Metro Economic Outlook: Houston

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1 Metro Economic Outlook: Houston A lengthy downturn in the oil industry has definitely left its mark on the Houston region, but jobs are being created in other areas and local economic development officials are confident that energy markets will rebound in good time. Nobody here is panicking, said Patrick Jankowski, vice president of research at the Greater Houston Partnership, a non-profit organization that promotes economic growth in the Houston area. We re not leading the nation in job growth like we used to, but over the long run, we re still gaining people Unemployment rate The Houston metro area spans nine counties in southeast Texas, and it is still growing the region added 159,000 people from July 2014 to July 2015, HOUSTON METRO: VITAL STATS Total working age population: 4,028,792 out of a total population of 6,656,946 Number of households: 2,292,992 Consumer price index: (goods and services that cost $100 in cost $ in October 2016) Percentage of local residents with bachelor s degrees: 20.1 With graduate or professional degrees: 11.4 Workers in STEM industries: 33.1 per 1,000 residents Sources: Census Bureau (2015), Bureau of Labor Statistics (October 2016), American Institute for Economic Research (2015) Source: Bureau of Labor Statistics (November 2016) according to Census data. That has helped to soften the blow from job cuts connected to the oil industry s slowdown. We re leading the nation in population growth, and that creates all types of opportunities, Jankowski said. Any business that is geared toward consumer growth is doing well, as a result. Health care, professional and business services and accommodation and food services have all produced solid job growth as of late. International trade is also a significant contributor to Houston s economy. The region s customs operations handled more gross tonnage in 2015 than in 2014, Jankowski said. We re exporting a lot more, especially chemicals and plastics, he said. Mexico and China are our biggest markets. Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 Houston is home to plenty of big business 26 companies on the Fortune 500 list are based locally. Among them are oil industry giant ConocoPhillips, food distributor Sysco and engineering and construction services company KBR. Construction Mining and logging Manufacturing Trade, transportation and utilities Information Financial activities Professional and business services Education and health services Leisure and hospitality Other services Government Total nonfarm Labor force makeup One of the region s 0 1,000 2,000 3,000 4,000 largest employers is Number in thousands the Houston-based Source: Bureau of Labor Statistics (January 2016) Texas Medical Center. Its network of operations spans 1,300 acres and 54 facilities, and it square feet to approximately 3.8 million square feet collectively employs 106,000 people in the Houston when work is finished in The project includes a region. And it s about to get even bigger. new patient tower that will house a trauma institute and a burn center. Health care systems operator Memorial Hermann, which owns the medical center network, broke ground The campus is also home to the Texas Medical Center in May 2015 on a $650 million expansion. The Innovation Institute, an incubator operation that flagship hospital s campus will grow from 2.5 million welcomed 21 tenants when it opened in The facility houses a variety of health care Working age categories start-up companies and is eyeing its own expansion in the future, 349,034, 9% 459,362, 11% Jankowski said. 397,089, 1 1,003,372, 20 to to to to 54 When all is said and done, Houston will rival San Diego, as far as its biotech and medical research capacity, he said. Most of what they ve done to this point is patient 867,963, 21% 55 to to 64 treatment and basic research. We ve never done a good job of commercializing the research. We want to do it here and not let it leak 951,972, 24% out of the region. Source: Census Bureau (2015) 2

3 Employee Benefits Data 15% 1 5% Employers offering consumer-driven health plans 19% 18% Employers in the Houston metro area are slightly less likely to offer consumerdriven health plans compared with the national level, by a margin of 1 percent Employers offering domestic partner benefits 5 52% Houston employers offer domestic partner benefits at a slightly higher rate than the national level, by a margin of 2 percent. Source: SHRM Health Care Benchmarking Database (2016) Retirement Employee 401(k) participation rate % 71% The Houston metro area s workforce has a higher rate of 401(k) participation compared with the national level, by a margin of 5 percent. 1 Source: SHRM Retirement & Welfare Benefits Database (2016) 3

4 Income and Turnover Data Overall turnover rate 15% 1 19% 17% The turnover rate in the Houston metro area s workforce is slightly lower than the national level, by a 5% margin of 2 percent. Source: SHRM Human Capital Benchmarking Database (2016) Median household income $70,000 $60,000 $50,000 $40,000 $56,516 $61,465 Median household income in the Houston metro area is higher than the national level, $30,000 by nearly $5,000 $20,000 annually. $10,000 $0 Source: Census Bureau (2015) Per capita income $35,000 $30,000 $25,000 $20,000 $15,000 $29,979 $31,668 Per capita income in the Houston area is slightly higher than the national level, by more than $1,000 annually. $10,000 $5,000 $0 Source: Census Bureau (2015) 4

5 Top Management Salaries Data Median salaries, top management Top legal executive *Chief information officer *Top HR executive Chief financial officer $308,000 $322,100 $295,500 $280,500 $312,500 $265,000 $436,000 $348,600 Median salaries for top management level employees in the Houston area are generally on par or above national levels. *Texas state median data Chief executive officer $787,800 $650,000 $0 $200,000 $400,000 $600,000 $800,000 Source: Willis Towers Watson Data Services 2016 Survey Report on Top Management Compensation Project lead: Project contributors: External contributors: Copy editing: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Shonna Waters, Ph.D., VP of Research Patrick Jankowski, Greater Houston Partnership Katya Scanlan, copy editor This report is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. SHRM cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information Society for Human Resource Management. All rights reserved. Printed in the United States of America. These materials and the data contained within them are copyrighted by SHRM, another copyright holder (where noted), or are government-owned. SHRM hereby grants permission for users to copy and use these materials and the data contained within them only if proper attribution is given to SHRM (or the noted copyright holder) as the source of the material. For more information, please contact: SHRM Research Department 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) Web: 5

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