Houston Economy At A Glance - April 2024

Each month the Greater Houston Partnership produces the Houston Economy at a Glance that analyzes various indicators tracking the current status of the city’s economic health. Below is a brief summary of some key findings from the April issue. Click the link below to download the full report.

Key Economic Indicators

Population Growth

Averaging one new resident nearly every 4 minutes, Houston ranked second among US metros adding roughly 140,000 residents in 2023. Houston trailed only Dallas in total new residents in a year in which the nation’s three most populous cities (New York City, Los Angeles, Chicago) experienced population loss.

Job Growth

The Texas Workforce Commission increased their original 2023 regional job growth estimate for Houston by nearly 50% to 102,900 new jobs created from the initial 70,100 reported earlier. Most sectors saw positive job growth last year, indicating Houston’s economy is growing faster than previously thought. In all, the metro area has added over 550,000 jobs since May 2020, a net gain of 200,000 since the onset of the pandemic. 

Purchasing Managers Index (PMI)

Economic activity continued to expand in Houston as the PMI in February rose 1.1 points to 53.7. Readings above 50 represent overall economic expansion.

Energy

Despite a drop in domestic rig count to start the year, US output continues to climb with daily production averaging 13.1 million barrels per day in February. The Energy Information Administration estimates that production could hit 13.5 million barrels per day by the end of the year.

Source: The Greater Houston Partnership