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Houston's Economy


H-Town Man

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I'll be glad to give him a head start. ^_^

From an article in today's Dallas Morning News, Upwardly revised Dallas job growth at 66,500 for 2007; Houston at 94,200.

EDIT: Another article from DMN, Office vacancy in DFW expected to increase past 20% in 2008.

I love it! Another Dallas poster bites the dust. I thought this was pretty cool: The Houston area, buoyed by high oil prices, gained a whopping 94,200 jobs, for a 3.7 percent increase.

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I don't think it will be very long before Houston becomes the fastest growing city in America again. People go where the jobs go.

We already are.

FWIW, though, Dallas has a far better newspaper than does Houston. They report on important things (like Houston) and do a better job at it than does the Chronicle.

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  • 4 years later...

Googled "Houston Economy HAIF" and this thread came up. I didn't want to create a new thread just for what I am posting.

This seems crazy. Of course, we are the second most populated state, but still, quite impressive. This was tweeted by Texaplex:

Texas added 732,800 net jobs in the last 10 years; no other state tops 100,000.

https://twitter.com/#!/Texaplex/status/181532058227703808

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To be completely fair to the rest of the country, a lot of our job creation (apart from size) is just the consequence of 1) chronic oversupply of the labor market for unskilled or low-skilled workers due to immigration and fertility and 2) an environment in which employers of such workers face minimal regulation AND in which low wages can still afford a reasonable quality of life. We're in a sweet spot for crap jobs...but it's certainly still a good thing for those who have them.

My sense is that the archetypal vision of a successful American (someone with at least a bachelor's degree and at least five years of experience, of white or asian ancestry...to be frank about it) can do pretty well for themselves anywhere...excluding NY or CA or a handful of cities.

Anybody want to peruse the data from the Cesus Bureau or the Bureau of Labor Statistics? A penny for your thoughts?

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I think you misread the point. Or maybe I didn't communicate it well. If you live in NY or CA (or somewhere like Detroit or Buffalo, NY), you're probably screwed no matter what, whether willing to accept it or not; there are exceptions, of course. If you're the archetypal success, then you can make it in places like Chicago, D.C., Portland, Dallas...or even third-tier down-market cities like St. Louis or Baltimore. Houston and a handful of other cities make it easy for someone to live well, however...in absolute terms. That is, they can afford stuff. Like housing, cars, entertainment, dining out, etc., all at the same time. We're a veritable orgy of lower-class jobs and consumerism compared to other cities.

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I think you misread the point. Or maybe I didn't communicate it well. If you live in NY or CA (or somewhere like Detroit or Buffalo, NY), you're probably screwed no matter what, whether willing to accept it or not; there are exceptions, of course. If you're the archetypal success, then you can make it in places like Chicago, D.C., Portland, Dallas...or even third-tier down-market cities like St. Louis or Baltimore. Houston and a handful of other cities make it easy for someone to live well, however...in absolute terms. That is, they can afford stuff. Like housing, cars, entertainment, dining out, etc., all at the same time. We're a veritable orgy of lower-class jobs and consumerism compared to other cities.

Niche is right on the money.

Here's a little story about why I love Houston... I was out the other night at a newish spot in The Heights. While waiting for friends to arrive, I struck up a conversation with the lady sitting next to me at the bar. She was under 30, African-American, and told me she had just moved to The Heights from Shreveport. After a few minutes of conversation, I found out that she had been at Tulane but could no longer afford the tuition but had heard great things about Houston. So, she moved here, got a job as a server at a downtown restaurant, and landed a place in The Heights. She plans to enroll at UH in the fall part-time to finish up her major in French.

I LOVE that someone who couldn't afford tuition at Tulane and works as a server can afford not only to live in Houston, but also to dine out and have drinks by herself in an established neighborhood. You would NEVER be able to do that in a "desirable" city like San Fran, Boston, Seattle, Manhattan, or heck, even Brooklyn. Period.

I lived in Boston for 14 years. I watched over that time as the city priced out everyone but the super rich and super poor (public housing). When I first moved to my old neighborhood, you wouldn't go North a few blocks at night because it was too sketchy. Now, those places sell for between $600,000 and $4,000,000. $600,000 gets you about 750 square feet. I watched as the gay bookstore became a Hingham Savings Bank (Hingham is a very wealthy South Shore enclave). I watched as the mom and pop hardware store gave way to a high end baby boutique. I witnessed a gay night club became a sushi joint where an average dinner with drinks cost about $80 a person. The old Salvation Army Building has become high end "loft" condos. The old AME Church on the corner lost most of its congregation and is currently being turned in to 17 condos. The barber shop run by a guy from Colombia where I used to get my hair cut for $3 is now a Starbucks.

I am afraid that is what's coming to the Inner Loop within the next 20 years, but at least, as of now, a server can still afford to live, work, and play in the central city. That to me is pretty darn nifty.

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Don't mean to be a debbie downer. I'm glad to hear what you said, but did she pay with cash or credit? I ask that knowing that people like me pay with credit and still pay of their statement in full. But we also know lots spend like they have money and don't.

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Not going to dwell on the my original post but I would emphasize/second the general idea that in many places like CA/NY the majority of people are being priced out of living comfortably and/or forced to live very far from work. Some CA examples include Salinas to Monterey and Inland Empire to LA metro plus the negative pressure put on Phoenix real estate by CA speculators. Buying homes via lottery, sight unseen should be a major red flag of housing bubble.

Regarding credit cards, you got to be their worst nightmare - rack up balances to get points and not pay interest.

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