State of the Economy How is Doing? Dan Bellow President - Houston September 24, 2009Houston’s...
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Transcript of State of the Economy How is Doing? Dan Bellow President - Houston September 24, 2009Houston’s...
State of the Economy How is Doing?
Dan BellowPresident - HoustonSeptember 24, 2009
Houston’s Tomorrow
Houston
The Power of the 10-County Houston Metro Area
• GAP projected to grow 35% by 2013 to $592 B
• Population projected to increase nearly 11% by 2013
Source: Greater Houston Partnership, The Perryman Group
2009 Estimate $450 B 5.88M
Projected % Increase 2009-2013
32.0% 8.5%
2013 Projection $592 B 6.38 M
GAP Population
Houston: A Growing City
Population Growth
Percent change, July, 2007 – July, 2008 Top U.S. Cities
Houston
Los Angeles
Chicago
New York City
Source: U.S. Census Bureau
0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6%
Houston’s Unemployment: Well Below National Rate
EmploymentGrowth
Rate
Aug '09 Aug' 08 July '08 - July '09
-3.1%
U.S. 9.7% 6.2% -4.2%
Unemployment
Houston 8.4% 5.2%
Houston: Stable in a Down Economy
Houston
New York City
Chicago
Los Angeles
U.S.
Employment Growth Rate
(Percent Change in MSA Nonfarm Payroll Employment)4 Most Populous U.S. Metro Areas
July ’08 – July ‘09
Source: Greater Houston Partnership
-5.0% -4.0% -3.0% -2.0% -1.0% 0.0%
Houston: An Affordable Place to Live
Cost of Living
(Percent below/above nationwide average as of 2Q’09)Index: average of 320 urban areas = 100%
Source: ACCRA Cost of Living Index
6.6%
53.6%
-7.4%
-10.6%
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Houston
Dallas
New York City
Chicago
Port of Houston
#1 - imports (84.5 M in ’08)
#2 - exports (51.8 M in ’08)
#16 - int’l tonnage (2007)
NASA / JSC
Global nerve center
17,000 total employees
3,400 federal workers
Texas Medical Ctr
World’s largest
73,600 employees
$7.1 B in future growthInterstate HighwayHighwayAirports (Area)
MAP KEY:
9th largest in U.S. by RBA
140,000 people inflow daily
Office market 86% occupied
The Galleria
#1 in Texas; #4 in U.S.
24 million annual visitors
Office market 87% occupied
Energy Industry
Heartbeat of industry
4th largest submarket
Office market 91% occupied
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The Power Centers of Houston
CBD
Houston: A Stable Real Estate Market
½ Billion SF Market
Occupancy = 94%
Port of Houston
2008 IND Employment
300 Million SF Market
Occupancy = 91%
Galleria Mall
Retail sales up 11.7%
1.7 Million households
Occupancy = 86% (multi-family)
Foreclosures stable
25% off housing costs
150 Million SF Market (Multi-Tenant)
Occupancy = 84%
Energy (48% econ. Base)
29 Fortune 500 HQ’s (#3)
Houston Headlines“Best City to Get Ahead”Forbes.com - June 19, 2009
“Top Metro in the Nation (For Corporate Expansions & Relocations)”Site Selection Magazine - March 2009
“Best City to Live, Work and Play”Kiplinger's Personal Finance - July 2008
“Top U.S. Manufacturing Cities”Manufacturers' News Inc. (as reported in the Houston Business Journal) - May 19, 2009
“Best Cities for Jobs”Forbes.com - April 14, 2009 and Fortune Magazine - April 2009
“Fastest Growing Cities”US Census Bureau - July 2009
Houston is listed as one of the Top 10 "World Capital of the Future”Forbes Magazine - September 2009