Houston Economy Outpacing Texas, Nation

According to the Houston Business Journal, the Gulf Coast economy is outpacing not only the Texas economy, but the national economy as well. Texas Comptroller Susan Combs noted that if Houston were a nation, it's economy would be 25th largest in the world, just behind Norway's economy.

In September 2008, Hurricane Ike essentially threw Houston in to the recession that the rest of the country had been feeling for several months, but according to employment numbers and real estate facts and figures, Houston's economic downturn hasn't been as bad as many other cities in the country.

The 13 counties that make up the Gulf Coast Region have current and past employment numbers that would make most of the rest of the country jealous. With an 11% rate of growth between 2004 and 2009, and expectations that growth will continue to rise 2.6% annually between 2009 and 2014, it is to be expected that many unemployed workers will flock to the Houston metropolitan area and Gulf Coast states in the near future.

In addition to being stable, the Gulf Coast Region is credited with supplying nearly 1/4 of all jobs in Texas, nearly 2.6 million jobs to be exact. The industries that are expected to gain the most new jobs in the near future are professional business services, leisure, hospitality, health care, agriculture, and education.

Combs credits the diversity and strength of industry for the reasons that Houston's economy has stayed relatively strong during the downturn: "it's a prosperous area supporting many thriving industries". She was likely referring to the myriad of industries in the Gulf Coast region, including oil and gas, medicine and medical technology, information technology, as well as import/export opportunities at the Port of Houston, the nation's second largest port. Not only does this type of economic diversity positively impact the Houston area, the greater Gulf Coast Region, and the State of Texas, but it also provides tremendous support for the struggling national economy as well.

The Texas Medical Center is credited for keeping the city employed. As Houston's largest employer (if counted as a single entity), Houston's Texas Medical Center employs 72,600 people across all spectrums of the health care industry.

Though property taxes were down, sales tax revenue remained strong, probably due to Hurricane Ike post-disaster purchases as well as federal relief funding.

"Report: Gulf Coast economy outpacing that of Texas as a whole". http://houston.bizjournals.com/houston/stories/2010/03/22/daily17.html

"Houston economy outpacing rest of state". http://www.houstontomorrow.org/livability/story/gulf-coast-economy-outpacing-rest-of-texas/

"Gulf Coast Region Supports Texas and National Economics". http://www.theanahuacprogress.com/articles/2010/03/24/news/news22.txt

"Texas in Focus: Gulf Coast Region". http://www.window.state.tx.us/specialrpt/tif/gulf/