Skip to main content

Economic Update: Employment, COVID and a Look Back at the Last Decade

Published Jul 22, 2021 by Elizabeth Balderrama

astros stadium

Houston has overcome significant hurdles from the COVID-induced recession, but difficulties still lie ahead. During this week's Economy Series webinar, Patrick Jankowski, the Partnership’s Senior Vice President of Research, discussed how Houston has recovered and what the region can expect through the remainder of the year.

Here are the five key takeaways to know:

  1. EMPLOYMENT: The industry sectors most impacted by social distancing have nearly recovered. Metro Houston lost 361,400 jobs in March/April ’20. However, 213,500 jobs, 59.1 percent of jobs lost, have been recovered since then. Construction and manufacturing have the most jobs to recoup in Houston, needing to fill gaps of 33,400 and 26,300 jobs respectively. 
     
  2. COVID/VACCINE: The Delta variant continues to spread rapidly throughout the U.S., including Houston, due to vaccine hesitancy. A fourth wave of the pandemic may be underway. More than a hundred COVID-19 patients were admitted daily to hospitals in the Texas Medical Center over the weekend of July 16 to 18. The weekly average of daily new COVID-19 cases in the Houston region jumped to 507 in the week prior to this webinar: July 12 to 19. 
     
  3. INFLATION: Inflation has jumped over the past few months to the highest rates since ’08, due to supply chain bottlenecks and consumers eager to spend savings accumulated during the pandemic. Although higher than expected, inflation is expected to subside by the end of the year and into ’22. The Federal Reserve, although admitting concern, does not plan to adjust monetary policy to address the inflation. 
     
  4. GDP GROWTH: GDP growth has been high over the past few quarters, reaching 6.4 percent in Q1/21 and forecasted to be 9.11 in Q2/21. The high GDP growth rate has been driven by reopening economies and robust consumerism due to pent-up demand. The GDP growth rate is expected to subside but remain strong in ’21 and into ’22. 
     
  5. OVER THE PAST 10 YEARS: The annual Houston’s Economic Highlights publication was launched during the webinar, with links to the digital publication provided in advance to attendees. The publication provides an overview of Houston over the past 10 years. ‘Highlights’ from Highlights include: the more than 1.2 million new residents added, and the 644,500 jobs added, all since ’10.  

Next month’s Economy Series will be an in-person event at Partnership Tower and feature the annual Houston Facts publication. The Partnership Research division will present key findings from the publication, which will be handed out at the event. Seats are limited so sign up early to secure your spot. 

Get the latest data and analysis from the Partnership. 
 

Related News

Economic Development

Texas Lawmakers Prioritize Economic Growth with New Committees

1/30/25
Every Texas legislative session brings something new: bold policies, fresh faces on the chamber floor, or, in this case, a new focus on making the Texas economy bigger and better. This year, the Texas House and Senate have restructured their standing committees, creating stand-alone panels to emphasize economic development and other key drivers of the state’s economy. In the Texas Senate, returning Senator Phil King will chair the newly formed Committee on Economic Development. Previously, the committee was a policy-combination focusing on Natural Resources and Economic Development. King, who previously served as Vice-Chair for the Senate Committee on Business & Commerce, said he is excited to take on the leadership position in the upper chamber. “I am honored that Lt. Gov. Patrick has entrusted me to lead the Economic Development Committee in Texas, which has the eighth largest economy in the world,” Senator King said in a statement to the Partnership. “We will use this session to discuss policy solutions that can continue to drive our state's economic growth and prosperity over the next two years and beyond. I look forward to hearing from business leaders and local officials from across the state on how we can build upon the Texas Miracle in their communities.” The Texas House created the Committee on Trade, Workforce, and Economic Development. Under first-term Speaker Dustin Burrows, the House will have a committee focused on the workforce and expanding the talent pipeline for the first time. Committee assignments for the Texas House have yet to be released.  Burrows told the Partnership he is committed to seeing Texas build a bigger and better economic engine for future generations.  "The Texas House remains focused on delivering legislative solutions that will strengthen our state's mighty economy and provide more economic opportunities for hardworking Texans," said Speaker Dustin Burrows. "This session, the House's new Committee on Trade, Workforce, and Economic Development will take a comprehensive approach to ensuring businesses have the freedom and tools to thrive in our state, with a newly created subcommittee concentrating on policies to bolster the Texas workforce. The House will also prioritize support for small businesses through legislation that aims to unleash the power of Texas entrepreneurship in communities across the state by cutting taxes and reforming the regulatory process." It’s too soon to say which bills will go to these committees. For now, a review of the interim reports from the previous committees points to support of key policy priorities for the Partnership: Early Childhood Education: the House and Senate both recognized a statewide need for expanding programs that support families and young children in education/developmental programs The successful implementation of the Lone Star Workforce of the Future Fund [HB 1755 - 89(R)] is compelling lawmakers to invest further in innovation and growth for apprenticeship and training programs. Expanding the available workforce talent pool will remain a priority for the 89th Texas Legislature. Click below to read the full interim reports from the following committees: Senate Committee on Natural Resources and Economic Development House Committee on International Relations and Economic Development To learn more about the Partnership's Legislative Priorities, click here. For more updates and alerts on the Texas Legislature, click here to sign up for our weekly newsletter.
Read More

Related Events

Economic Development

Economy Series - April

Join the Greater Houston Partnership on Wednesday, April 23 for an exclusive discussion on the U.S. and Houston economies, featuring Jeff Korzenik, Chief…

Learn More
Learn More
Executive Partners