GHP cuts Houston job predictions in half
HOUSTON – Greater Houston Partnership announced a revision to its 2015 employment forecast, with a gain of only half as many jobs this year as were predicted in December.
The revision states that the region will gain around 20,000 to 30,000 jobs this year after predicting in December that Houston’s metropolitan area would add 62,900 jobs in 2015.
“Economic conditions have changed dramatically since the partnership issued its original forecast,” the revision reads.
The original report assumed that the North American rig count would fall by 500 rigs this year, but it has actually lost more than 1,000 since its September 2014 peak.
The partnership also assumed the energy industry would cut exploration expenditures by 25 percent, but the cuts are nearing 40 percent.
The revised report shows that total nonfarm employment in Houston peaked in December 2014, but that Houston lost 47,000 jobs in January 2015.
As of May 2015, the Houston-The Woodlands-Sugar Land area reported 2.9 million total nonfarm payroll jobs.
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