BY RAY HANKAMER
Takeaway: Houston’s economy is on a solid footing moving forward, although there is lingering weakness in office and in multi-family as Harvey occupancy dissipates.
- Houston has moved into a new growth cycle, although oil prices are subject to international political risk, and improved technology can find and produce more oil with fewer rigs and fewer jobs
- Oil jobs are returning, but slowly and the industrial sector has still not gotten over the loss of oil fieldrelated shrinkage of manufacturing space; there is no anticipated return of oil & gas employment to the previous peak
- Global growth is accelerating and with it the growing need for oil & gas
- Most of the big refining and chemical plants are complete or nearing completion; their feasibility was based on lower-cost oil & gas; jobs in that construction sector are shrinking
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