Houston Area — Diversified Global Economy
"Over the past decade, Houston's population has grown by 24%--five times the rate of San Francisco, Boston, and New York. So what does Houston have that these other cities lack? Opportunity. Between 2000 and 2009 Houston's employment grew by 260,000. Greater New York City added only 96,000 jobs. Chicago lost 258,000 jobs; San Francisco lost 217,000; Los Angeles lost 168,000 and Boston lost 100,000."
Forbes Magazine, June 7, 2010
Over the long term, job growth and population growth drive rental rates and property values. Historically Houston has led the nation in job growth and economic growth.Houston will lead the country out of the recession, with growth in its economy, job base, and property values. Read the report.
Houston is the home for 27 Fortune 500 companies (46 in Texas). In the next fifteen years the Houston metro area will add 1.3 million new jobs, three million new residents, and one million new households (Houston-Galveston Long-Term Regional Forecast). Houston is the fourth-largest city in the United States, with 2.2 million people in the city limits and 5.7 million in the metro area (2008 US Census).
Houston works. Houston has a growing, diverse economy The Gross Area Product (GAP) of the Houston metro area was $440 million in 2008, larger than Venezuela or Sweden. Houston has many engines of economic and job growth:
· Texas Medical Center, the world’s largest concentration of healthcare and research institutions
· NASA’s Johnson Space Center, location of the Mission Control Center
· Port of Houston, largest international port in the United States
· The world energy capital, with major operations centers for five of the six “supermajor” energy companies: ExxonMobil, Chevron, Shell Oil, ConocoPhillips, and BP.
· Largest concentration of higher education institutions in Texas—over 20 major colleges and universities, including Rice University, University of Houston, Baylor College of Medicine, Houston Baptist University, and University of Texas M.D.. Anderson Cancer Center, and the Institute of Biosciences and Technology.
The Port of Houston ranks first nationwide in foreign tonnage. The port is also home to a $15 billion petrochemical complex, the largest in the nation and second largest in the world. Houston is the energy capital of the world and Texas is emerging as a leader in alternative energy production.
Houston has a global reputation in health care services, anchored by the Baylor Medical Center. Located in Houston's Texas Medical Center, the Baylor Medical Center comprises a 1,000-acre complex of 46 independent institutions. The Center supports over 3,500 faculty and an additional 4,500 staff. The Texas Medical Center also houses nine major hospitals on its campus, including the Michael E.DeBakey Veterans Affairs Medical Center and the Texas Children’s Hospital.