Houston experienced significant economic resilience and growth amidst looming concerns of a recession. Despite slowdowns across sectors, the Bayou City continued to create jobs, adding 53,700 in the first 10 months of ’23, according to the Partnership’s Houston Region Economic Outlook report. While the real estate market faced challenges, the greater Houston region saw many dynamic projects come to life, including the opening of Helix Park, the Texas Medical Center’s first phase of its new 37-acre campus.  Looking ahead, here are a few developments that will impact Houston’s economy in 2024.  Arco Del Tiempo Serving as the centerpiece in Houston’s East End Guadalupe Plaza Park, Arco Del Tiempo is a new environmentally sustainable art installation aiming to advance the region’s transition to an energy abundant future. Standing at a 100-feet tall, Arco Del Tiempo will not only generate power for the nearby City-owned Latino multicultural performing arts theater, Talento Bilingüe de Houston, but it also will offer a gathering space for the community. Arco Del Tiempo is set to be installed in 2024.  Click to expand Austin Point Austin Point is a first-of-its-kind 4,700-acre master-planned town that will feature 1,600 acres of mixed-use commercial development space and a walkable downtown area with hospitals, life sciences labs and corporate headquarters. The first phase of the development will include The 1824, a central park and community center with a café, wine bar, large front porch, an event lawn, children's play area, beer garden, food truck court, walking trails and a dedicated space for outdoor fitness activities and games.   Autry Park Spanning 14-acres in Montrose, Autry Park is an urban village designed to increase connectivity and walkability to food, entertainment, retail and living in the area. The project's first phase includes two apartment buildings, Hanover Autry Park, a 24-story apartment tower with 324 units, and Hanover Parkview, an eight-story mid-rise with 421 units, both have already opened. Phase two is projected to open at the end of 2024 with additional commercial tenants and retail space. BioHub II at Generation Park Generation Park, Northeast Houston’s massive commercial development, is set to open its new state-of-the-art, 45-acre biomanufacturing hub – BioHub II this year. The new master-planned campus will include 500,000 square feet for cGMP manufacturing, lab and office space and house the biomanufacturing workforce institute that will offer certificate coursework in bioprocessing to students, further expanding the region’s life sciences ecosystem and workforce.  Click to expand East Blocks  A redevelopment project led by Houston-based Pagewood and Wile Interests aims to transform former warehouses in EaDo into a walkable 10-block mixed-use district. East Blocks is expected to break ground in the second quarter of 2024 and will encompass 513,000 square feet southwest of Shell Energy Stadium. Phase one will include a unique blend of restaurants, shops, office and green space and will include existing tenants 8th Wonder Brewery and Pitch 25, while phase two will focus on additional retail and restaurant space. The Allen The Allen, a sophisticated new mixed-use development is currently underway in Houston’s Allen Parkway corridor. The first phase, The Residences at The Allen, includes the development of a $290 million, 35-story skyscraper that towers over Buffalo Bayou Park. The stylish new building offers luxury condos, high-rise penthouses and a sleek 170-room Hotel – the Thompson, which opened earlier this year. Phase II of The Allen is anticipated to break ground in early 2024 and will include more retail and restaurant space and luxury multi-family living.  Click to expand The Commons at Hermann Park Hermann Park is changing the game for green spaces in the Houston area with its new groundbreaking 26-acre development – The Commons. Slated to open to the public this week, The Commons aims to revolutionize the beloved park with a unique collection of play areas, including an immersive space-themed area and a life-sized carousel. The commons also features many new gathering spaces including a Central Lawn and the Live Oak Terrace.  The Houston Astros Entertainment District  The Houston Astros expect to break ground on a new entertainment district adjacent to Minute Maid Park in Nov. 2024 The district will feature a 17-story hotel, 60,000 square feet of retail space for restaurants and shops and a three-level gathering area for fans to watch Astros games and other major sporting events on a massive outdoor screen. The venue will also host live music performances. The Grand at 249 Situated at the corner of the Grand Parkway-Highway 249 intersection, the groundbreaking 65-acre retail center dubbed The Grand at 249 will span 404,256 square feet in Tomball, making it the largest retail concentration within Houston's northwest submarket. Slated for completion in 2025, The Grand at 249 will boast 12 pad sites and include tenants such as AT&T, Boomer Jack's, Gringo's, Jersey Mike's, Milano Nails and Two Pho Nine Asian Fusion.   Learn more about why businesses are choosing Houston and what it means to live, work and play in the Bayou City. 

The Ion District, Houston’s thriving 16-acre innovation hub, recently released its 2024 Community Investment Report, highlighting the organization’s commitment to the community and its efforts to bolster the region’s evolving tech ecosystem.   The report outlined a few of the organization’s key initiatives in 2023, including workforce development, a crucial need as Houston continues to expand its presence in innovation and tech. According to the Partnership’s Houston Facts report, Houston led all U.S. cities in tech job posting growth in 2022, with a 45.6 percent increase year-over-year.  Last year, the Ion District announced its selection of Per Scholas as its workforce training partner to support its Tech Job Training and Talent Placement Program. Since its establishment, the program has received over 930 applications, enrolled 48 students, launched three cohorts and witnessed 21 students graduate. The program offers tuition-free courses that are designed to meet industry standards and provide graduates with the skills needed for high demand jobs.   In addition to workforce development, the Ion District worked to increase opportunities for local minority and women-owned business enterprises (MWBEs) through its Inclusive Tech Accelerator and Inclusive Tech Investment Fund. With a combined investment of $6.5 million from Rice University, these initiatives provide companies with funding to advance their service or product.  Other achievements include the organization’s MWBE Outreach and Technical Assistance program, which hosted seven events last year with over 800 attendees. The program pairs MWBEs with an advisor to develop strategies for economic development opportunities within the Ion.   Community collaboration was also a major focus for the Ion District last year. According to the report, the organization hosted over 1,000 events aimed at educating the greater Houston community on initiatives focused on technical up-skilling and workforce development and services supporting the growth of underrepresented-founders, tech-enabled companies and disadvantaged businesses.  These efforts have served as a catalyst for cross-industry collaboration, driving established companies to expand to the Ion. Last year, Houston Methodist opened its 1,200-square-foot Tech Hub at the Ion, which provides a collaborative space for innovators to advance digital health technologies.   “Houston Methodist’s space at the Ion opens up even more opportunities for our start-up and entrepreneur community to embed and gain exposure to the latest innovations in health care,” said Jan E. Odegard, Executive Director of Ion, in a statement. “This partnership is a testament to the ecosystem we’re building and the talent within our building.”  Other companies include SCS Technologies, which opened a 266,000-square-foot innovation hub last year to advance its energy transition efforts. Chevron and Microsoft were also among the Ion’s first tenants, a testament to the energy and tech giant’s dedication to the Houston community.   The groundbreaking advancements and collaborations emerging from the Ion District position Houston as an emerging leader in tech and innovation. According to Houston Facts, Houston boasts more than 9,000 tech-related firms, including over 1,000 venture-backed startups. Additionally, the report shows that maturing tech startups and companies in Houston have garnered significant support, generating $6.42 billion in venture capital funding over the last five years.   “The Ion allows our faculty and students to make an impact across the city, the country and the world through partnerships and collaborations that might not be formed otherwise,” said Reginald DesRoche, Rice University President. “The Ion allows us to work side-by-side with experts and actual end-users to help bring solutions to some of the city’s and the world’s most pressing challenges.”  Learn more about Houston’s tech and innovation ecosystem.