This year, we witnessed the biggest political comeback in U.S. history when Donald Trump decisively won a second term in the White House. Immediately after his victory, Trump assembled an elite group of business and technology leaders to guide the transition process ahead of his inauguration just a few weeks from now. It’s extremely encouraging for Texas and the nation that Texans like Elon Musk and Joe Lonsdale are among the many business leaders assisting the incoming administration for the good of the country.
At the state level, Governor Greg Abbott has further solidified his position as the best jobs governor in America. His economic development team, led by Adriana Cruz, runs the country’s most sophisticated economic development operation, helping Texas lead the nation in job creation, adding 327,400 jobs from September 2023 to September 2024, and counting.
I used to say that Texas has the best economy in the country. While that’s still true, it’s worth emphasizing that we’re really a country of our own, competing on the global stage at the same caliber that most nation-states only dream about. Our $2.6 trillion economy is the eighth largest in the world. But now, with SpaceX establishing its headquarters in South Texas, we can now say that Texas has the best economy in the galaxy.
It ain’t bragging if it’s true!
We are also the engine of the roaring North American economy. I was proud to lead the Texas Association of Business (TAB) earlier this year in bringing a 50+ delegation of lawmakers and business leaders from Texas (and some from Arizona and national trade groups) to Mexico to coincide with the Inauguration of Mexico’s first female President, Claudia Sheinbaum and the North Capitol Forum in October. I would like to sincerely thank Texas State Representative Claudia Ordaz of El Paso for spearheading the idea for this mission, as well as State Senator Nathan Johnson of Dallas for his leadership. Of course, this mission would not have been as impactful without the guidance of our state’s Trade Evangelist-in-chief, Gerry Schwebel, Executive VP of IBC Bank.
Time for Gratefulness
A man I’ve been blessed to call the chairman of TAB the past two years, Massey Villerreal, is a founding participant in what has come to be known as the ‘Texas Miracle.’ Massey has been engaged in advancing Texas’ business climate since Governor George W. Bush, and then Governor Rick Perry and now Governor Abbott. I’ve said that Massey is the best chairman in America more times than I can count, and I am grateful for his friendship and his mentorship.
I’d also like to give a big thanks to previous chair, Brint Ryan, and incoming Chairman Bill Jones for devoting their passion and energy to TAB and working to keep Texas the best state for business.
And many thanks to the 2024 Chairman and Vice Chairman of the TAB Foundation, Dave Emerick of JPMorgan Chase and super advocate Clay Pope.
It’s a privilege to work with outstanding diplomats like Noella De Maina of Canada and Roberto Velasco of Mexico. We all agree on the importance of maintaining USMCA, which President Trump has rightly pointed out is the best trade deal in U.S. history.
Megan Mauro’s Tech Means Business is the top run group in the U.S. advancing AI policy to encourage innovation and ensure our businesses can continue to take advantage of the incredible opportunities new technology can offer.
We’re fortunate to have Gabriela Perdichizzi leading our economic development efforts – she’s a consummate professional with the right experience on Capitol Hill and the Texas legislature to help us advance the policies needed to maintain and expand our state’s economic growth.
And Texas Chamber of Commerce Executives (TCCE) Executive Director Drew Scheberle is doing important work in Texas to advance critical investments in defense and aerospace technology, and well as semiconductor and other advanced manufacturing efforts.
I am also proud that Texas is positioned to lead on international trade and sensible immigration and visa policy, thanks to the work of David Zapata, Julia Muzquiz and Chelsie Kramer.
I want to thank Luis Saenz, Ray Sullivan and John Wittman and Sam Taylor for their superb work on behalf of TAB. I want to also thank Jeff Emerick, Cindy Marks and Faith Villarreal, as well as our fantastic intern Emmy Morgan.
I also want to thank Dave Carney — one of the greatest political minds of our time — for his always wise counsel.
On a personal note, I am proud of my daughters, Shira, Ella and Maya. Shira is an accountant, Ella is a junior at Duke on track for an electrical engineering and computer science degree, and Maya is a high school sophomore excelling in robotics, tennis and selling Girl Scout cookies.
And big thanks to my wife, Tali, for supporting the entire family and somehow in her “spare time” authoring over 30 books and a clothing line.
Looking ahead
As we head into the New Year, I’m excited for what’s to come. For starters, I’m looking forward to Joe Lonsdale’s comments at TAB’s Policy Conference January 16 – click here to learn more!
With an important opportunity to solidify Texas as a leader in international business through smart policy, TAB is well positioned to connect the dots on trade, migration and border security and infrastructure.
The Texas budget is in the best shape of any state in our country, thanks to the expert management of Comptroller Glenn Hegar. With an expected surplus north of $20 billion, we need to have an important discussion on how to strategically invest in Texas’ future while maintaining our historic fiscal health.
Specifically, economic growth and a strong budget surplus will allow our fast growing state to invest in infrastructure – including water, roads, energy, and ports, as well as initiatives in space, semiconductors, R&D and AI.
I'm honored to serve as co-chairman of Governor Abbott’s Small Business Freedom Council, which is charged with reviewing and making recommendations on cutting unnecessary government regulations that hinder business growth in Texas.
We have two powerful U.S. Senators who will continue to represent Texas well. Senator John Cornyn is always in the middle of major legislation that benefits Texas, such as the hugely important CHIPS Act. Senator Ted Cruz will soon take over as chairman of the U.S. Senate Commerce Committee, which oversees about 40% of the US economy, including key sectors such as space, semiconductors and AI.
Texas leads in almost every area, but not in venture capital. Steve Case posted an alarming graphic that in 84% of VC dollars went to states that Trump lost – Ouch! As the new chairman of the Texas Venture Alliance run by founder CS Freeland, we’re going to work hard to change those numbers. TVA — the largest innovation network in Texas — launched the first statewide innovation, high end, high-powered Gala and Forum in 2024, with TAB as its top partner.
We also will continue to work on building ties with the most prolific start-up country per capita by far, Israel. I want to thank David Ya’ari for his work to helping us strengthen our relationships in Israel through collaborative MOUs, including with Israeli groups on venture capital, space and innovative start-ups. In 2025 TAB will work to do more with the Israel and the signatory nations to the Abraham Accords, including the United Arab Emirates (UAE), in addition to those that have signed peace deals with Israel or about to do so. I am very encouraged that TAB’s bipartisan delegation of 11 Texas state lawmakers to Israel earlier this year, thanks to the generosity of itrek, has given our state much to build on in further solidifying these important business and political relationships.
And, most importantly, I wish you all health, happiness and prosperity in 2025.
- Glenn Hamer, President & CEO, Texas Association of Business
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