The Greater Houston Partnership has released its May 2010 Economic Report for the Houston region.
Highlights from the report:
- Job Market Brightens: The Houston-Sugar Land-Baytown Metropolitan Statistical Area added 14,800 jobs in March, one of the best month-to-month job performances since November ’08.
- Rig Count Continues to Improve: The Baker Hughes count of active domestic rotary rigs averaged 1,479 in April, ending the month at 1,483 – the highest level in 66 weeks, and 69 percent above the recent low of 876 last June.
- Oil Prices Remain Strong: The Friday closing spot market price for West Texas Intermediate crude oil (WTI) averaged $84.34 a barrel for the first four Fridays of April, up from $51.44 in April ’09, and 15 percent above the five-year average.
- The Houston Purchasing Managers Index, a short term leading indicator of regional production, marked a 12th consecutive month of improvement.