Houston ranked among the top-performing U.S. metros last year and has historically been a top 10 metro leading the nation in population and job growth. In March, Site Selection magazine ranked Houston 2nd, as a top metro for new and expanded corporate facilities. This ranking is a testiment to Houston’s strong economic base and staying power even during an energy industry downturn.
Since the dramatic fall of oil prices that occurred in late 2014, Houston’s economy has slowed significantly and continues to grow at a lesser pace in 2016 than its’
average annual rate. Future growth forecasts have been revised downward, mostly due to the impact of low oil prices. Fortunately, only one of three sectors of the
energy industry has been affected, confined to the “upstream” energy companies who are focused on exploration and production. The “midstream” (transportation
and storage) and “downstream” (refining and petro-chemical) sectors are not as negatively impacted by low oil and gas prices and are projected to remain strong
in the near term.
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