TX: Houston Job Growth Slows as Oil Drop Challenges Local Economy

Posted December 8, 2015 at 11:19am

Fuel Fix reports that “the oil collapse has thrust Houston’s economy into upheaval, but the downturn won’t be nearly as bad as the ruinous 1980s bust that left permanent scars on the city, according to the newly released employment forecast by the Greater Houston Partnership.”  

“’The only similarities between now and the 80s are the oil glut and price collapse,’ GHP analysts wrote in their forecast. ‘Energy will restructure, but it won’t jettison half its workforce as it did back then. Real estate will soften, but it won’t turn to mush. Houston banks may have nonperforming energy loans on their books, but those loans won’t crater the financial system.’”  

“The annual forecast was unveiled during a presentation Monday in downtown Houston, providing a new look at how the downturn has afflicted a city that runs on oil.”