Forbes recently selected Houston as the fastest growing commercial real estate market for America in 2015, and for good reason. With a thriving economy boosted by 2 key industries, Houston has become the most attractive (and affordable) location for new residents and businesses to call home.
There’s no doubt that Houston is synonymous with oil and gas. After all, the city is home to more oil and gas companies than any other city in the world. With Texas’ oil output more than tripling over the past three years, Houston is at the center of the energy boom and thriving. However, as oil prices continue to drop, companies have started cutting budgets and layoffs have become rampant throughout the city.
Thriving Industries in Houston
Luckily, there is still enough momentum in the city through other industries like healthcare, construction, and petrochemical that the city will continue to see slow, but steady growth, according to The Greater Houston Partnership, Houston’s most influential business organization. The GHP predicts that even with layoffs and slow growth, Houston will reach a milestone in 2015.
It seems as though the city continues to make bigger strides each year. According to Forbes, the Houston metro area has added 667,800 new jobs since 2005 and is expected to add about 63,000 more in 2015. This makes Houston an attractive city for college graduates, especially since employers like ConocoPhillips and Halliburton have helped raise the median income for college grads to $71,900.
There have been around 1,500 corporate relocations or expansions, including Valero Energy’s move to the ship channel and FMC Technologies’ $316 million dollar new campus. Mattress Firm’s pricy expansion has also created hundreds of new jobs.
With Houston’s projected population growth rate expected to reach 1.74% in 2015, there will still be plenty of space for new residents and businesses in and around the city as Houston continues its efforts to revitalize the city and public transit.
Diversity of Industries in Houston
There are multiple business hubs within the city limits, including downtown Houston, the renowned Texas Medical Center, Energy Corridor, upscale Uptown, and Greenway Plaza. There are plenty of vivid neighborhoods for Houstonians, including the historic and artsy Heights, young and hip Midtown and Montrose, extravagant River Oaks, and scenic West University. The areas surrounding Houston like Katy, The Woodlands, Sugar Land, and Pearland continue to grow consistently with the city.
Houston is a city full of diversity, world class dining, big business, and an exciting nightlife. With a prosperous economy to boot, it’s safe to say that the city will continue to be on the rise for years to come.
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