Transwestern Economic Outlook 1Q2016 for Houston

​​​HOUSTON – Payroll employment grew by just 0.3 percent, or 9,000 jobs, over the 12 months ending in February, ranking Houston the last in both metrics among major metro areas, according to Transwestern’s Houston ​Economic Outlook first quarter 2016.​​

Employment growth for 2015 totaled 15,200, coming in under the 20,000 jobs forecasted for the year.

For the second consecutive year, the U.S. Bureau of Census reported the metro led the nation in population growth, adding more than 159,000 residents between July 2014 and July 2015.

Houston’s current economic state is likely to prevent this from occurring a third year in a row as fewer employment opportunities exist in the market.

This influx of new residents has helped consumer-driven sectors such as healthcare, retail and education thrive across the metro. 

It is the strength of these sectors that has helped offset significant job losses in the upstream energy and manufacturing industries.

With oil prices hovering in the low-$40s, energy-related companies continue to make cuts that reverberate throughout both the economy and commercial real estate.

Houston’s diversification will be tested over the course of 2016 and 2017 as the true impact of the downturn becomes more evident. 

Jobs created in the Houston metro are projected to total around 21,500 in 2016.