Economy
Among the ten most populous metropolitan areas in the U.S., Houston ranked first in employment growth rate and second in nominal employment growth. 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 Houston–Sugar Land–Baytown MSA's Gross Metropolitan Product (GMP) in 2005 was $308.7 billion, up 5.4 percent from 2004 in constant dollars—slightly larger than Austria's Gross Domestic Product (GDP). By 2010, the GMP rose to $384 billion, fifth in the nation. Only 28 nations other than the United States have a GDP exceeding Houston's GAP. Mining, which in Houston is almost entirely oil and gas exploration and production, accounts for 11 percent of Houston's GAP—down from 21 percent as recently as 1985. The reduced role of oil and gas in Houston's GAP reflects the rapid growth of other sectors—such as engineering services, health services, and manufacturing.
The area's economic activity is centered in Houston, the county seat of Harris County. Houston is second to New York City in Fortune 500 headquarters. The city has attempted to build a banking industry, but the companies originally started in Houston have since merged with other companies nationwide. Banking, however, is still vital to the region.
Galveston Bay and the Buffalo Bayou together form one of the most important shipping hubs in the world. The Port of Houston, the Port of Texas City, and the Port of Galveston are all major seaports located in this Greater Houston area. The area is also one of the leading centers of the energy industry, particularly petroleum processing, and many companies have large operations in this region. The metropolitan area also comprises the largest petrochemical manufacturing area in the world, including for synthetic rubber, insecticides, and fertilizers. The area is also the world's leading center for building oilfield equipment. The region is also a major center of biomedical research, aeronautics, and high-technology.
Much of metro area's success as a petrochemical complex is enabled by its busy man-made ship channel, the Houston Ship Channel. Because of these economic trades, many residents have moved to the Houston area from other U.S. states, as well as hundreds of countries worldwide. Unlike most places, where high fuel prices are seen as harmful to the economy, they are generally seen as beneficial for Houston as many are employed in the energy industry. Baytown, Pasadena/La Porte, and Texas City have some of the area's largest petroleum/petrochemical plants though major operations can be found in Houston, Anahuac, Clute, and other communities. Galveston has the largest cruise ship terminal in Texas (and the 12th-largest in the world). The island as well the Clear Lake Area are major recreation and tourism areas in the region.
Houston is home to the Texas Medical Center—the largest medical center in the world. The majority of Houston area Medicare recipients are members of Texan Plus, a Medicare approved Medicare Advantage plan that contracts with the federal government. Galveston is home to one of only two national biocontainment laboratories in the United States.
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.
Sugar Land is home to the second-largest economic activities and third-largest city in the metropolitan area. Sugar Land has the most important economic center in Fort Bend County. The city holds the Imperial Sugar (its namesake), Nalco/Exxon and Western Airways headquarters. Engineering firms and other related industries have managed to take the place as an economic engine.
See also: List of companies in Houston–Sugar Land–Baytown MSARead more about this topic: Greater Houston
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)