Things are looking up
Worst is over for Houston economy, UH economist says
Houston’s economy has bottomed out and a recovery will take hold in 2010, says noted Houston economist Dr. Barton Smith of the University of Houston’s Institute for Regional Forecasting.
“The worst of the recession is over for Houston,” Smith said Thursday before a crowd of 1,000 business people at the Hyatt Regency Hotel. “I’m much more bullish on Houston now than I was six months ago.”
Higher oil prices will help the Houston economy in 2009, Smith said. After losing over 70,000 jobs in the last year, Houston will see only small job losses in 2010, before healthy job growth resumes in 2011, Smith said.
Smith said Houston’s housing market has held up much better than other parts of the nation. Home prices have been unchanged in many neighborhoods. Smaller, inexpensive homes and homes in new suburban neighborhoods have shown the most price erosion.