Health care, construction, professional and technical services, government, restaurants and bars are the sectors expected to experience the most growth, according to the Greater Houston Partnership.
Houston has created over 270,000 jobs in the past three years, according to the report, and employment is projected to increase at a steady rate into 2026.
The details
Patrick Jankowski, GHP's senior vice president and chief economist, spoke about the Houston economy at GHP’s annual Houston Region Economic Outlook luncheon Dec. 12.
Jankowski, set to retire early next year, said factors like the expanding U.S. economy, a continued decline in interest rates and increasing consumer confidence in the economic future support the outlook of Houston’s job growth.
Except for information, every sector is expected to experience job growth next year, according to the forecast.
Also of note
Jankowski said Houston has become a hotspot for domestic and foreign companies to set up operations. In 1981, Houston had 13 Fortune 500 companies headquartered in the city—today there are 24, Jankowski said.
“Some companies, they come and go, but we have grown significantly over time,” Jankowski said at the luncheon.
Quote of note
Jankowski said if the U.S. economy were to fall into a recession, Houston would likely follow at some point. However, he believes the U.S. economy will not experience a recession in 2025 and will likely not see one "for several years."
“The outlook for [2025] is really pretty good. If the U.S. economy grows, Houston will grow,” Jankowski said.
One more thing
To read the full Houston Region Economic Outlook, visit the Greater Houston Partnership's website.
