Report Finds Houston Economy Fastest Growing in North America
A study by the Brookings Institution, a non-profit, non-partisan public policy organization, titled “The Global Metro Monitor” for 2011 reveals the Houston economy to be the fastest growing major metropolitan area in North America.
Houston ranked as the 19th fastest growing city worldwide in 2011. The only other North American city to appear on the top-40 list was Dallas, which ranked at 36.
The report cited not only the obvious booming energy business as a primary reason the Houston regional economy grew at such a strong rate, but also the city’s diverse economy.
The local $311 billion economy benefited from a combination of high oil and gas prices, a strong housing market, and rapid growth in the commodities, manufacturing, trade, and tourism sectors.
Houston was also one of the only North American cities where both income (up 5.5%) and employment (up 2.5%) both grew “much faster” this past year than in 2010.
The Global MetroMonitor rankings factor in data such as population, per-capita income, and employment levels to form a comparative economic ranking of cities.
The fact that Houston and Dallas are the only two major North American cities to rank in the top-40 demonstrates a growth in non-traditional power centers. The majority of cities in the report are located in Asia, Latin America and Eastern Europe.
To read the entire report, please click here.