Houston Economic Outlook for 2018: Oil Still a Drag

The Houston economic outlook is one of good-news, not-so-great news. The good news: a healthy U.S. economy, combined with strong global trade, will continue aiding in the Bayou City’s recovery. The not-so-great news? The oil industry remains sluggish, which could impede job growth in the region.

A new forecast from the Greater Houston Partnership estimates that 45,500 new jobs could be added in 2018, which is about 15,000 less than a normal year. The GHP’s Patrick Jankowski indicated that “significant hiring again in the oil and gas industry” won’t take place in the near term, even as the worst of the sector’s layoffs are done.

GHP projected job growth for local manufacturing, retail, transportation, financial services, real estate and healthcare.

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