Chemical industry, housing still strong amid oil layoffsChemical industry, housing still strong amid oil layoffshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=11952015-04-24T08:03:00Z2015-04-24T09:00:00Z

HOUSTON - Gas prices keep edging up while layoffs continue in the oil services industry. No word how many jobs have been cut in the Houston area, but industry analyst Daniel Flynn say it may take a few months to right the ship.

“With the layoffs, we're not going to see the jobs come back as fast as we lost them, unfortunately,” says Flynn.

A rebound depends on numerous factors around the world.

Not all is lost, according to Bob Mitchell with the Bay Area Houston Economic Partnership.

“The specialty chemicals industry is really booming down here,” says Mitchell. “Its unfortunate the west side is sort of struggling, but the east side of town is really doing quite well.”

Mitchell believes that will help weather the storm.

“The energy corridor is suffering, but the specialty chemicals industry downstream is booming because of the cost of natural gas,” he says.

Houston's medical district, shipping port and other industries have helped fill the gap of years past. That diversity has kept the local housing market strong.

“At $208,000, the single family home median price achieved a record high for March,” says Nancy Furst, chair of the board at the Houston Association of Realtors.

“Our total property sales in March were up 3.6 percent year-over-year.”

Source:  iHeartMedia KTRH

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