Oil and gas companies in the Northwest Houston area, including Baker Hughes, had to cut jobs during the downturn. Oil and gas companies in the Northwest Houston area, including Baker Hughes, had to cut jobs during the downturn.[/caption]

What we reported Greater Houston area employers cut 1 in 7 jobs across oil-related industries after the price of oil dropped from $105 per barrel in June 2014 to $35-$40 per barrel in December 2015, according to the Greater Houston Partnership. However, energy industry experts expect the oil industry to stabilize in early 2017.

The latest Employees who left or were laid off from the oil industry found an entrepreneurial spirit, which led to a surge in new small businesses in Cy-Fair. Local businesses, such as Daniel & Son Fence Restoration, Sub Zero Ice Cream, The Brothers That Just Do Gutters, 11 Below Brewing and the Entrepreneur’s Source, all emerged from the oil and gas downturn.

What’s next Despite continued losses in construction and oil field services, GHP projects a net gain of 29,700 new jobs to be created in 2017 in markets, such as health care, hospitality and education.

This story is one update from The January Issue. View the full list of 10 things to look for here.