Houston Flourishes In Spite Of Obama
As the nation’s economy meanders through a slouggish recovery, Houston’s economy is booming, powered by increased oil production and a diverse array of businesses.
According to Forbes, Houston’s economy is a shining star among major cities.
The 68 publicly traded companies headquartered in Houston have brought in more than $1 billion in sales in 2011, according to Forbes. That’s second only to New York, which has 83 publicly traded companies.
Energy tycoon Richard Kinder, who is worth more than $8 billion, is among a baker’s dozen Houston billionaires.
And companies are quickly noticing that Houston is fertile ground to expand operations or set up shop.
Direct Energy CEO Chris Weston told Forbes that Houston was an obvious choice as it looked for a new city for its base operations.
“You have a constellation of energy companies in Houston, and the city provides a stable structure with its political and regulatory commitment, which we find extremely important,” Weston said.
As Forbes outlines, many other companies are coming to the same conclusion.
Irving-based Exxon Mobil Corp. is building a 385-acre campus in The Woodlands, and the company also recently announced plans to move more than 2,100 employees to Texas.
BP and Anadarko Petroleum have consolidated U.S. operations in Houston. Dow Chemical announced plans in April to build a new ethylene plant that would employ thousands in the Houston area.