
The LNG sector supports over 178,000 jobs in these coastal areas, with the average annual wage in the oil and natural gas sector reaching an impressive $120,818. This highlights the industry's role in providing high-paying employment opportunities and stimulating local economies [3729f010].
Texas Comptroller Glenn Hegar recently announced a transfer of $5.48 billion to the State Highway Fund and Economic Stabilization Fund, reflecting the financial benefits derived from the LNG industry. Following these transfers, the Rainy Day Fund balance has reached approximately $23.96 billion, showcasing the fiscal health bolstered by the energy sector [3729f010].
The economic contributions of the LNG industry are complemented by the growth of life sciences clusters in Texas, which have seen employment in the sector rise from less than 52,300 to over 67,800 in March 2023. The scientific research and development sector has experienced the most significant growth, increasing from approximately 24,400 employees to 38,600. This sector currently contributes $41.4 billion in gross product and supports about 319,150 jobs in Texas, with projections indicating it could reach $75.7 billion in gross product and 582,700 jobs by 2050 [c51b54bb].
Both the LNG and life sciences sectors underscore Texas's diverse economic landscape, demonstrating how different industries can contribute to job creation, tax revenues, and overall economic stability. As Texas continues to expand its role in both energy and biosciences, the potential for future growth remains substantial [1a4c133f].