Whatever, Mayans: National magazine forecasts economic greatness for H-Town in2012
What cities are going to get economic good news in 2012? According to national online financial magazine MainStreet.com, most of the top 10 cities that will be seeing prosperity and attention in 2012 are the cities hosting huge events — like Indianapolis and the Super Bowl, New Orleans with the just-completed BCS Championship Game, Mardi Gras and the NCAA Final Four and London with the Summer Olympics.
But of the cities without major events bringing money-spending crowds, Houston and Austin are the ones which earned spots for rosy economic outlooks. According to MainStreet, it's a relatively strong (or at least steady) employment rate and the lack of a burst housing bubble that is keeping the state's capital and largest city economic powers.
"The bloom's not off the yellow rose of Texas," said Trulia chief economist Jed Kolko in a statement about cities to watch in 2012. "Texas isn't hung over from the housing boom like the other big states of the South and West, so there's little to hold back growth."
And while we appreciate MainStreet thinking Houston has good economic news coming, we're even more impressed that author Jason Notte was able to write perhaps the most accurate assessment of the Houston/Austin rivalry that we've seen:
While college-boy Austin coasts by on education and arts, Houston shrugs off the cool kids, goes to work every day with its buddies in the energy industry and does what it can to keep unemployment below 8 percent. Unlike Austin, though, Houston doesn't have to drop its home prices to draw new blood."
More specifically, in Houston MainStreet credits a rare housing market that has actually seen prices rise since 2008, as well as an economic base provided by Fortune 500 companies like Marathon Oil, Halliburton and ConocoPhillips.