Marcus Hiles Notes Oil And Gas Sector Booming In Houston

Marcus Hiles Notes Oil And Gas Sector Booming In Houston

The price of oil fell significantly in late 2014, pushing communities throughout Texas into economic downturns. Areas near Houston being hit the hardest, but at the end of 2016, Marcus Hiles was pleased to see that prices for crude oil doubled since February lows and active rig counts increasing by 200 in recent months. The oil industry and the city’s economy have stabilized and resumed economic growth, and in the month of November, mining and logging, the sector that includes oil and gas extraction, added 3,200 jobs. This helped the greater Houston metropolitan area see job growth of half a percent, a rise from 2015. “Everyone can uncross their fingers now, because the worst is over,” Patrick Janikowski, senior vice president of research for the Greater Houston Partnership, explained in the organization’s annual forecast of the coming year, “2017 should be a further step on the road to robust growth.”

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