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Spotlight on Houston’s economy and oil

Oilfield Technology,

Houston’s economy and real estate markets have been among the strongest performing of all US metros in recent years. However, oil prices have crumbled since mid-summer and Houston’s energy intensive economy is due to follow in the near future.

Historically, oil busts have preceded major declines in employment and commercial real estate valuations in Houston, most notably in the mid-1980s, 1998-1999 and the recent recession. Despite some talk of more economic diversification in Houston this time around, mining-related income still accounts for a major portion of the all-industry total.

Analysis reveals that Houston’s office, apartment, retail, industrial and hotel markets will also see values contract over the next two years, bad news for current real estate owners and investors.

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