Houston Job Growth Fuels New Construction

by CoyDavidson on June 4, 2012

Houston Economic Update – June 2012

The Greater Houston Partnership released its latest economic update for Houston and the indicators reveal the city’s job growth is fueling a significant uptick in real estate and construction activity.

During the 12 months ending April ’12, the City of Houston permitted more than $4.1 billion in construction projects, a 30.2 percent increase over the $3.2 billion permitted during the 12 months ending April ’11. This figure doesn’t even include the massive Exxon-Mobil campus and several additional office projects under construction in The Woodlands just outside Houston.

Houston Leads the State in Job Growth

The Houston-Sugar Land-Baytown Metropolitan Statistical Area added 81,200 net new jobs, a 3.1 percent annual increase, in the 12 months ending April ’12, according to TWC. Houston led the state in job growth for the third consecutive month. Over the past 12 months, the Dallas-Ft. Worth MSA added 52,000 jobs, the Austin MSA grew by 19,200 jobs, and the San Antonio MSA increased their job count by
13,300.

Houston’s job growth continues to outpace the other major metros. During the 12 months ending April ’12, the New York metro grew by 1.4 percent, Los Angeles by 0.9 percent, and Chicago by 0.7 percent. Houston and Washington, D.C. remain the only major metro areas to have recovered all jobs lost during the recession. Houston regained all of its jobs by October ’11; Washington D.C. recouped its lost jobs by January ’12.

The three fastest growing sectors since April ’11 were mining and logging (9,200 jobs, 10.7 percent annual rate), employment services (8,500 jobs, 13.0 percent annual rate), and ambulatory health care (15,200 jobs, 12.0 percent annual rate.) Mining and logging, in Houston primarily oil exploration, is benefitting from sustained high oil prices and the opportunities in the nearby Eagle Ford Shale.

Houston Economic Update June-2012

  • p { margin-bottom: 0.08in; }

    Nice article! You definitely did a good
    job of explaining this issue really clearly.I’m anxious to read
    some of your other posts.

     

  • Its a informative and nice post. I like the article.

Previous post:

Next post:


Disclaimer: All blog entries on this site are the opinion of the author and not those of either Colliers International - Houston or Colliers International (collectively, "Colliers"). Colliers neither endorses, sponsors nor necessary shares the opinions of the author, regardless of whether any blog is posted by any employee, officer, agent, or representative of Colliers. Colliers has not authorized or verified any statement of fact made in a blog, and any such statement does not constitute a statement of fact by Colliers. Colliers is not responsible for the monitoring or filtering of any blog, nor does Colliers claim ownership or control over any blog content.