Houston is one of the stronger metros in 2023 in terms of GDP growth
Houston’s GDP is forecast to have declined 0.1% so far in 2022, with declining petrol and coal product manufacturing in particular holding back growth. Total GDP growth for 2022-2026, forecast at 2.1% annually, is above the US average but roughly in the middle of the 50 largest metros. Total employment is forecast to grow 1.9% annually over the period
What you will learn:
- Net job growth of 2.3% since Q1 2020 ranks in the top 20 of the 50 largest metros. The industries that have added the most jobs over this period include retail trade, warehousing and storage, and employment services. Going forward, we forecast average annual growth of 1.9% for the period 2022-2026. In addition to rebounding hospitality, construction, retail trade, and manufacturing are expected to add the most jobs.
- With a number of energy companies having headquarters in the metro, the mining sector plays a notable role in Houston. The sector has consistently risen and fallen with oil prices, but not in the current economy.
- Despite this, total GDP in Houston is forecast to grow 2% in 2022, with strong growth in professional services helping to offset the poor mining outlook. Forecast growth of 0.3% in 2023 compares favorably, ranking in the top 20 of the 50 largest metros.
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