Economy Houston is primarily based on the energy industry, especially oil. However, health care, biomedical research, and aerospace are also major sectors. In 2012, gross domestic product (GDP) from the metropolitan area of ​​Houston-The Woodlands-Sugar Land (MSA) is $ 449 billion, the fourth largest of any metro area in the United States. The Houston metropolitan area comprises the world's largest concentration of petrochemical manufacturing, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many oil and gas exploration and production companies and petroleum pipelines operators. As of 2011, 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The Houston-Sugar Land-Baytown metropolitan area ranked 33rd among 361 MSA nationwide on personal per capita income at US $ 36,852 - 11.5 percent higher than the national figure of US $ 33,050. In 2012, Houston was ranked # 1 by Forbes for the value of payments, and, by the end of May 2013, was identified as the top city in America for job creation.
Video Economy of Houston
Real estate and corporate location
Houston is a major corporate hub. The city and surrounding metropolitan area is home to 23 Fortune 500 companies, as well as other multinational and domestic companies. Of the 100 largest non-US companies in the world, more than half operate in Houston. In 2006, the Houston metropolitan area was ranked first in Texas and third in the US in the category "Best Place for Business and Career" by Forbes . The Fortune 500 2011 list shows 23 companies headquartered in the 10-county Houston-Sugar Land-Baytown Metropolitan Statistical Area. Only New York City has more Fortune 500 headquarters within the city limits.
Maps Economy of Houston
Finance
Banking and financial services are essential to the region. Forty foreign governments maintain commercial and commercial offices here and the city has 23 active foreign trading rooms and trade associations. Twenty-two foreign banks representing 12 countries operate in Houston and provide financial assistance to the international community. In 1997, Houston has offices of 84 subsidiaries of Japanese companies.
Information technology
Houston has more than 1,000 computer-related companies. Since its founding in 1999, Houston Technology Center has become a technological entrepreneurship center in Houston. The Center has helped more than 150 new technology companies accumulate more than $ 400 million in capital and create about 1,000 new jobs. The information technology developed in Houston affects many entities, including regional traffic and emergency response efforts at Houston TranStar, centralized transportation management and regional emergency management center.
Houston, with a customer base of over 3 million, is the largest service city of AT & amp; T. The city's telecommunication infrastructure completes over 70 million phone calls daily in Houston. The Texas Public Utilities Commission has certified over 400 additional local exchange operators to provide services across the state or particularly in Houston. More than 1,600 interexchange operators have been registered with a commission to provide remote services.
Higher education
The University of Houston System's annual impact on the regional economy of Houston is equivalent to large companies: $ 1.1 billion in new funds drawn annually into the Houston area, $ 3.13 billion in total economic benefits, and 24,000 local jobs generated. This is in addition to the 12,500 new graduates generated by the UH System each year entering the workforce in Houston and throughout Texas. The title holder is likely to live in Houston. After five years, 80.5 percent of graduates still live and work in the region.
Health and biomedical care
The Texas Medical Center is a city health and biotechnology center with $ 3.5 billion committed to research grants from 2000 to 2004, over 43 member institutions, 5.2 million patient visits in 2004. Over 65,000 health care professionals work in there every day, treating more than five million patients from around the world every year. UT Research Park, a joint venture between The University of Texas M.D. Anderson and UT Health Science Center in Houston, located at Medical Center. When fully developed, UT Research Park will consist of nearly 2 million square feet (180,000 mÃ,²) research space, laboratories, offices and support for private companies and nonprofit research institutions. This effort will be focused on biotechnology and biological science research. Baylor College of Medicine is home to the Human Genome Sequencing Center, one of only five in the country.
According to US News and World Reports, many hospitals in Houston are consistently among the country's top health care agencies.
Manufacturing and industry
Houston is home to more than 10,700 manufacturing companies. The city is classified as a World Class Gold Medal for Manufacturing Society for four consecutive years by Industrial Week magazine. The Gulf Coast-Houston region has nearly 40 percent of US capacity for basic petrochemicals, ensuring quick access to major resin manufacturers and resin technologies. Houston is projected to experience a 2.7 percent increase in manufacturing jobs in 2012. Metal manufacturing is a $ 12.0 billion industry in Houston, with nearly 2,100 companies employing more than 67,000 workers in the region. About 250 companies employ more than 20,000 people in Houston's electronics manufacturing industry. Hewlett Packard employs more people in operations in Houston than any other HP facility in the world.
Energy
Houston is known as the world capital of the oil and gas industry with more than 5000 energy companies doing business in the region. Historically, Houston has experienced some explosive growth (and some devastating economic recession) associated with the oil industry. The discovery of oil near Houston in 1901 led to the first growth - by the 1920s, Houston had grown to nearly 140,000 people. The city is a leading domestic and international center for virtually every segment of the oil and gas industry - exploration, production, transmission, marketing, service, supply, offshore drilling, and technology. Houston dominated US oil and gas exploration and production. The city remains unrivaled as the center of the American energy industry. In January 2005, the Houston Metropolitan Primary Statistical Area (PMSA) accounted for 31% of all US jobs in oil and gas extraction (38,300 from 123,400), and 14% of all US jobs in support activities for mining (28,100 from 200,900). Houston is the headquarters for 17 energy-related Fortune 500 companies and is home to more than 3,600 energy-related companies. Houston is home to 13 of the country's 20 largest natural gas transmission companies, 600 explorations and production companies and more than 170 pipeline operators.
The annual Offshore Technology Conference held in Houston presents the industry's latest energy exploration and development technology to more than 50,000 participants.
Houston is a member of the World Energy Cities Partnership, a collaboration between 13 energy-focused cities around the world.
Mining, which covers most of the oil and gas exploration and production in Houston, accounts for 11 percent of regional GAP - down from 21 percent in 1985. The decline in the role of oil and gas in GAP Houston reflects the rapid growth of other sectors - such as engineering services, health, and manufacturing. Oil and gas exploration and production, however, have risen in response to high energy prices and reduced surplus oil production capacity worldwide.
Members of the oil and gas industry are representatives of most of the board of Houston's arts bodies, charities, and museums. Energy companies spend money to make Houston a more attractive community for its employees to stay.
Petrochemicals
Houston is one of the world's largest manufacturing centers for petrochemicals, and the $ 15 billion petrochemical complex in the Houston Ship Channel is the largest in the country. Supporting the industry is a complex of several thousand miles of pipelines connecting 200 chemical plants, refineries, salt domes and fractionated plants along the Texas Gulf Coast, allowing the transfer of raw materials, fuels and chemical products between factories, storage terminals and transport facilities. Houston has more than 400 chemical manufacturing companies with more than 35,000 employees. Houston has two of the four largest refineries in the US. The ExxonMobil complex in Baytown is one of the oldest in the region and one of the largest in the world
More than 235 companies in the Houston metro area produce plastic and rubber products. Houston dominates the production of three major US resins: polyethylene (38.7% of US capacity); polyvinyl chloride (35.9% of US capacity) and polypropylene (48.4% of US capacity).
Aerospace
Houston is home to Johnson Space Center, NASA's largest research and development facility, employing nearly 3,000 federal civil service employees and more than 14,000 contract employees. Program offices for the Constellation Project, Orion, and other new space vehicle projects will create new jobs at the center. The city's growing aerospace industry spiked a second growth spurt, compressed by the 1973 oil crisis. The majority of contractor-related workforce will also be stationed at the center. Texas Governor Rick Perry recently announced a $ 7.5 million Texas Corporate Assistance Fund (TEF) to Lockheed Martin, which will bring about 1,000 jobs to the Houston area. The grant ensures Lockheed Martin will create these jobs in the Houston area after they get a multibillion-dollar contract from NASA to build Orion Crew Exploration Vehicles. Houston is also home to the United Space Alliance, which employs over 10,000 people.
Trading
Much of Houston's success as a petrochemical complex is due to the busy man-made vessel channel, Port of Houston. The port is ranked first in the country in international trade and is the sixth largest port in the world. Among other US ports, this is the busiest foreign tonnage and second tonnage overall. Because of this economic trade, many residents have moved to Houston from other US states, as well as hundreds of countries around the world.
The Houston coffee companies formed the Greater Houston Coffee Association in the fall of 2000. The industry then attempted to make Houston a major coffee delivery port. Coffee sold through futures contracts can only be delivered to a New York Board certified port, and the Texas ad valorem tax on warehouse inventory makes it impossible for Houston to obtain such certification. The tax was written into the Texas Constitution, so the Great Houston Coffee Association asked State Representative Joe E. Moreno and State Senator Mario Gallegos to file a constitutional amendment bill to free cocoa and coffee stored in Harris County's warehouse from taxes. Voters approved the amendment in 2001. Since then the role of Houston as a coffee port has increased. After Hurricane Katrina hit New Orleans, a lot of traffic turned to Houston.
Demand for Texas's oil increased, and many people from the northeast moved to Houston to profit from trading. Pasadena has a refinery, and the Port of Houston is among the busiest in the world. Since the 1980s oil busts, the Houston area aims to diversify its industry.
Jobs
In 2013, Houston was identified as the # 1 US city for job creation by the US Bureau of Statistics after it was not only the first major city to regain all the jobs lost in the previous economic crisis, but after the accident, more than two jobs were added for each person missing. Economist and vice president of research at Greater Houston Partnership Patrick Jankowski attributes Houston's success with the ability of the real estate and energy industry in the region to learn from historical mistakes. Furthermore, Jankowski stated that "more than 100 foreign-owned companies were relocated, expanded or started new businesses in Houston" between 2008 and 2010, and this openness to external business led to job creation during periods when domestic demand was very low.
In 2009 Walmart was the largest company in Houston, with 31,900 employees. The second largest is Administaff (now Insperity), with fewer than 21,900 employees.
Tourism
Attractions in the Houston area include Space Center Houston and La Casida and the original Ninfa. Previous attractions include tours of Houston Astrodome and Gilley's. The Bay Area Houston and Galveston also have many other attractions, including Schlitterbahn Water Park, Kemah Boardwalk, Moody Gardens, beaches, fishing, yachts and many local seafood restaurants. The Houston Museum District, the Houston Theater District at Downtown, and The Galleria are also frequented by tourists.
On July 26, 2003, the Greater Houston Convention and Visitors Bureau started "The Living Area: the Houston Multicultural Tour," a bus tour in several neighborhoods in inner Houston. Destination tours include Downtown Houston, First Ward, Second Ward, Third Ward, Sixth Ward, City Center East, and Midtown. Two reservations later, they were for August 23, 2003 and September 2003, quickly sold out. Therefore, the bureau adds six more dates with short notice.
Around 2006 Taiwanese became the owners of several independent and small hotel chains in the Houston area. In December 2006 C.Y. Ling, director of the commercial division of the Taipei Economic and Cultural Office in Houston, said Taiwan has more hotels than any other ethnic group except for Indians.
Retail
In 1980, a year of strong economic activity and intense competition in the wholesale market, prices at Houston's grocery stores were below the national average price at a grocery store. The Houston wholesale price index averaged at 85.6, below the national average of 88.4. This means that, for a base period of 1982-1984, the Houstonians paid $ 88.40 for the amount of food that would cost $ 100 according to the national average. During the fall of oil and the economic downturn, Houston prices persist even with the national average. In 1983 Houston's wholesale index rose from 96.8 to 99.4 and equaled the national average of 99.1. As the city begins to recover, prices begin to rise upwards. As the US recession begins and while Houston's economic growth slows and continues, the national price index drops below the Houston price index. In 1992 the prices at Houston's grocery stores were higher than the national average; The Houston index averaged 137.3, and the national average was 132.3.
Nic Santangelo, an analyst at the Bureau of Labor Statistics, the US Department of Labor department who drafted the monthly consumer price index, said in 1992 "We had a hard time explaining why Houston's food prices went one way, another Dallas, and another nation." Someone cited in the Houston Post described as an industry insider says that when companies in Houston's wholesale market leave, the surviving competitors "feel comfortable" and raise prices. Tammy Bobon, public affairs director for AppleTree Markets, said that Houston's wholesale market remained competitive for the entire period.
By 2015, the largest trader in the Houston market by the number of locations is Kroger, with 107 stores and 5 stores planned; H-E-B, with 90 stores and 8 stores planned; Walmart, with 78 stores and one shop planned; Target, with 35 stores; Fiesta Mart, with 34 shops; Lewis Food Town, with 32 stores; Randall Food Markets, with 30 stores; Aldi, with 21 stores; Sam's Club, with 20 stores; Seller Brooch, with 11 stores; Foodarama and Whole Foods Market, with 10 stores each; Costco Wholesale and Sprouts Farmers Market, with six stores each; and The Fresh Market and Trader Joe's, with four stores each. In 2007, the largest traders in the Houston market were Wal-Mart, Kroger, HEB, Safeway Inc. (as Randall Food Markets), Merchant Supply Companies (such as Fiesta Mart), Target, Lewis Food Town, Gerlands Food Fair, Brookshire Brothers, and Seller Bros.
Media
Houston is the tenth largest television market in the United States. While Houston is the fourth largest city in the United States, other smaller cities of Houston have larger metropolitan areas than Houston.
See also
- List of companies in Houston
References
Source of the article : Wikipedia
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