Houston Economic Update | August 2011
Long-Term Outlook Bright
Over the next 25 years, Houston’s economy will more than double in size, the region will add more than 3 million residents, and employment will grow by nearly 1.5 million jobs. That’s the latest forecast by Ray Perryman, the Waco based economist who has studied Texas and its metro economies for four decades, according to the latest Greater Houston Partnership economic update.
The Uneven Jobs Recovery
Since January 2010, when the recession ended here, the Houston-Sugar Land-Baytown Metropolitan Statistical Area has recouped 118,300 jobs, or about three-fourths of the 152,800 lost during the recession. But the recovery has been uneven. Four sectors-personal services, health care, accommodation and food services, and educational services have recovered all jobs lost and continue to grow. Employment in those sectors stands above their pre-recession peaks. In contrast, four sectors-finance, construction, real estate, and information have recovered less than one-fifth of their losses. Given recent trends, it will be some time before those sectors return to their previous peaks.