Houston’s recovery much like that of the U.S. so far – a clear bottom but only a gradual return to growth
The Greater Houston Partnership released its October 2010 Economic Report. Here are a couple of key points from the report:
Houston’s Recession is Over
Based on the PMI, rig count, air passenger traffic, vehicles sales, home sales and employment, it appears that Houston entered the recession in August ’08, eight months after the U.S. recession began. Houston’s recession appears to have ended in September ’09, three months after the U.S. recession ended. The recovery in employment did not begin until February ’10.
Private Sector Employment Continues to Recover
The region added 5,700 private sector jobs in August ’10. The 12-month loss has fallen to 6,300 jobs this year compared to a 12-month loss of 71,500 jobs the same time last year. Since January ’10, the private sector has added 49,600 jobs. However, this should be taken with a note of caution. First, the numbers are not seasonally adjusted. Second, they are subject to change when TWC issues its benchmark revisions in March ’11. But the data do suggest the economy is into recovery and that employment is beginning to rebound.