Houston’s Job Market is Growing!
Houston is a city that is constantly growing and evolving. From oil and energy to technology and medical innovation, our city is practically bursting with opportunity. Add to that a low cost of living, a friendly tax environment, great culture, and a superior quality of life and you’ve got a recipe for the ideal place to set down roots.
Because of these distinct advantages, Houston is experiencing an influx of new people who are coming to our city either to test out the waters or to do business with one of the hundreds of startups or Fortune 500 companies that make their home here.
The energy sector, in particular, is enjoying its biggest surge in recent years following its plunge and a remarkably slow recovery. According to the Texas Workforce Commission, Houston gained more than 100,000 new jobs in the past year across all sectors, representing the fastest growth since 2014 and well-outpacing job growth in the rest of the state. Since last year, unemployment has dipped from 5.1 to 4.4 percent, signaling that Houston is back on track and stronger than ever.
What is fueling Houston’s job boom?
After the oil economy went bust in 2014, Houston’s job market stagnated. Our high concentration of energy companies meant that we felt the squeeze more than any other city in the nation – but with its recent invigoration, we are seeing this sector rise again.
Add to that Houston’s rebound from hurricane Harvey, which has caused a need for rebuilding. This, in turn, has caused construction industry jobs to grow by 12 percent since 2017. This number represents 25,000 new jobs in June of 2018 and, according to the Workforce Commission, added nearly 380,000 over the course of the past year.
Though the economy is white-hot now, it is expected to settle down in the coming months. By the end of this year, experts predict job growth to slow to 2.7 percent. However, with positive news out of Washington with regard to US trade agreements with Mexico and Canada (USMCA), the manufacturing sector has seemed to have shed its uncertainty and is again rallying forward.
Other sectors that are currently underserved include:
Event management
Marketing
Non-profit fundraising
Construction
Relocation to Houston for work? We’ve got housing for you!
With so many industries in search of talent, Houston is a top consideration for job seekers across the country. As a city that is positioned at or near the top for so many job categories, it is easy to see why we are growing at such a clip.
The highest number of available jobs can be found in the healthcare sector, followed by sales, computers, and financial services. Other hot job markets include engineering, architecture, advertising, logistics, and human resources – plus all the administrative support positions that exist on the periphery.
Considering the hot job market, demand for corporate rentals is high and so is the competition for top-quality rental properties. If you are thinking about moving to Houston, discover how affordable luxury can be: Luxurway has single-family home relocation housing located conveniently in some of Houston’s most desirable neighborhoods. Browse our properties today or call us directly for discounted monthly rates.