Main article: Economy of Houston
Further information: List of companies in Houston
Houston is recognized worldwide for its energy industry—particularly
for oil and natural gas—as well as for biomedical research and
aeronautics. Renewable energy sources—wind and solar—are also growing
economic bases in the city.[99][100] The Houston Ship Channel is also a large part of Houston's economic base. Because of these strengths, Houston is designated as a global city by the Globalization and World Cities Study Group and Network and global management consulting firm A.T. Kearney.[12]
The Houston area is the top U.S. market for exports, surpassing New
York City in 2013, according to data released by the U.S. Department of
Commerce's International Trade Administration. In 2012, the Houston–The
Woodlands–Sugar Land area recorded $110.3 billion in merchandise
exports.[101]
Petroleum products, chemicals, and oil and gas extraction equipment
accounted for roughly two-thirds of the metropolitan area's exports last
year. The top three destinations for exports were Mexico, Canada, and Brazil.[102]The Houston area is a leading center for building oilfield equipment.[103] Much of its success as a petrochemical complex is due to its busy ship channel, the Port of Houston.[104] In the United States, the port ranks first in international commerce and 10th among the largest ports in the world.[13][105] Unlike most places, high oil and gasoline prices are beneficial for Houston's economy, as many of its residents are employed in the energy industry.[106] Houston is the beginning or end point of numerous oil, gas, and products pipelines:[107]
The Houston–The Woodlands–Sugar Land MSA's gross domestic product (GDP) in 2012 was $489 billion, making it the fourth-largest of any metropolitan area in the United States and larger than Austria's, Venezuela's, or South Africa's GDP.[108] Only 26 countries other than the United States have a gross domestic product exceeding Houston's regional gross area product (GAP).[109] In 2010, mining (which consists almost entirely of exploration and production of oil and gas in Houston) accounted for 26.3% of Houston's GAP up sharply in response to high energy prices and a decreased worldwide surplus of oil production capacity, followed by engineering services, health services, and manufacturing.[110]
A graph showing the major sectors of the Houston economy[111]
In 2006, the Houston metropolitan area ranked first in Texas and third in the U.S. within the category of "Best Places for Business and Careers" by Forbes magazine.[114] Foreign governments have established 92 consular offices in Houston's metropolitan area, the third-highest in the nation.[115] Forty foreign governments maintain trade and commercial offices here with 23 active foreign chambers of commerce and trade associations.[116] Twenty-five foreign banks representing 13 nations operate in Houston, providing financial assistance to the international community.[117]
In 2008, Houston received top ranking on Kiplinger's Personal Finance Best Cities of 2008 list, which ranks cities on their local economy, employment opportunities, reasonable living costs, and quality of life.[118] The city ranked fourth for highest increase in the local technological innovation over the preceding 15 years, according to Forbes magazine.[119] In the same year, the city ranked second on the annual Fortune 500 list of company headquarters,[120] first for Forbes magazine's Best Cities for College Graduates,[121] and first on their list of Best Cities to Buy a Home.[122] In 2010, the city was rated the best city for shopping, according to Forbes.[123]
In 2012, the city was ranked number one for paycheck worth by Forbes and in late May 2013, Houston was identified as America's top city for employment creation.[124][125]
In 2013, Houston was identified as the number one U.S. city for job creation by the U.S. Bureau of Statistics after it was not only the first major city to regain all the jobs lost in the preceding economic downturn, but also after the crash, more than two jobs were added for every one lost. Economist and vice president of research at the Greater Houston Partnership Patrick Jankowski attributed Houston's success to the ability of the region's real estate and energy industries to learn from historical mistakes. Furthermore, Jankowski stated that "more than 100 foreign-owned companies relocated, expanded or started new businesses in Houston" between 2008 and 2010, and this openness to external business boosted job creation during a period when domestic demand was problematically low.[125] Also in 2013, Houston again appeared on Forbes' list of Best Places for Business and Careers.[126]
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