Published May 20, 2022 by Brina Morales
Despite factors ranging from global inflation to the Russia-Ukraine war, key indicators show Houston’s ties to the global economy are strengthening. That’s according to a new analysis released by the Greater Houston Partnership in its Global Houston report.
The analysis documents how Houston’s international activity in 2021 set records as other sectors showed signs of improvement:
The pandemic caused the worst economic downturn since the Great Depression. Two and a half years later, COVID-19 no longer appears to be a top risk for economic growth. But there are other issues driving concerns. According to the report, economic damage from the Russian invasion of Ukraine is contributing to a slowdown in global growth and adding to inflation. However, several indicators demonstrate strong momentum in Houston, including the region’s strong economy, increased industrial production, a manufacturing PMI reading above 50, and tight labor markets.
“The most likely scenario is for slower growth, perhaps a recession in Europe, but a slowdown in the global economy is unlikely to nudge Houston into recession this year,” said Partnership Senior Vice President of Research Patrick Jankowski.
Other data included in the report reflects Houston’s influence as a global business hub:
Another section of the Global Houston report provides additional statistics and information about Houston’s international business ties and ranks the region’s top 20 trade partners. The value of goods and services traded increased among all leading partners in 2021, bouncing back from the losses in 2020.
Top 10 Houston trade partners and the value of trade in 2021:
Houston, a global economic hub, thrives on international investment and trade. Boasting a strategic location and diverse industries, the city attracts foreign investors, fostering economic growth. A strong port…