The May NHA Development Committee meeting featured an incredibly insightful presentation from the Dallas Federal Reserve Bank’s Sr. Economist, Jesse Thompson.

Thompson shared several key facts that pointed to Houston’s economy thriving off the tail end of the pandemic. This was in no small part due to the diversification of industries in the Houston region. Something Thompson called the 5 pillars of our economy which include Oil & Gas production, Refining & Petrochemical production, Houston Ship Channel & regional ports, the Texas Medical Center, and NASA.

Thompson shared that according to the numbers Texas and Houston outpaced the nation in 2023. The region has also shown a lot of momentum so far in 2024 and despite job growth slowing post pandemic, Texas, and Houston in particular, are on course for 2-3% job growth. 

Lastly during his presentation, Thompson shared that home prices in Houston are shown to be steadying though the higher interest rates are still keeping things tight. Single Family construction permits are outpacing the nation and sales numbers are off to a good start so far in 2024. All in all, Thompson’s presentation displayed a picture of a region in very good shape!