Saturday, January 21, 2012

Houston's Economy

More sunny economic news for Houston:

The economy of Houston grew faster than that of any other metropolitan area in North America last year, according to the Brookings Institution's Global MetroMonitor report released on Wednesday.

Study co-author Alan Berube notes that Houston's $311 billion economy is witnessing impressive growth in local incomes and employment accompanied by steady growth in the housing market.

The study also highlights the importance of economic diversification, particularly at a time of economic uncertainty around the world. In the case of Houston, the regional economy is benefitting from robust performance in the technology, medical, energy, and manufacturing sectors. Citing the Brookings study, the Houston Chronicle also adds:
The Port of Houston is one of the world's largest, with bright prospects for growth once widening of the Panama Canal is completed in 2014, doubling the famed canal's capacity. A lot of that tonnage is expected to pass through the Port of Houston.  
We're also a major base for two growing airlines, Southwest and Continental/United, and we have a growing arts tourism economy that's being carefully nurtured and grown.