International Investment In Multiple Sectors Helps Boost Houston’s Economy
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International investment in the Houston area has helped the Houston economy to grow over the past years, notes the Greater Houston Partnership. Not only is Houston home to major offices of large global companies that employ many Houstonians and bring in extra revenue from outside the local area, but Houston is also a major destination in the United States for travelers. The number of travelers coming to Houston from overseas has nearly doubled since 2009, according to the U.S. Department of Commerce. These travelers use services and purchase goods while they are in Houston, adding to the local economy and supporting growth in the service sector.
This growth in all sectors is due to international investment, but it is especially the case in business and energy, which will increase even more due to the current improvements that are being made to the Port of Houston. The Port of Houston is one of the largest ports in the country and one of the main sources of trade in the Houston area. As the Port of Houston Authority states, work has begun on dredging many of their terminal channels to match the 45-foot depth of the Houston Ship Channel. This will allow many container ships that require a greater depth to be processed here, increasing the trade capacity of the port and preparing Houston for the increase in trade and traffic expected in 2016 from the Panama Canal expansion. These additions are expected to add $35 million per year to the U.S. economy, much of which will stay here in Houston and increase services and trade jobs.
Houston’s current unemployment rate is just 5 percent, the lowest it has been since 2008, and the Houston economy is growing at a 3.3 percent rate. It’s a great time for Houstonians to look for a stable career in health care, business, education or other professional services.
Gillian Kruse is a freelance writer living in Houston. She graduated from Rice University with a great love for all performing and visual arts. She enjoys writing about arts and cultural events, especially little-known ones, to help Houstonians learn about what’s going on in their city. Her work can be found at Examiner.com.