May 2023 Edition
The Greater Houston Partnership is an economic development organization in Houston, Texas. They serve as a a gathering place for community minded business leaders who want to be involved in the positive growth and influence Houston’s economic trajectory. Below are some highlights from the May edition of the Greater Houston Partnership’s Economy at a Glance. Download the full report below.
Download Economy at a Glance Report
U.S. ECONOMIC OUTLOOK
- U.S. economic growth has slowed considerably since January but the recession that so many predicted hasn’t arrived yet. It’s unlikely to knock on our doors before autumn, if at all. When it does, and if the recession is short and shallow, the impact on Houston will be minimal.
EMPLOYMENT UPDATE
- Metro Houston created 19,900 jobs in March, according to the Texas Workforce Commission (TWC). That’s in line with the twenty-year average of 20,600 for the month, which suggests that after the record pace of the past two years, Houston’s job growth has returned to normal.
- Retail trade (3,100 jobs), supported by population and job growth, and home construction in the suburbs
- Construction (3,000 jobs), reflecting seasonal hiring patterns as construction activity picks up in the spring
- Other services (2,600), supported by consumers shifting from spending on goods to spending on services
- Professional, scientific, and technical services (2,400 jobs), which is good news for Houston’s struggling office sector
- Manufacturing (2,200 jobs), with gains in durables manufacturing offsetting losses in non-durables
- February’s and March’s combined job gains (+46,900) have offset 93.1 percent of January’s losses (-50,400). The region should recover all January’s job losses and employment should hit a new, all-time high when April data is released in mid-May.
KEY ECONOMIC INDICATORS
- Crude Oil — The closing spot price for West Texas Intermediate (WTI), the U.S. benchmark for light, sweet crude, averaged $79.41 per barrel in April ’23, down from $101.78 over the same month in ’22. Oil prices have fallen nearly 37.0 percent from their peak of $120.43 the week of June 10, 2022.
- Unemployment — Houston’s unemployment rate was 4.4 percent in March, down from 4.8 percent in February but up from 4.1 percent in March ’22. Texas’ rate was 4.2 percent, down from 4.5 percent in February but up from 3.8 percent in March of last year. The U.S. rate was 3.6 percent, down from 3.9 percent in February and from 3.8 percent in March ’22.
Source: Greater Houston Partnership
