Houston is not only the fourth-largest city in the United States, but in recent years, it has also seen economic growth when not all the rest of the country has been so lucky. In fact, the city saw some of the nation’s sharpest declines in unemployment – creating nearly 80,000 jobs in recent years. Economists attribute some of this growth to the increase in demand for the production of natural gas.
Local businesses began to thrive at the start of 2019 and thankfully, the trend continues into 2020. Another big driver of Houston's economic expansion is the construction sector. Construction jobs increased by 55% in 2019, which is the highest in almost 20 years for Houston. This is indicative of a higher demand for homes and office spaces – another sign of thriving business growth. The strong economy makes Houston a great place to start or buy a new business.
Local Businesses in Houston, Texas
Small businesses in Houston are one of the most valuable pieces of the local economy. Houston’s business community and our local government are very supportive of these small business endeavors. This past year, 86% of entrepreneurs and small business owners reported confidence that their year-end profits would exceed last year’s, while 81% indicated that their revenue would grow in the upcoming year.
Experts note that this growth has much to do with access to a talented pool of employees. Because Houston offers an attractive lifestyle and booming economy, businesses have no shortage of qualified applicants – it’s a great place to live and work. In other large cities, finding qualified applicants and exciting businesses can be much more challenging.
Projected Growth into 2020
Houston has been thriving with no signs of slowing down. From natural gas prices affecting job growth to booming local businesses attracting talented applicants, the city is the fourth-largest for good reasons. There is no better time, as an entrepreneur, to invest in a small business in Houston. Consider contacting Transworld Business Advisors Houston to find the right business for your next investment – our local experts are ready to help make it happen for you.