A new ranking from Business Facilities magazine places Houston at No. 4 for economic growth potential among large metro areas and ranks the city No. 4 as well when it comes to the nation’s best startup ecosystems.
Houston’s broad industry diversity is a positive for the city’s economic growth potential. The Greater Houston Partnership forecasts the region will see a net increase of 71,000 jobs this year. The most recent employment report for the region showed a 2.7% increase in jobs between June 2018 and June 2019 led by growth in professional, scientific and technical services; durable goods manufacturing; and restaurants and bars.
The Partnership’s Senior Vice President of Economic Development Susan Davenport told InnovationMap that the city’s status as the one of the top locations for Fortune 1000 headquarters in the U.S. elevates Houston’s position as a hub where both large and small companies can prosper.
"The region's steady population increases, coupled with our relatively low costs of living and doing business, bode well for our economic growth potential reflected in this ranking," Davenport told the publication.
Houston’s No. 4 ranking among startup-friendly cities is due in large part to the concerted effort of local organizations, led by Houston Exponential, to help foster the local startup ecosystem. Launched in late 2017, Houston Exponential’s goals include making Houston a top 10 innovation ecosystem, generating $2 billion in venture capital annually, and creating 10,000 new tech jobs a year by 2022.
"Factor in the demand being satisfied by a number of new incubators and accelerators, plus the four-mile Innovation Corridor running through the heart of the city and anchored by The Ion, and we're seeing momentum on a scale like never before," Davenport told InnovationMap.
Here is Business Facilities' 2019 list of the top 10 places for economic growth potential among large U.S. metros:
Here is Business Facilities' 2019 list of the 10 places with the best startup ecosystems in the country:
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