The Greater Houston Partnership projects less than 2,000 of the region’s 71,000 new jobs expected to be added in 2019 will come from the oil and gas sector after seeing little job creation in the last year.
Since the oil and gas downturn of 2014, the industry has lost more than 86,000 Houston-area jobs and only regained about 24,400, according to the GHP. Patrick Jankowski, the organization’s senior vice president of research, said Houston survived the downturn by creating jobs elsewhere.
“Houston has emerged from one of the worst energy downturns of the past 35 years where one in every four of the region’s energy jobs was lost,” he said in a statement. “In previous downturns, such a collapse would have devastated the entire economy. This time, Houston held up quite well because our ties to the U.S. and global economies are now just as strong as our ties to oil and gas.”
At the GHP’s annual Economic Outlook Forum in December, Cindy Taylor, president and CEO of Oil States International, said overall job growth this year will be light, even with a moderate rebound in crude oil prices. The majority of oil firms were profitable as of the third quarter of 2018, and crude oil prices are expected to average $65 per barrel in 2019, up from the mid-$50s in November, according to a GHP report.









