Lieutenant governor lauds state growth at Build Expo in Austin

"We're going to have to build as many single-family and multifamily homes as have been built in the last 150 years," he said.

Dewhurst said that in each of the past three years, Texas has created more net new jobs than the rest of the nation combined.

"We represent 8 percent of the population, and we created more new jobs than the other 92 percent," he said.

He said he was once asked why Texas is doing so well.

"I couldn't resist," he said. "I said that the reason is that more Texans live in Texas than in any other state."

Dewhurst credited the state's achievements to the state's opportunities and freedoms and its limited government, taxes and regulation—all of which attract people and employers, he said.

The lieutenant governor encouraged attendees to vote in the next two November elections. This November, voters will consider a constitutional amendment to take $2 billion out of the Economic Stabilization Fund, commonly known as the Rainy Day Fund, for water infrastructure development, he said.

The money will be used as a revolving loan—money will be lent short-term for construction projects and paid back—and is expected to generate $50 billion worth of water projects in the current bond market.

In November 2014, voters will be asked to consider allowing the government to put half of the oil and gas excess severance tax—which would normally go into the Rainy Day Fund—into highway projects.

Doing so, he said, would put an additional $1.2 billion into roads projects each year and could be leveraged into $18 billion worth of projects.