Houston’s population keeps rising, but growth is slowing a little — and that’s not bad news. For years, Houston has experienced dramatic growth throughout a number of industries, but slower, more sustainable growth is more likely to carry it through long-term. And despite the fact that population keeps rising, it’s slowing down too, and allowing the city some breathing room to recover from its rapid expansion.
Regardless of its presently slowed growth, Houston is still one of the fastest-growing cities in America, and it remains a highly ranked place to live. Here are some of the most popular industries in Houston, in addition to what’s projected for its future stability and growth.
Oil, Gas and Petroleum Remains the Leading Industry
Houston, like much of Texas, is based around oil and gas exploration and petroleum refining. As one of the largest sources of oil and gas, Houston has experienced a significant boom in recent years. Not only has oil and gas production rapidly expanded, but the last few years have seen America increasing its oil and gas exports, building wealth from other countries.
However, this also means that Houston’s success and economic growth is often predicated upon oil and gas prices, which can fluctuate wildly. Houston’s oil and gas industry is more stable than many other states, but it is still dampened whenever there are issues with the oil and gas market. This is something to keep in mind, since the oil and gas market is a global one and, in the past, has been frequently subject to manipulation and outside forces.
Computer, Aerospace and Environmental Technology
Houston’s growth as a major technology center has been part of what has stabilized its economy thus far, especially in times of oil and gas crisis. Affordable prices and an excellent infrastructure have been alluring to many major tech companies, which has encouraged the expansion and diversification of available jobs and labor.
At the same time, the more Houston grows as a tech center, the more expensive it becomes — this is why Houston may see slower growth moving forward, even if this growth is more stable.
If the economy falters, Houston could see additional growth as technology companies may seek to cut costs by moving to more affordable areas. At the same time, the market may also become more competitive, and technology firms that are already struggling may be forced to shut their doors. In terms of environmental and aerospace technology, the growth is largely controlled by government investment. The aerospace industry, in particular, has seen some erratic changes in its funding in recent years, in addition to the development of some privately owned ventures.
Medical Research and Healthcare
As a large, major metropolitan area, a significant amount of Houston’s industries relates to serving the populace itself. This includes medical research, healthcare solutions and also general government and health services. Houston has grown dramatically, which has also increased a need for medical positions, nurses and caregivers. These positions are likely to remain in high demand as the population grows, even if the economy slumps: they are positions that are generally in demand even during recessions.
Nationally (and even worldwide, with the exception of a few countries), the world is slowing down and the economy is likely to enter into a recession. Houston’s slowdowns are reflecting this somewhat, but at a rate far better than most other major cities. Houston has a thriving and diverse economy as well as a skilled and youthful population. It’s likely to continue growing in the future, even at a somewhat slowed rate.
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