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Economy of Houston
The economy of Houston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011[update], 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The Houston–Sugar Land–Baytown metropolitan area ranked 33rd among the nation's 361 MSAs on per capita personal income at US$36,852 - 11.5 percent higher than the national figure of US$33,050. In 2012, Houston was ranked #1 by Forbes for paycheck worth, and, in late May 2013, it was identified as America's top city for job creation.
Houston is a major corporate center. The city and surrounding metropolitan region is home to 23 Fortune 500 companies, as well as other multinationals and domestic companies. Of the world's 100 largest non-U.S.-based corporations, as of February 2007[update] more than half had operations in Houston. In 2006, the Houston metropolitan area ranked first in Texas and third in the U.S. within the category of "Best Places for Business and Careers" by Forbes. The 2011 Fortune 500 list shows 23 firms headquartered in the 10-county Houston–Sugar Land–Baytown Metropolitan Statistical Area. Only New York City has more Fortune 500 headquarters within city limits.
Banking and financial services are vital to the region. As of December 2006[update], forty foreign governments maintained trade and commercial offices here and the city had 23 active foreign chambers of commerce and trade associations. As of 2012[update], twenty-two foreign banks representing 12 nations operated in Houston and provided financial assistance to the international community. In 1997, Houston had offices of 84 subsidiaries of Japanese companies.
As of February 2007[update], Houston had more than 1,900 computer-related companies. Since its inception in 1999, Houston Technology Center has become the center of technology entrepreneurship in Houston. The center has helped more than 150 emerging technology companies raise more than $400 million in capital and create about 1,000 new jobs. Information technology developed in Houston affects many entities, including the region's traffic and emergency response efforts at Houston TranStar, a centralized transportation management and regional emergency management center.[citation needed]
As of 2007[update], Houston, with a customer base of more than 3 million, was AT&T's largest service city. The city's telecommunications infrastructure completed more than 70 million Houston telephone connections daily. The Texas Public Utilities Commission has certified more than 400 additional local exchange carriers to provide service statewide or specifically within Houston. More than 1,600 interexchange carriers have registered with the commission to provide long-distance service.[citation needed]
The University of Houston System's annual impact on the Houston-area's economy equates to that of a major corporation: $1.1 billion in new funds attracted annually to the Houston area, $3.13 billion in total economic benefit, and 24,000 local jobs generated. This is in addition to the 12,500 new graduates the UH System produces every year who enter the workforce in Houston and throughout Texas. These degree-holders tend to stay in Houston. After five years, 80.5 percent of graduates are still living and working in the region.
The Texas Medical Center is the city's healthcare and biotechnology focal point with $3.5 billion committed to research grants from 2000 through 2004, more than 43 member institutions, 5.2 million patient visits in 2004. As of February 2007[update], more than 65,000 health care professionals worked there every day, treating more than five million patients from all over the world every year. The UT Research Park, a joint venture between The University of Texas M.D. Anderson and the UT Health Science Center at Houston, is located in the Medical Center. When fully developed, the UT Research Park will be made up of nearly 2 million square feet (180,000 m2) of research, lab, office and support space for private companies and not-for-profit research institutions. The venture will be focused on biotechnology and life sciences research.[citation needed] Baylor College of Medicine is home to the Human Genome Sequencing Center, one of only five in the nation.
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Economy of Houston
The economy of Houston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011[update], 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The Houston–Sugar Land–Baytown metropolitan area ranked 33rd among the nation's 361 MSAs on per capita personal income at US$36,852 - 11.5 percent higher than the national figure of US$33,050. In 2012, Houston was ranked #1 by Forbes for paycheck worth, and, in late May 2013, it was identified as America's top city for job creation.
Houston is a major corporate center. The city and surrounding metropolitan region is home to 23 Fortune 500 companies, as well as other multinationals and domestic companies. Of the world's 100 largest non-U.S.-based corporations, as of February 2007[update] more than half had operations in Houston. In 2006, the Houston metropolitan area ranked first in Texas and third in the U.S. within the category of "Best Places for Business and Careers" by Forbes. The 2011 Fortune 500 list shows 23 firms headquartered in the 10-county Houston–Sugar Land–Baytown Metropolitan Statistical Area. Only New York City has more Fortune 500 headquarters within city limits.
Banking and financial services are vital to the region. As of December 2006[update], forty foreign governments maintained trade and commercial offices here and the city had 23 active foreign chambers of commerce and trade associations. As of 2012[update], twenty-two foreign banks representing 12 nations operated in Houston and provided financial assistance to the international community. In 1997, Houston had offices of 84 subsidiaries of Japanese companies.
As of February 2007[update], Houston had more than 1,900 computer-related companies. Since its inception in 1999, Houston Technology Center has become the center of technology entrepreneurship in Houston. The center has helped more than 150 emerging technology companies raise more than $400 million in capital and create about 1,000 new jobs. Information technology developed in Houston affects many entities, including the region's traffic and emergency response efforts at Houston TranStar, a centralized transportation management and regional emergency management center.[citation needed]
As of 2007[update], Houston, with a customer base of more than 3 million, was AT&T's largest service city. The city's telecommunications infrastructure completed more than 70 million Houston telephone connections daily. The Texas Public Utilities Commission has certified more than 400 additional local exchange carriers to provide service statewide or specifically within Houston. More than 1,600 interexchange carriers have registered with the commission to provide long-distance service.[citation needed]
The University of Houston System's annual impact on the Houston-area's economy equates to that of a major corporation: $1.1 billion in new funds attracted annually to the Houston area, $3.13 billion in total economic benefit, and 24,000 local jobs generated. This is in addition to the 12,500 new graduates the UH System produces every year who enter the workforce in Houston and throughout Texas. These degree-holders tend to stay in Houston. After five years, 80.5 percent of graduates are still living and working in the region.
The Texas Medical Center is the city's healthcare and biotechnology focal point with $3.5 billion committed to research grants from 2000 through 2004, more than 43 member institutions, 5.2 million patient visits in 2004. As of February 2007[update], more than 65,000 health care professionals worked there every day, treating more than five million patients from all over the world every year. The UT Research Park, a joint venture between The University of Texas M.D. Anderson and the UT Health Science Center at Houston, is located in the Medical Center. When fully developed, the UT Research Park will be made up of nearly 2 million square feet (180,000 m2) of research, lab, office and support space for private companies and not-for-profit research institutions. The venture will be focused on biotechnology and life sciences research.[citation needed] Baylor College of Medicine is home to the Human Genome Sequencing Center, one of only five in the nation.