Houstonians can expect more employment growth in 2019 but at a slower rate than last year, said Jim Gaines, chief economist at the Texas A&M University Real Estate Center, at the 2019 Economic Outlook Forum on March 29. And despite the nationwide slowdown, Gaines said he does not anticipate a recession within the next couple years.
“The economy is slowing down, but it’s not falling off a cliff,” Gaines said. “And that’s the part that has to be communicated to people.”
Houston has also become more diversified—relying less on the energy sector as the fuel to its economy and more on other sectors, such as manufacturing and health care—meaning it will not be crippled by an oil downturn, Gaines said.
“The Houston economy has become … enough diversified … it can offset [a decline in oil prices]and survive and do well,” he said.
Watch the video with Gaines to learn more.