(Houston Business Journal) Houston is outperforming the U.S. in many economic indicators, especially in job growth, according to the latest Comerica Regional Economic Update.
The Houston-Sugar Land-Baytown area’s payroll job creation was up 3.4 percent on a year-to-year basis for the second quarter. That’s the fastest-growing job creation of any major metropolitan area in the U.S., Comerica Bank said.
After registering a 6.9 percent unemployment rate for the second quarter, Houston is expected to record 6.8 percent in the third quarter and 6.5 percent in the fourth quarter. Comerica forecasts Houston’s overall rate for 2012 to be 6.8 percent, followed by 5.6 percent in 2013 and 4.4 percent in 2014.
Both housing prices and housing starts are on their way up, and business and personal bankruptcies are decreasing, Comerica notes.
“Houston is still attracting new energy‐related industry, but a critical component of the metro area’s long‐term economic outlook will be its ability to grow non‐energy‐related industries, which will provide economic vitality and stability when energy markets are weak,” Comerica writes. “A rapidly expanding population with strong income growth will foster gains in the non‐energy sector.”
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