Houston's Oil, Gas Industry Continue to Lead Nation's Job Market
The energy boom created 2.1 million direct and indirect jobs by the end of last year and this number is expected to increase to almost 3.9 million jobs by 2025, according to the Bureau of Labor Statistics.
And the energy industry has been just as vital to Houston's economy recovery and expansion. Since January 2010, the upstream energy sector (exploration and production, oilfield services and equipment manufacturing) created 39,200 jobs, according to an economic report from the Greater Houston Partnership. Though upstream represents only one in every 20 jobs in the region, the sector accounts for one in every eight jobs created in the recovery and expansion. Add in engineering and fabricated metal products, and these sectors put in another 24,900 jobs, added the report
Together, these sectors represent one in every five jobs created in Houston since the recession began.
These stats reveal that the local economy doesn't appear to be slowing down any time soon.
"If Houston has slowed down, it is pretty modest," said Barton Smith, economics professor emeritus at the University of Houston.
"Energy employment could increase to 6 to 6.5 percent over the next 12 months, and overall, Houston is on track to add 3.5 percent to 4 percent more jobs during the next 12 months," he added. "That represents about 100,000 new jobs for the Houston area."
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