houston economic update - july 2012

7/31/2019 Houston Economic Update - July 2012

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July 2012 2012, Greater Houston Partnership Page 1

A publication of the Greater Houston Partnership Volume 21, Number 7 July2012

Weak Oil Prices Not Cause For Concern The recent weakness in oil prices has yet

to impact the local economy. The North America rig count remains above where it wasthis time last year. Employment in the oil and gas sector remains healthy. The HoustonPurchasing Managers Index (PMI) has yet to show signs of slipping. And the U.S. Ener-gy Information Administration (EIA) projects a recovery in prices later this year.

Baker Hughes reported 1,959 rigs working in North America during the last week of

June, up from 1,882 during the last week ofJune 11. Though down from the 52-week aver-age (1,980 rigs), drilling activity remains abovethe three-year (1,646 rigs) and five-year (1,653rigs) averages. The rig count serves as barome-ter of exploration and manufacturing activityand portends potential changes in the regionaleconomy1. Approximately half ofbase employ-ment in Houston, those sectors of the economy

where the jobs are tied to exporting goods andservices outside the region, are tied to energy.Over the past 12 months, employment in extrac-tion has grown 10.9 percent, in oilfield services 5.7 percent, and in equipment manufac-turing 7.6 percent. The Houston PMI, a leading indicator of short-term business activity,has averaged 60.0 for the 12 months ending in May, up from 56.8 for the 12 months end-ing May 11. West Texas Intermediate (WTI), the U.S. benchmark for light, sweet crude,fell from a high of $107.40 per barrel in early March to $79.33 in mid-June, and the pricerecovered to $84.96 on the last trading day of June. The May average of $83.11 is in theneighborhood of the three-year ($86.44) and five-year ($85.37) averages.

Oil prices slid in recent weeks over concern about the European debt crisis, slowinggrowth in China, and weak U.S. economic performance. European leaders agreed in Juneto create a single supervisory body to oversee the eurozone's banks, helping to avertanother crisis. As a result, oil prices in Europe and the U.S. rebounded. Any improvementin Chinas and the U.S. economic outlook would further strengthen oil prices.

1Unless noted otherwise, the Houston region refers to the 10-county Houston-Sugar Land-Baytown Metropolitan Statistical Area, which in-cludes Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto and Waller Counties.

. . . EIA expects the average crude oil prices in12 will be higher than in 11 . . . the world oilmarket will tighten moderately in the thirdquarter as demand reaches its seasonal peakand consumption exceeds production by about0.7 million barrels per day . . . spare produc-tion projected to be low enough to supportrecovery in prices from current levels . . .

ExcerptedfromtheU.S.Energy Informa

tion Administrations ShortTerm Energy

Outlook,June

12

http://205.254.135.7/forecasts/steo/


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HOUSTONTHE ECONOMY AT A GLANCE


The EIA expects WTI to average about $95 a barrel over the remainder of the year. Asrecently as May, EIA forecasted WTI to average $102 a barrel. JP Morgan forecasts WTIto average $96 a barrel the remainder of the year; Merrill Lynch, $97; and Moodys Ana-lytics, $98. The sweet spot for oil prices for Houston is between $70 and $100 a barrel.Above $100 and the price retards U.S. economic growth, below $70 and many drilling

prospects become economically unviable.

It typically costs between $55 and $70 to produce a barrel from the Eagle Ford Shale, theplay that has fueled much of Houstons recent growth. If the prices fall below $70 a bar-rel for an extended period of time, producing from the Eagle Ford becomes uneconomi-cal. The definition of extended varies in the oil and gas industry. An extended periodis a lot shorter for the small firms where the Eagle Ford is their major play and primarysource of cash flow. It is a much longer period for the majors and large independents thattend to have deeper pockets and the luxury of working with a more distant horizon.

EIAs expectation of $95 crude rests on the assumption that U.S. real gross domesticproduct (GDP) grows by 2.2 percent this year and 2.4 percent next year while world GDPgrows by 3.1 percent. The consensus forecast2 is for U.S. real GDP to grow 2.3 percentthis year and 2.7 percent next. The World Bank forecasts global GDP to grow 2.5 per-cent this year and 3.0 percent next year.

The potential remains for prices to slip again. Slow growth in China, continued deteriora-tion of the European economies, reduced consumption of motor fuels in the UnitedStates, and excess global production (estimated by the EIA at 1.2 million barrels per day

in the second quarter) continue to put downward pressure on prices. Conversely, internalconflicts in Syria and Yemen, European Union embargos on exports of Iranian crude,Irans threats to block the Strait of Hormuz, and hurricanes in the Gulf of Mexico couldsubstantially disrupt supplies and drive up prices. In the long-run, however, the best tonicfor stable prices would be sustained economic growth, both at home and abroad, and late-ly that has eluded almost everyone.

Retail Sales Rise in 11 Houstonians opened their wallets last year. Retail sales in theHouston metro area totaled $100.8 billion in 11 ($96.0 billion adjusted for inflation)3, a8.0 percent increase over the $88.9 billion spent in 10, according to data released by the

Texas Comptroller of Public Accounts.

Area merchants enjoyed a busier holiday shopping season last year. Fourth quarter salestotaled $30.5 billion ($29.0 billion adjusted for inflation), a 6.4 percent increase over$27.2 billion in the fourth quarter of 10 and 7.6 percent over $27.0 billion over fourthquarter 09. The spikes in fourth quarter retail sales can be seen in the chart as well as the

2 Based on Federal Reserve Bank of Philadelphia survey of 31 forecasters (http://www.phil.frb.org/research-and-data)3 All inflation adjustments are in 09 constant dollars.


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upward trend in total retail sales.

Harris County, with $22.4 billion in sales in the fourth quarter, accounted for 73.0 percentof all retail activity in the region, followed by Montgomery County ($2.3 billion, 7.5 per-cent) and Fort Bend County ($1.8 billion, 5.6 percent). As seen in the chart, general mer-chandise, motor vehicles and gasoline account for about half of all retail purchases.

15

17

19

21

23

25

27

29

31

60

65

70

75

80

85

90

95

100

105

Q4/06 Q2/07 Q4/07 Q2/08 Q4/08 Q2/09 Q4/09 Q2/10 Q4/10 Q2/11 Q4/11 TotalRetailSalesfortheQuarter,

$Billio

ns

TotalRetailSalesforFourQuarters,

$Billio

ns

HoustonMSARetailSales(inreal'09dollars)

TotalRetailSalesforFourQuarters TotalRetailSalesfortheQuarter

Source:TexasComptroller's Office

MotorVehicles

15.1%

HomeFurnishings

2.4%

Elec/Appliances

4.1%

BldgMaterials

5.0%

Food&Bev11.4%

Health&Personal

6.2%GasStations16.1%

ClothingStores

4.8%

Sport/Hobby/Book

2.2%

GenMerchandise

19.3%

MiscStores9.5%

Other3.9%

Q4/11RetailSalesbyCategory

Source:TexasComptroller's Office


4/13



Retail sales reflect consumers attitudes and finan-cial prospects. From 06 to 11, retail sales rose andfell on-pace with wages and employment. Allpeaked in 08 and bottomed in 10, which mirroredHoustons economic downturn and recovery.

Potentially One of the Best Years On Record

The Houston metro area added 88,000 net new jobs,a 3.4 percent annual increase, in the 12 months end-ing May 12, according to the Texas Workforce Commission. Since May 11, the privatesector has grown by 94,200 jobs, a 4.3 percent increase over the year. If not for the con-tinued losses in the government sector, the region would be growing at a rate of 100,000or more jobs per year. Houston is the strongest of all the major metro economies in theU.S., and if job growth continues at the current pace, this may be one of the best years onrecord for the region. In December 11, the Greater Houston Partnership forecast the re-

gion to add 84,600 jobs.The current pace of jobcreation is in line withthat forecast.

The three fastest grow-ing sectors since May11 were employmentservices (8,700 jobs,

13.0 percent annualrate), oil and gas extrac-tion (5,200 jobs, 11.1percent annual rate),and ambulatory health

care (13,800 jobs, 10.8 percent annual rate). These sectors also led Houston out of the re-cession. While the region did not return to its previous employment peak until October11, the employment services sector regained all of its jobs in July 11, oil and gas extrac-tion recouped all of its jobs lost in June 10 and ambulatory healthcare never posted joblosses.

Construction has grown by 1,900 jobs, a 1.1 percent increase, since May 11. Growth isanticipated to continue in this sector as Houston sees employment growth in heavy andcivil engineering construction. The region is benefitting from the announced chemicalplant expansions by Dow, Chevron Phillips and other major players in the petrochemicalindustry. Construction employment should continue to grow as more projects are an-nounced and the current projects move deeper into their project cycles.

76,80084,600 88,000

'11Actual GHP'12Forecast May'11 May'12

Source:TexasWorkforceCommissionandGHPResearchDept.

MetroHoustonEmploymentGrowth

TwoItemsofNote Retailsalesgrew3.7percentand

wages2.5percent(compounded

annually)from06to11.

Theratiooftotalwagestoretail

salesremained

around

3:2

over

thattime,i.e.,forevery$3intotal

wages, $2inretailsales occurred.


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HAS Adding More Passengers and a New Route The Houston Airport System(HAS) handled 20.4 million passengers through the first five months of the year, a 2.7percent increase from the 19.8 million handled over the same period last year. Domestictraffic contributed to most of the growth, increasing 3.3 percent increase from 16.2 mil-lion passengers through May 11 compared to 16.8 million passengers through May 12.

International passenger traffic grew at a slower pace of 0.3 percent from 3.57 million pas-sengers January through May 11 compared to 3.58 million passengers over the same pe-riod this year.

HAS will expand beyond its current 68 international destinations next April when Tur-kish Airlines adds non-stop direct service between Istanbuls Ataturk International Air-port (IST) and George Bush Intercontinental Airport (IAH). Turkish Airlines will operatethe new route four days a week with each flight serving up to 334 passengers.

No Stopping Houstons Trade Flow More than$93.2 billion in foreign trade passedthrough the Houston-Galveston Customs District in April 12, a 12.3 percent increasefrom the $83.0 billion handled in April 11. Exports totaled $40.8 billion, up 7.8 percentfrom $37.8 billion in April 11. Imports totaled $52.4 billion, a 16.0 percent increasefrom the previous April.

US Domestic Destinations 121

International Destinations 68

Total 189

Source: Houston Airport System


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For the 12-months ending April 12, trade through the customs district totaled $278.2billion. This is the ninth consecutive record-setting month. Prior to the recession, the12-month total peaked at $245.1 billion in October 08. Houston surpassed the pre-vious peak in August 11 with $250.4 billion and has continued to grow since then.The Houston-Galveston district is the third busiest in the U.S.

A New Resident Every Five Minutes The Houston metro area added 110,000 resi-dents over the past 12 months, more than half through natural increase, the remainderfrom residents moving here from overseas and elsewhere in the United States. This is on-ly slightly off the pace of the previous decade when Houston added an average of123,000 residents per year4. Thats according to data released recently by the U.S. CensusBureau, which issues annual estimates of population for the nation and all states, countiesand cities. The estimates are for the population as of July 1 each year and serve as theofficial count for each jurisdiction until the next official census is taken on July 1, 2020.The bureau incorporates records of births, deaths and various administrative filings toreach its estimates.

The bureau estimates that 58.5 percent of theregions growth came from natural increase,(i.e., the births minus deaths), 21.9 percentcame from international in-migration, (i.e.,people moving here from overseas) and 19.6percent from domestic in-migration (i.e.people moving here from elsewhere in theU.S.). The Census accounts for the fact thatpeople move out of the region as well, thus

producing an estimate of net change due tomigration.

The estimates reveal that a sizable of chunk of Houstons growth has nothing to do withthe out-of-state license plates. Houstonians are making babies, nearly 100,000 a year.Even if no one moved to Houston for the remainder of the decade, the region would add

4The 10-county Houston-Sugar Land-Baytown Metropolitan Statistical Area includes Austin, Brazoria, Chambers, Fort Bend, Galveston, Har-ris, Liberty, Montgomery, San Jacinto and Waller Counties.

Top Commodities, Houston-Galveston Customs District, Through April 12

Exports Value ($ B) Imports Value ($ B)

Mineral fuel and oil $15.2 Mineral fuel and oil $32.0

Industrial machinery $6.1 Industrial machinery $3.4

Organic chemicals $5.6 Articles of Iron and steel $3.4

Plastics $2.2 Electric machinery $2.6

Electric Machinery $1.4 Organic chemicals $1.5Adapted from WISERTrade: International Trade Database, WISER LLC, Copyright 2004. No Claim to Original United StatesGovernment Works. All Rights Reserved

Components of Population Change10-County Houston Metro Area

7/1/10 6/30/11

Components Change

Births 97,795

Deaths -33,432

Natural Increase 64,363

Domestic Migration 21,580

International Migration 24,105

Migration Increase 45,685

Total Growth 110,068Source: U.S. Census Bureau


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another 600,000 residents by the end of the decade.5

Thats not to discount the strong draw Houstons economy has on other regions. An al-most equal number move here from elsewhere in the U.S. as do from overseas. If the in-migration rates hold, 450,000 transplants will call Houston home ten years from now.

Combine the two and Houston will add well over one million residents and the metropopulation will top 7.1 million by the next census.

To put this in perspective: every 5.4 minutes a new Houstonian is born, every 15.7 minutes a Houstonian dies, every 21.8 minutes someone moves here from overseas. every 24.2 minutes someone moves here from elsewhere in the U.S., and as a re-

sult, every 4.8 minutes Houstons population grows by one resident.

By the time you finish this issue ofGlance, Houston will have added another three resi-dents (five if youre a slow reader).

Patrick Jankowski, Jenny Philip and Pooja Patelcontributed to this issue of

Houston:The Economy at a Glance.

STAY UP TO DATE!

Are you a Partnership Member? If so, log in to your account here and access archived issues ofGlance available only to members. You can also sign-up RSS feeds to receive Houstons latesteconomic data throughout the month.

If you are a non-member and would like to receive this electronic publication on the first working dayof each month, please email your request for Economy at a Glance to [email protected] your name, title and phone number and your companys name and address. For informationabout joining the Greater Houston Partnership and gaining access to this powerful resource, callMember Services at 713-844-3683.

The Key Economic Indicators table is updated whenever any data change typically, 11 or sotimes per month. If you would like to receive those updates by e-mail, usually accompanied bycommentary, please email your request for Key Economic Indicators to [email protected] the same identifying information.

You may request Glanceand Indicatorsin the same email.

5 This accounts for the approximately 35,000 deaths that will occur each year over the same time frame, thus producing a net increase of approx-imately 65,000 per year.


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Houston Economic Indicators

A Service of the Greater Houston Partnership

Most Year % Most Year

Month Recent Earlier Change Recent Earlier Cha

ENERGY

U.S. Active Rotary Rigs May '12 1,977 1,832 7.9 1,983 * 1,754 *Spot Crude Oil Price ($/bbl, West Texas Intermediate) May '12 94.12 98.95 -4.9 101.14 * 98.02 *

Spot Natural Gas ($/MMBtu, Henry Hub) May '12 2.48 4.19 -40.9 2.35 * 4.17 * -

UTILITIES AND PRODUCTION

Houston Purchasing Managers Index May '12 59.6 61.4 -2.9 59.4 * 59.8 *

Nonresidential Electric Current Sales (Mwh, CNP Service Area) May '12 4,165,578 4,315,318 -3.5 3,983,538 4,003,822

CONSTRUCTION

Total Building Contracts ($, Houston MSA) May '12 684,178,000 769,449,000 -11.1 4,088,982,000 3,655,967,000

Nonresidential May '12 149,300,000 321,654,000 -53.6 1,439,064,000 1,566,795,000

Residential May '12 534,878,000 447,795,000 19.4 2,649,918,000 2,089,172,000

Building Permits ($, City of Houston) May '12 484,885,274 311,260,200 55.8 1,957,848,994 1,304,907,809

Nonresidential May '12 304,851,169 239,101,648 27.5 1,305,393,871 893,268,952

New Nonresidential May '12 162,381,328 95,781,160 69.5 497,162,435 276,250,249 8

Nonresidential Additions/Alterations/Conversions May '12 142,469,841 143,320,488 -0.6 808,231,436 617,018,703 3

Residential May '12 180,034,105 72,158,552 149.5 652,455,123 411,638,857

New Residential May '12 135,993,079 54,382,941 150.1 530,433,069 330,102,251

Residential Additions/Alterations/Conversions May '12 44,041,026 17,775,611 147.8 122,022,054 81,536,606 4

Multiple Listing Service (MLS) Activity

Closings May '12 7,327 5,897 24.2 27,584 24,403

Median Sales Price - SF Detached May '12 168,000 156,800 7.1 155,934 * 148,898 *

Active Listings May '12 42,280 51,652 -18.1 42,815 * 50,761 * -

EMPLOYMENT (Houston-Sugar Land-Baytown MSA)

Nonfarm Payroll Employment May '12 2,676,800 2,588,800 3.4 2,651,100 * 2,562,640 *

Goods Producing (Natural Resources/Mining/Const/Mfg) May '12 502,300 481,400 4.3 497,060 * 476,520 *

Service Providing May '12 2,174,500 2,107,400 3.2 2,154,040 * 2,086,120 *

Unemployment Rate (%) - Not Seasonally Adjusted

Houston-Sugar Land-Baytown MSA May '12 6.9 8.1 7.0 * 8.3 *

Texas May '12 6.9 7.8 7.0 * 8.0 *

U.S. May '12 7.9 8.7 8.3 * 9.2 *

TRANSPORTATION

Port of Houston Authority Shipments (Short Tons) May '12 3,906,297 3,556,458 9.8 18,092,945 17,887,026

Air Passengers (Houston Airport System) May '12 4,372,393 4,356,071 0.4 20,360,886 19,818,306

Domestic Passengers May '12 3,649,923 3,622,461 0.8 16,777,599 16,247,292

International Passengers May '12 722,470 733,610 -1.5 3,583,287 3,571,014

Landings and Takeoffs May '12 70,179 73,856 -5.0 346,224 356,604

Air Freight (000 lb) May '12 77,023 78,661 -2.1 377,192 383,817

Enplaned May '12 40,377 39,611 1.9 195,718 193,140

Deplaned May '12 36,646 39,050 -6.2 181,474 190,677

CONSUMERS

New Car and Truck Sales (Units, Houston MSA) May '12 27,589 22,621 22.0 136,372 108,150

Cars May '12 12,840 10,191 26.0 61,158 47,648

Trucks, SUVs and Commercials May '12 14,749 12,430 18.7 75,214 60,502

Total Retail Sales ($000,000, Houston MSA, NAICS Basis) 4Q11 30,452 27,723 9.8 100,444 90,404

Consumer Price Index for All Urban Consumers ('82-'84=100)

Houston-Galveston-Brazoria CMSA May '12 206.088 201.624 2.2 204.488 * 198.531 *

United States May '12 229.815 224.534 2.4 228.724 * 222.888 *

Hotel Performance (Harris County)Occupancy (%) 1Q12 66.7 60.5 66.7 * 60.5 *

Average Room Rate ($) 1Q12 95.35 91.97 3.7 95.35 * 91.97 *

Revenue Per Available Room ($) 1Q12 63.57 55.60 14.3 63.57 * 55.60 *

POSTINGS AND FORECLOSURES

Postings (Harris County) Jun '12 3,233 3,490 -7.4 18,747 23,159 -

Foreclosures (Harris County) Jun '12 914 1,031 -11.3 5,199 5,200

YEAR-TO-DATE

TOTAL OR YTD AVERAGE*MONTHLY DATA


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SourcesRig Count Baker Hughes IncorporatedSpot WTI, Spot Natural Gas U.S. Energy Information AgencyHouston Purchasing Managers National Association ofIndex Purchasing Management

Houston, Inc.Electricity CenterPoint EnergyBuilding Construction Contracts McGraw-Hill Construction

City of Houston Building Permits Building Permit Department, Cityof HoustonMLS Data Houston Association of RealtorsEmployment, Unemployment Texas Workforce Commission

Port Shipments Port of Houston AuthorityAviation Aviation Department, City of

HoustonCar and Truck Sales TexAuto Facts Report,

InfoNation, Inc., Sugar Land TXRetail Sales Texas Comptrollers OfficeConsumer Price Index U.S. Bureau of Labor Statistics

Hotels PKF Consulting/Hospitality AssetAdvisors InternationalPostings, Foreclosures Foreclosure Information & Listing

Service


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HOUSTON MSA NONFARM PAYROLL EMPLOYMENT (000)Change from % Change from

May '12 Apr '12 May '11 Apr '12 May '11 Apr '12 May '

Total Nonfarm Payroll Jobs 2,676.8 2,668.3 2,588.8 8.5 88.0 0.3 3

Total Private 2,302.1 2,293.2 2,207.9 8.9 94.2 0.4 4

Goods Producing 502.3 502.0 481.4 0.3 20.9 0.1 4

Service Providing 2,174.5 2,166.3 2,107.4 8.2 67.1 0.4 3Private Service Providing 1,799.8 1,791.2 1,726.5 8.6 73.3 0.5 4

Mining and Logging 94.9 95.4 85.9 -0.5 9.0 -0.5 10

Oil & Gas Extraction 52.1 51.8 46.9 0.3 5.2 0.6 11

Support Activities for Mining 40.0 40.5 37.9 -0.5 2.1 -1.2 5

Construction 171.7 172.6 169.8 -0.9 1.9 -0.5 1

Manufacturing 235.7 234.0 225.7 1.7 10.0 0.7 4

Durable Goods Manufacturing 158.9 157.2 148.7 1.7 10.2 1.1 6

Nondurable Goods Manufacturing 76.8 76.8 77.0 0.0 -0.2 0.0 -0

Wholesale Trade 139.3 138.5 135.4 0.8 3.9 0.6 2

Retail Trade 273.7 276.6 267.4 -2.9 6.3 -1.0 2

Transportation, Warehousing and Utilities 124.4 124.4 120.8 0.0 3.6 0.0 3Utilities 17.1 17.0 16.0 0.1 1.1 0.6 6

Air Transportation 19.6 19.7 19.5 -0.1 0.1 -0.5 0

Truck Transportation 23.0 22.6 21.7 0.4 1.3 1.8 6

Pipeline Transportation 10.7 10.7 10.3 0.0 0.4 0.0 3

Information 31.3 31.3 31.8 0.0 -0.5 0.0 -1

Telecommunications 15.5 15.5 16.1 0.0 -0.6 0.0 -3

Finance & Insurance 92.3 90.4 88.5 1.9 3.8 2.1 4

Real Estate & Rental and Leasing 49.5 48.4 48.3 1.1 1.2 2.3 2

Professional & Business Services 389.1 388.0 379.1 1.1 10.0 0.3 2

Professional, Scientific & Technical Services 185.6 188.9 179.8 -3.3 5.8 -1.7 3Legal Services 23.1 23.1 22.9 0.0 0.2 0.0 0

Accounting, Tax Preparation, Bookkeeping 17.4 18.7 17.4 -1.3 0.0 -7.0 0Architectural, Engineering & Related Services 61.8 62.9 60.0 -1.1 1.8 -1.7 3

Computer Systems Design & Related Services 26.3 26.2 24.9 0.1 1.4 0.4 5

Admin & Support/Waste Mgt & Remediation 182.4 178.1 178.7 4.3 3.7 2.4 2Administrative & Support Services 171.9 168.1 170.6 3.8 1.3 2.3 0

Employment Services 75.4 73.6 66.7 1.8 8.7 2.4 13

Educational Services 44.8 44.7 43.1 0.1 1.7 0.2 3

Health Care & Social Assistance 292.8 291.7 272.1 1.1 20.7 0.4 7

Arts, Entertainment & Recreation 28.8 27.2 28.5 1.6 0.3 5.9 1

Accommodation & Food Services 236.0 232.5 218.9 3.5 17.1 1.5 7

Other Services 97.8 97.5 92.6 0.3 5.2 0.3 5

Government 374.7 375.1 380.9 -0.4 -6.2 -0.1 -1Federal Government 27.2 27.3 27.8 -0.1 -0.6 -0.4 -2

State Government 72.5 73.5 72.0 -1.0 0.5 -1.4 0State Government Educational Services 39.5 40.2 39.7 -0.7 -0.2 -1.7 -0

Local Government 275.0 274.3 281.1 0.7 -6.1 0.3 -2Local Government Educational Services 194.0 194.3 197.9 -0.3 -3.9 -0.2 -2

SOURCE: Texas Workforce Commission


11/13



Source: National Association for Purchasing Management - Houston, Inc.

Source: Texas Workforce Commission

30

35

40

45

50

55

60

65

70

J an-02 Jan-03 J an-04 Jan-05 Jan-06 J an-07 Jan-08 Jan-09 Jan-10 Jan-11 J an-12 Jan-13

PURCHASING MANAGERS INDEXHOUSTON & U.S. 2002-2012

HOUSTON U.S.

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100

120

140

160

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

2,700

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 J an-11 Jan-12 Jan-13

12-MONTHCHANGE(000)

NONF

ARM

PAYROLLEMPLOYMENT(000)

HOUSTON MSA EMPLOYMENT2002-2012

12-MONTH CHANGE JOBS


12/13





1,600

1,650

1,700

1,750

1,800

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,250

430

440

450

460

470

480

490

500

510

520

530

540

550

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

SERVICE-PROVIDING

(000)

GOODS-PRODUCING

(000)

GOODS-PRODUCING AND SERVICE-PROVIDING EMPLOYMENTHOUSTON MSA 2002-2012

GOODS-PRODUCING JOBS SERVICE-PROVIDING JOBS

0

1

2

3

4

5

6

7

8

9

10

11


PERCENTOFLABORFORCE

UNEMPLOYMENT RATEHOUSTON & U.S. 2002-2012

HOUSTON U.S.


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Source:U.S. Energy Information Administration

Source: U.S. Bureau of Labor Statistics

0

4

8

12

16

20

24

28

0

20

40

60

80

100

120

140


HENRYHUBNATURALGAS($/MMBTU)

WESTTEXASINTERMEDIATE($/BBL)

SPOT MARKET ENERGY PRICES2002 - 2012

WTI MONTHLY WTI 12-MO AVG GAS MONTHLY GAS 12-MO AVG

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


INFLATION: 12-MONTH CHANGE2002-2012

HOUSTON CPI-U U.S. CPI-U

houston economic update - july 2012

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