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Report: Houston Growth Expected to be Among Strongest in U.S. through '23

Published Jan 02, 2020 by A.J. Mistretta

Astros stadium in Houston

Houston is one of only a handful of major U.S. cities expected to see economic growth over the next three years, according to a new report from Oxford Economics. 

The GDP of both Houston and Dallas are forecasted to grow at an average annual rate of 2.4% between now and 2023, the report finds. That’s second only to San Francisco, where the GDP is expected to increase an average of 2.7% over the next three years. 

Researchers at Oxford Economics credit Texas’ reasonable cost of living and minimal government regulation that’s allowing the state’s major metros to absorb businesses from elsewhere around the country. That environment is also encouraging startups. 

The Oxford Economics analysis projects that nearly two-thirds of the world’s major cities will experience an economic dip in the next two years; the 10 largest global cities are all forecasted to see a decline in GDP. 

The Houston metro GDP increased an average of 1.5% from 2015 to 2019. Oxford Economics forecasts local GDP growth of 1.9% on average over the next two years.

The Partnership forecasts that the Houston region will add 42,300 jobs in the year ahead, led by gains in healthcare, government, food services, and construction. Job losses are anticipated in the energy, retail, and information sectors.

See more Data from the Partnership and get insight into economic indicators from the last year in Economic Highlights
 

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Houston House returned to Austin for the South by Southwest Conference for its third year, bringing a new group of panelists and industry experts together to deliver a full day of thought-provoking content for over 750 attendees. Houston-based industry leaders and innovators discussed the startup journey, how they’re challenging the status quo in their respective industries to improve products or services, and more. If you were unable to join the Partnership at SXSW, check out our recap of the conversations below.    Demystifying the Startup Journey  Houston House kicked off its day of programming by dispelling the mystique surrounding the startup journey and answering questions about hiring, funding, and finding the right product-market fit. Panelists discussed in-depth how to find and attract the right talent, including cost-effective strategies and solutions for cash-strapped founders, and what they wished they had done differently during their various rounds of funding.  Panelists:  Ted Gutierrez, Co-Founder and CEO, SecurityGate.io  Gaurav Khandelwal, Founder and CEO, Velostics  Simone May, Co-Founder and CTO, Clutch  Moderator: Natalie Harms, Editor, Innovation Map    The Future is Female: Triumphs of Women in Tech  It’s no secret that female founders face a unique set of challenges compared to their male counterparts, especially when funding their next business venture. The panel discussed funding challenges, how they challenge stereotypes in male-dominated industries, and overcoming the feelings of guilt and inadequacy that plague women in business.  “The insecurity women feel that ‘we're not good enough' needs to go. Men don't experience that.” - Lydia Davies, Founder & CEO of TEAMATES  Panelists:  Lydia Davies, Founder and CEO, TEAMATES  Taci Pereira, CEO, Systemic Bio  Janice Tran, Co-Founder and CEO, Kanin Energy  Moderator: Carrie Colbert, Founding and General Partner, Curate Capital    Building a Tech Unicorn  Every tech startup hopes to become the next unicorn, but not everyone makes the cut. Featuring an in-depth conversation with Solugen’s co-founder and CEO, Gaurab Chakrabarti, the panel covered his background growing up in Houston, the surprising marketing campaign that put Solugen on the map, and the journey leading to it becoming a tech unicorn.  Gaurab Chakrabarti, Co-Founder and CEO, Solugen  Moderator: Payal Patel, Principal, Softeq Ventures and Director, Softeq Venture Studio    Click to expand People packed the room at Houston House to hear from Solugen CEO Gaurab Chakrabarti.   Unlocking the Power of AI: Insights & Innovations  Technology and innovation converged in this panel discussing recent developments in artificial intelligence and what the future of business will look like as it becomes more widespread and advanced, including the policies and legislation that may become necessary as AI becomes more intelligent. From song lyrics written in the style of Taylor Swift to how the health care industry is utilizing this technology to better serve its patients, it is clear that we are just beginning to scratch the surface of AI’s capabilities.  “The Ion [in Houston] is going to bring innovation, elevate clean tech energy, and push health care to the next level. That’s why we want to be involved and that’s why you should too.” - Murat Uralkan, Director of Innovation at Houston Methodist Panelists:  Sidd Gupta, Co-Founder and CEO, Nesh  Rob Meadows, Founder and CEO, AI Foundation  Murat Uralkan, Director of Innovation, Houston Methodist  Moderator: Dave Mathews, Principal Venture Capitalist and CTO Advisor, Softeq    Connecting Industries, Empowering Innovation  Ever wondered what it looks like when the brightest minds in different industries come together? The nexus of innovation and collaboration across industries in Houston took center stage in this discussion of how industry leaders can continue to break down traditional barriers and create advancements in everything from biotech to the energy transition.  Panelists:  Barbara Belvisi, Founder and CEO, Interstellar Lab  Moji Karimi, Co-Founder and CEO, Cemvita Factory  Nic Radford, Founder, President, and CEO, Nauticus Robotics  Moderator: Brad Rossacci, Creative Director, Accenture  The Houston House program at SXSW 2023 will be available to stream on-demand soon.  Learn more about Houston’s innovation ecosystem. 
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