Regional Economic Forecast Today
by: Andrew Schneider, May 24, 2011 6:05:00 am
Ted Jones, chief economist for Houston-based Stewart Title Guaranty Company, will deliver the institute’s economic forecast. He likens the Houston economy to driving bumper cars.
“You kind of know where you’re going, but things keep bumping into you, and in the last two years, they’ve been bumping us away from our target, and we’ve had job losses in both Houston and the national economy. This year, those bumps are getting us closer and faster to where we used to be and back to an incredible economy.”
Jones credits low taxes and tort reform for making Texas more attractive to business. He also points to the strong performances of the energy sector, the city’s two major airports, and the Port of Houston.
“You look at it on an annualized basis, both full containers coming in and full containers going out — and there’s a lot more containers going out full than are coming in full — that’s 1.5 million containers a year. Just think about the jobs that are related to unloading, loading, transporting, storing. And when you start realizing a lot of that’s made here, assembled here, packaged here, then that’s a major economic impact.”