Houston’s fevered apartment and home rental market showed no signs of breaking despite a precipitous drop in oil prices, according to a new national study.
For more read here on The Houston Business Journal
As the energy sector boomed in recent years, developers flocked to Houston, so much so that one-sixth of all the office space under construction in the entire U.S. is in the metropolitan area of the Texas city.
But now, the need for more offices is drying up, thanks to a drop in oil prices that has spun energy companies from an outlook of optimism and growth to anxiety and cutbacks.
Read more here on The Wall Street Journal
Oil prices are plunging, how is that affecting the Texas economy? According to Moody’s Analytics, the outlook still looks good.
One of the nation’s top economists said Tuesday that oil prices “roughly speaking” have bottomed out, but that doesn’t mean Texas has nothing to worry about.
Oil prices have plunged 50 percent since June but surged 7 percent Tuesday to $53.05 a barrel, a one-month high. Slowing production in the U. S. and elsewhere plus concern about a three-day old refinery strike caused the rally.
Still, Moody’s Analytics chief economist Mark Zandi is optimistic.
Read more here from the Dallas Morning News