Houston Economy at a Glance – November 2012
Last December, the Greater Houston Partnership issued its annual jobs forecast for ’12. The forecast called for the Houston-Sugar Land-Baytown Metro Area to create 84,600 new jobs. Through September of this year, the region has created 77,000 jobs. When the October employment data are released later this month, the report will likely show Houston has exceeded the Partnership’s jobs forecast for the year. At the current pace of job growth, the region may create in excess of 90,000 jobs in ‘12, one of the better performances on record.
Job Growth Fueling Office Demand
Houston added 96,600 jobs in the 12 months ending September ’12. The region’s 3.7 percent annual growth rate exceeds that of all other major U.S. metros. Strong job growth has led to increased office absorption, lower vacancy rates, increasing rental rates, and new construction.