In light of the latest jobs report disappointing some economists, Bloomberg spoke with Houston MayorAnnise Parker about how the Energy Capital of the World is surviving amid low oil prices.
“We think it’s a slight negative, as well, but we continue to grow,” Parker said in response to the July 2 report from the Bureau of Labor Statistics. “Our economy continues to expand at about half the rate it was (growing), but we’re still in a growth mode, albeit a slow growth mode.”
Parker said Houston’s economy currently is growing at about a 2 percent rate. According to a January report from Forbes, Houston’s gross metropolitan product growth was 3.52 percent in 2014, and the city’s year-over-year job growth rate was 4.5 percent. Job growth was expected to be less in 2015, but the Greater Houston Partnership and the University of Houston have cut their job forecasts even further since then.
Although low oil prices have hit energy-sector jobs, Parker noted the hardest-hit jobs were not in Houston, where energy companies have their headquarters, but rather in field operations.
….Article by bizjournals.com. Click here to view the full article, as well as an in-depth video interview.