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A publication of the Greater Houston Partnership                               Volume 19, Number 6 • June 2010

       Employment Continues to Improve — The Houston-Sugar Land-Baytown
       Metropolitan Area added 2,700 jobs in April, according to the Texas Workforce
       Commission (TWC). Job gains in April reduced the 12-month net loss to 40,900
       jobs. As recently as December ’09, Houston’s net 12-month job loss stood at
       102,800. Job gains occurred in several sectors—health care and social assistance;
       administrative and support services; arts, entertainment and recreation; food
       services and drinking places; oil and gas extraction and support services; and real
       estate and rental and leasing. Construction and manufacturing reported losses in
       April but at subdued rates compared to this time last year.
       April marks the third consecutive month of job gains for the region. Houston
       started to see improvement in the Purchasing Managers Index in April ’09. The
       U.S. rotary rig count bottomed out June ’09. Airport traffic and residential real es-
       tate sales began to improve September ’09. Customs district trade began to im-
       prove December ’09. Those improvements are finally showing up in the employ-
       ment numbers. Since February, Houston has added 28,400 jobs, about one-fifth of
       total jobs lost during the recession.
       Several sectors account for the bulk of the employment growth this year—pro-
       fessional and business services (6,600 jobs), food services and drinking places
       (5,600 jobs), health care and social assistance (4,200 jobs), local education (2,700
       jobs), arts, entertainment and recreation (2,400 jobs) and oil and gas extraction and
       support services (1,200 jobs). However, several sectors continue to report losses—
       construction (-600 jobs), wholesale and retail trade (-800 jobs), finance and
       insurance (-700 jobs) and information (-600 jobs). Although business services has
       added jobs, two subsectors suffered losses since January—accounting (-600) and
       architectural and engineering services (-900). As the economy improves, these
       sectors should report employment gains as well.
       Harris County Wages Rise —– In Q4/09, Harris County recorded the highest
       average weekly wage among Texas’ counties with more than 75,000 jobs,
       according to the TWC. The weekly wage in Harris County averaged $1,197 in
       Q4/09, a 15 percent increase from the prior quarter and 27 percent above the state’s
       average of $944. Natural resources and mining sector posted the highest weekly
       wage— $3,131—more than twice the average weekly wage for manufacturing—
       $1,494—the next highest paying industry.

June 2010                                 ©2010, Greater Houston Partnership                             Page 1
HOUSTON—THE ECONOMY AT A GLANCE

       Rig Count up, Gas Prices Flat, Oil Prices Slipping — The Baker Hughes count
       of active domestic rotary rigs averaged 1,507 in May, ending the month at 1,535—
       the highest level in 71 weeks, and 75 percent above the recent low of 876 last June.
       The Friday closing spot market price of Henry Hub natural gas has held fairly
       stable at around $4 per MMBtu since mid-March. In its May Short-Term Energy
       Outlook, the agency forecasts the Henry Hub spot price to average $4.48 per
       MMBtu in ’10 and $5.34 in ’11. Inventories of gas in storage remain high, how-
       ever, and continue to exert downward pressure on prices.
       The Friday closing spot market price for West Texas Intermediate crude oil (WTI)
       hovered around $70 a barrel in May, having slipped from around $84 a barrel in
       April. The drop in price resulted more from a strengthening of the dollar than any
       decline in oil demand. EIA projects that world oil consumption will grow by 1.6
       million barrels per day in 2010, slightly higher than in last month's Outlook, and
       also by 1.6 million barrels per day in 2011.
       Homebuyer Tax Credit Boosts Housing Market — Single-family home sales
       tallied on the Houston Multiple Listing Service rose for the second consecutive
       month in April ’10, the Houston Association of Realtors® (HAR) reported.
       Houston area closings in April totaled 5,321, a 26.7 percent increase from a year
       earlier. “The Houston real estate market seems to have truly benefited from home-
       buyers who acted by April 30 to take advantage of the tax credit as well as low
       mortgage interest rates,” said Margie Dorrance, HAR chair. The $8,000 tax credit
       for first time homebuyers expired April 30 and required homebuyers to sign
       closing papers by June 30.
       Unlike many other parts of the nation, Houston’s home prices continue to appre-
       ciate. As sales activity has increased, prices have continued to rise. The average
       price of a single-family home increased 6.8 percent to $206,414, driven by a 53.4
       percent rise in luxury home sales ($500,000+). The median price of a single-family
       home sold in Houston in April ’10 was $153,500, up 2.4 percent from a year
       earlier—the highest for an April in Houston.
       Sales pending at the end of April totaled 4,613—the highest since July ’08 and up
       25.2 percent from April ’09. Single-family inventory stood at a 6.5 month supply,
       up from a 6.0 month supply a year ago.
       The tax credit also seems to have boosted Houston’s new single-family home
       market. Net sales of new single-family homes in April totaled 2,251, up 17.5
       percent from last year, according to a Metrostudy survey that covers approximately
       75 percent of the Houston new single-family market.
       However, with the expiration of the homebuyer tax credit, builders are expected to
       reduce their spec construction. Lower traffic and new home sales are also expected.


June 2010                             ©2010, Greater Houston Partnership                      Page 2
HOUSTON—THE ECONOMY AT A GLANCE

       The number of spec homes under construction increased by 25 percent from April
       ’09, but fell by 247 units from March ’10. The number of completed spec homes
       fell 27 percent from April ’09 and 14 percent from March ’10.
       International Air Traffic Grows, Domestic Flat — Through April of this year,
       the Houston Airport System (HAS) handled 15.40 million passengers, up 1.4
       percent from 15.18 million passengers over the same time last year. Domestic
       traffic totaled 12.72 million passengers, up 0.5 percent from 12.66 million
       passengers last year. International traffic totaled 2.68 million passengers, up 6.5
       percent from the 2.52 million passengers from last year. April is the eighth
       consecutive month to post over-the-year growth in total passenger volume.
       Air freight continued to post strong gains in April ‘10, up 13.6 percent over April
       ’09. Over-the-year gains in air freight were up 16.4 percent over the same period
       last year. Air cargo volume has picked up sharply since last September as the
       economy continues to recover from the previous recession.
       Foreign Trade Improving — The Houston-Galveston Customs District handled
       foreign trade valued at $18.3 billion in March, up 44 percent from $12.7 billion in
       March ’09, according to the U.S. Census Bureau. Exports totaled $8.2 billion, up
       37 percent from $5.9 billion in March ’09. Imports totaled $11.1 billion, up 50
       percent from $6.7 billion in March ’09.
       For the first quarter of ‘09, trade totaled $47.8 billion, up 30 percent from $36.9
       billion last year. Exports were $21.3 billion, up 29 percent from $16.6 billion last
       year. Imports were $26.4 billion, up 30 percent from $20.3 billion last year.
       Fuel oils, machinery, chemicals, plastics, vehicles, vehicle parts, iron and steel,
       cereals and scientific instruments comprise the bulk of the goods passing through
       the Houston-Galveston customs district. The recent surge in exports and imports
       reflects the improving U.S. and global economies and the need to replenish
       inventories depleted during the recession. However, economists have expressed
       concern that Europe’s recent woes and the stronger dollar may slow U.S. export
       growth.
       Houston Maintains Low Cost of Living — In Q1/10, the cost of living in
       Houston was 18 percent below the average for 27 metropolitan areas over 2
       million population and 9 percent below the average for all 308 reporting places,
       according to the ACCRA Cost of Living Index. The index, produced by the
       Council for Community and Economic Research, measures differences in the
       relative cost of consumer goods and services appropriate for a professional or
       managerial household.
       Bargain housing costs help maintain Houston’s low cost of living. In Q1/10,
       housing costs in Houston were 39 percent below the major metro average and 22


June 2010                             ©2010, Greater Houston Partnership                      Page 3
HOUSTON—THE ECONOMY AT A GLANCE

       percent below the average of all 308 reporting places. According to the ACCRA
       survey, the same new house that cost $209,000 in Houston in January cost
       $348,744 in Miami, $420,600 in Boston and $607,391 in Washington, D.C.
       The cost of grocery items in Houston was also the lowest among the major metro
       areas, 17 percent below the major metro average and 13 percent below the national
       average. Houston did not differ significantly from the nationwide average on the
       other components: utilities, transportation, health care, and miscellaneous goods
       and services.
                            ____________________________________
             The Greater Houston Partnership is the primary advocate of Houston’s business community
                            and is dedicated to building regional economic prosperity.

                Visit the Greater Houston Partnership on the World Wide Web at www.houston.org.
                                      Contact us by phone at 713-844-3600.




June 2010                                  ©2010, Greater Houston Partnership                          Page 4
HOUSTON—THE ECONOMY AT A GLANCE

Houston Economic Indicators                                                                                              YEAR-TO-DATE
  A Service of the Greater Houston Partnership                                    MONTHLY DATA                         TOTAL OR AVERAGE*

                                                                                    Most            Year       %           Most              Year           %
                                                                     Month        Recent          Earlier Change         Recent            Earlier     Change
ENERGY
  U.S. Active Rotary Rigs                                           May '10         1,513           918     64.8          1,405 *           1,178 *      19.3
  Spot Crude Oil Price ($/bbl, West Texas Intermediate)             Apr '10         84.50          51.44    64.3          79.89 *           45.40 *      76.0
  Spot Natural Gas ($/MMBtu, Henry Hub)                             Apr '10          3.94           3.47    13.5           4.74 *            4.27 *      11.0

UTILITIES AND PRODUCTION
   Houston Purchasing Managers Index                                Apr '10          58.1          40.9     42.1           55.6 *            39.8 *      39.7
   Nonresidential Electric Current Sales (Mwh, CNP Service Area)    Apr '10     4,009,797     3,675,415      9.1     15,394,679        15,064,200         2.2

CONSTRUCTION
  Total Building Contracts ($, Houston MSA)                         Apr '10   857,440,000   763,052,000     12.4   2,838,414,000     2,676,859,000         6.0
  Nonresidential                                                    Apr '10   356,808,000   347,505,000      2.7     947,626,000     1,248,951,000       -24.1
  Residential                                                       Apr '10   500,632,000   415,547,000     20.5   1,890,788,000     1,427,908,000        32.4
  Building Permits ($, City of Houston)                             Apr '10   292,516,073   210,904,260     38.7     995,998,781     1,323,574,618       -24.7
  Nonresidential                                                    Apr '10   186,202,144   139,380,862     33.6     625,799,507     1,014,654,957       -38.3
  New Nonresidential                                                Apr '10    69,578,711    68,306,803      1.9    242,992,011       343,019,410       -29.2
  Nonresidential Additions/Alterations/Conversions                  Apr '10   116,623,433    71,074,059     64.1    382,807,496       671,635,547       -43.0
  Residential                                                       Apr '10   106,313,929    71,523,398     48.6     370,199,274       308,919,661        19.8
  New Residential                                                   Apr '10    84,110,357    46,436,898     81.1    284,940,228       229,224,514        24.3
  Residential Additions/Alterations/Conversions                     Apr '10    22,203,572    25,086,500    -11.5      85,259,046        79,695,147         7.0
  Multiple Listing Service (MLS) Activity
  Closings                                                          Apr '10         6,200          4,895    26.7         18,850            17,246         9.3
  Median Sales Price - SF Detached                                  Apr '10       153,500        149,900     2.4        149,813 *         140,503 *       6.6
  Active Listings                                                   Apr '10        48,869         45,269     8.0         47,442 *          44,991 *       5.4

EMPLOYMENT (Houston-Sugar Land-Baytown MSA)
  Nonfarm Payroll Employment                                        Apr '10     2,507,900     2,548,800     -1.6      2,496,200 *       2,563,300 *       -2.6
  Goods Producing (Natural Resources/Mining/Const/Mfg)              Apr '10       472,000       502,300     -6.0        472,400 *         516,700 *       -8.6
  Service Providing                                                 Apr '10     2,035,900     2,046,500     -0.5      2,023,800 *       2,046,600 *       -1.1
  Unemployment Rate (%) - Not Seasonally Adjusted
  Houston-Sugar Land-Baytown MSA                                    Apr '10           8.4            6.7                     8.6 *             6.6 *
  Texas                                                             Apr '10           8.1            6.8                     8.3 *             6.9 *
  U.S.                                                              Apr '10           9.5            8.6                    10.2 *             8.8 *
  Unemployment Insurance Claims (Gulf Coast WDA)
  Initial Claims                                                    Apr '10        22,823         27,306   -16.4         22,517 *          26,919 *      -16.4
  Continuing Claims                                                 Apr '10        97,017        129,217   -24.9        112,395 *         118,592 *       -5.2

TRANSPORTATION
  Port of Houston Authority Shipments (Short Tons)                  Apr '10     3,051,919     3,075,871     -0.8     12,286,706        12,535,725        -2.0
  Air Passengers (Houston Airport System)                           Apr '10     3,972,022     3,980,644     -0.2     15,406,043        15,186,020         1.4
  Domestic Passengers                                               Apr '10     3,316,921     3,341,659     -0.7     12,721,652        12,664,585         0.5
  International Passengers                                          Apr '10       655,101       638,985      2.5      2,684,391         2,521,435         6.5
  Landings and Takeoffs                                             Apr '10        69,408        73,595     -5.7        278,725           288,225        -3.3
  Air Freight (000 lb)                                              Apr '10        70,983        62,502     13.6        278,380           239,125        16.4
  Enplaned                                                          Apr '10        37,569        33,723     11.4        146,752           128,848        13.9
  Deplaned                                                          Apr '10        33,414        28,779     16.1        131,628           110,277        19.4

CONSUMERS
  New Car and Truck Sales (Units, Houston MSA)                      Apr '10        19,634         17,520    12.1         79,105            69,057        14.6
  Cars                                                              Apr '10         8,946          7,794    14.8         36,337            30,810        17.9
  Trucks, SUVs and Commercials                                      Apr '10        10,688          9,726     9.9         42,768            38,247        11.8
  Total Retail Sales ($000,000, Houston MSA, NAICS Basis)            3Q09          18,738         20,136    -6.9         53,679            59,150        -9.3
  Consumer Price Index for All Urban Consumers ('82-'84=100)
  Houston-Galveston-Brazoria CMSA                                   Apr '10       194.037        189.701     2.3        192.836 *         188.365 *       2.4
  United States                                                     Apr '10       218.009         213.24     2.2        217.267 *         212.321 *       2.3
  Hotel Performance (Harris County)
  Occupancy (%)                                                     Dec '09          45.5           57.5                   60.2 *            70.1 *
  Average Room Rate ($)                                             Dec '09        108.44         118.29    -8.3         116.79 *          126.58 *       -7.7
  Revenue Per Available Room ($)                                    Dec '09         49.38          68.06   -27.4          70.30 *           88.79 *      -20.8

POSTINGS AND FORECLOSURES
  Postings (Harris County)                                          May '10         3,492          3,757    -7.1         19,468            14,342        35.7
  Foreclosures (Harris County)                                      May '10           958          1,060    -9.6          5,548             4,104        35.2




June 2010                                                          ©2010, Greater Houston Partnership                                                  Page 5
HOUSTON—THE ECONOMY AT A GLANCE

Sources
 Rig Count                          Baker Hughes Incorporated               Port Shipments           Port of Houston Authority
 Spot WTI, Spot Natural Gas         U.S. Energy Information Agency          Aviation                 Aviation Department, City of
 Houston Purchasing Managers        National Association of                                           Houston
  Index                              Purchasing Management –                Car and Truck Sales      TexAuto Facts Report, InfoNation,
                                     Houston, Inc.                                                    Inc., Sugar Land TX
 Electricity                        CenterPoint Energy                      Retail Sales             Texas Comptroller’s Office
 Building Construction Contracts    McGraw-Hill Construction                Consumer Price Index     U.S. Bureau of Labor Statistics
 City of Houston Building Permits   Building Permit Department, City        Hotels                   PKF Consulting/Hospitality Asset
                                     of Houston                                                       Advisors International
 MLS Data                           Houston Association of Realtors®        Postings, Foreclosures   Foreclosure Information & Listing
 Employment, Unemployment           Texas Workforce Commission                                        Service



                                                             STAY UP TO DATE!

If you would like to receive this electronic publication on the first working day of each month, please e-
mail your request for Economy at a Glance to rpate@houston.org. Include your name, title and phone
number and your company’s name and address. Archived copies are available to Partnership Members
in the Members Only section at www.houston.org. For information about joining the Greater Houston
Partnership and gaining access to this powerful resource, call Member Services at 713-844-3683.

The foregoing table is updated whenever any data change — typically, 11 or so times per month. If
you would like to receive those updates by e-mail, usually accompanied by commentary, please e-mail
your request for Key Economic Indicators to rpate@houston.org with the same identifying information.

You may request Glance and Indicators in the same e-mail.




June 2010                                                   ©2010, Greater Houston Partnership                                    Page 6
HOUSTON—THE ECONOMY AT A GLANCE
   HOUSTON MSA NONFARM PAYROLL EMPLOYMENT (000)
                                                                                                Change from          % Change from
                                                           Apr '10   Mar '10   Apr '09        Mar '10    Apr '09    Mar '10    Apr '09

   Total Nonfarm Payroll Jobs                             2,507.9    2,505.2   2,548.8           2.7      -40.9        0.1         -1.6
   Total Private                                          2,127.3    2,126.2   2,175.2           1.1      -47.9        0.1         -2.2
   Goods Producing                                          472.0      473.1     502.3          -1.1      -30.3       -0.2         -6.0
   Service Providing                                      2,035.9    2,032.1   2,046.5           3.8      -10.6        0.2         -0.5
    Private Service Providing                             1,655.3    1,653.1   1,672.9           2.2      -17.6        0.1         -1.1

    Mining and Logging                                       87.8       87.8      87.3            0.0        0.5        0.0         0.6
      Oil & Gas Extraction                                   49.9       49.6      48.0            0.3        1.9        0.6         4.0
      Support Activities for Mining                          36.8       37.0      38.3           -0.2       -1.5       -0.5        -3.9

    Construction                                            166.6      167.3     186.0           -0.7      -19.4       -0.4       -10.4

    Manufacturing                                           217.6      218.0     229.0           -0.4      -11.4       -0.2        -5.0
     Durable Goods Manufacturing                            138.1      138.1     147.6            0.0       -9.5        0.0        -6.4
     Nondurable Goods Manufacturing                          79.5       79.9      81.4           -0.4       -1.9       -0.5        -2.3

    Wholesale Trade                                         126.9      128.3     132.8           -1.4       -5.9       -1.1        -4.4

    Retail Trade                                            258.6      259.4     260.8           -0.8       -2.2       -0.3        -0.8

    Transportation, Warehousing and Utilities               119.2      119.3     123.8           -0.1       -4.6       -0.1        -3.7
     Utilities                                               16.7       16.6      16.8            0.1       -0.1        0.6        -0.6
     Air Transportation                                      23.9       23.9      24.6            0.0       -0.7        0.0        -2.8
     Truck Transportation                                    18.2       18.2      19.5            0.0       -1.3        0.0        -6.7
     Pipeline Transportation                                  8.9        8.8       8.7            0.1        0.2        1.1         2.3
     Balance, incl Warehousing, Water & Rail Transport       51.5       51.8      54.2           -0.3       -2.7       -0.6        -5.0

    Information                                              32.7       33.2      34.8           -0.5       -2.1       -1.5        -6.0
      Telecommunications                                     17.6       17.8      18.1           -0.2       -0.5       -1.1        -2.8

    Finance & Insurance                                      86.4       86.6      88.7           -0.2       -2.3       -0.2        -2.6

    Real Estate & Rental and Leasing                         50.7       50.5      50.9           0.2        -0.2       0.4         -0.4

    Professional & Business Services                        348.5     347.7     360.1             0.8      -11.6        0.2         -3.2
     Professional, Scientific & Technical Services          169.4     169.5     177.6            -0.1        -8.2      -0.1         -4.6
      Legal Services                                         22.7      22.7      23.0            0.0        -0.3       0.0         -1.3
      Accounting, Tax Preparation, Bookkeeping               17.4      17.7      19.5           -0.3        -2.1      -1.7        -10.8
      Architectural, Engineering & Related Services          58.8      59.0      62.1           -0.2        -3.3      -0.3         -5.3
      Computer Systems Design & Related Services             23.7      23.4      24.2            0.3        -0.5       1.3         -2.1
     Admin & Support/Waste Mgt & Remediation                158.9     157.9     162.8             1.0        -3.9       0.6         -2.4
      Administrative & Support Services                     151.5     150.0     154.3            1.5        -2.8       1.0         -1.8
       Employment Services                                   49.6      48.7      52.9            0.9        -3.3       1.8         -6.2

    Educational Services                                     43.2       43.1      41.4           0.1         1.8       0.2             4.3

    Health Care & Social Assistance                         262.6      261.1     251.8           1.5        10.8       0.6             4.3

    Arts, Entertainment & Recreation                         27.8       27.1      27.2           0.7         0.6       2.6             2.2

    Accommodation & Food Services                           206.9      205.7     208.2           1.2        -1.3       0.6         -0.6

    Other Services                                           91.8       91.1      92.4           0.7        -0.6       0.8         -0.6

    Government                                              380.6     379.0     373.6            1.6         7.0       0.4          1.9
     Federal Government                                      30.2      29.1      31.1            1.1        -0.9       3.8         -2.9
     State Government                                        71.7      71.4      69.8            0.3         1.9       0.4          2.7
      State Government Educational Services                  38.8      38.6      36.1            0.2        2.7        0.5         7.5
     Local Government                                       278.7     278.5     272.7            0.2         6.0       0.1          2.2
      Local Government Educational Services                 191.7     192.6     188.5           -0.9        3.2       -0.5         1.7

   SOURCE: Texas Workforce Commission




June 2010                                                ©2010, Greater Houston Partnership                                   Page 7
HOUSTON—THE ECONOMY AT A GLANCE

                                                                    Q1/10 COST OF LIVING COMPARISONS: SELECTED METROS

                                                               New York-Newark-Edison NY-NJ-PA                                                                                                               55.6


                                                               San Francisco-Oakland-Fremont CA                                                                                   49.6


            Washington-Arlington-Alexandria DC-VA-MD-WV                                                                                                           34.8


                                                                  Boston-Cambridge-Quincy MA-NH                                                                31.1


                                                                      Seattle-Tacoma-Bellevue WA                                               14.1


                                                             Miami-Fort Lauderdale-Miami Beach FL                                        9.8


                                                                                Denver-Aurora CO                                   4.3


                                                                Atlanta-Sandy Springs-Marietta GA                    -5.1


                                                                    Dallas-Fort Worth-Arlington TX             -7.5


                                                                  Houston-Sugar Land-Baytown TX               -8.8

                                                                                                                        % Below/Above Nationwide Average



            Source: ACCRA, ACCRA Cost of Living Index


                                                                                        HOUSTON MSA EMPLOYMENT
                                                                                                               2001-2011

                                                      2.65                                                                                                                    160

                                                      2.60                                                                                                                    140

                                                      2.55                                                                                                                    120
               NONFARM PAYROLL EMPLOYMENT (000,000)




                                                      2.50                                                                                                                    100

                                                      2.45                                                                                                                    80
                                                                                                                                                                                     12-MONTH CHANGE (000)


                                                      2.40                                                                                                                    60

                                                      2.35                                                                                                                    40

                                                      2.30                                                                                                                    20

                                                      2.25                                                                                                                    0

                                                      2.20                                                                                                                    -20

                                                      2.15                                                                                                                    -40

                                                      2.10                                                                                                                    -60

                                                      2.05                                                                                                                    -80

                                                      2.00                                                                                                                    -100

                                                      1.95                                                                                                                    -120
                                                         Jan-01       Jan-02   Jan-03    Jan-04      Jan-05          Jan-06    Jan-07     Jan-08      Jan-09    Jan-10   Jan-11

                                                                                                         12-MONTH CHANGE          JOBS


            Source: Texas Workforce Commission



June 2010                                                                                         ©2010, Greater Houston Partnership                                                                                Page 8
HOUSTON—THE ECONOMY AT A GLANCE

                                                          GOODS-PRODUCING AND SERVICE-PROVIDING EMPLOYMENT
                                                                                             HOUSTON MSA 2001-2011


                                             550                                                                                                                          2.25

                                             540                                                                                                                          2.20

                                             530                                                                                                                          2.15

                                                                                                                                                                          2.10
                                             520




                                                                                                                                                                                 SERVICE-PROVIDING (000,000)
                                                                                                                                                                          2.05
                     GOODS-PRODUCING (000)




                                             510
                                                                                                                                                                          2.00
                                             500
                                                                                                                                                                          1.95
                                             490
                                                                                                                                                                          1.90
                                             480
                                                                                                                                                                          1.85
                                             470
                                                                                                                                                                          1.80
                                             460
                                                                                                                                                                          1.75

                                             450                                                                                                                          1.70

                                             440                                                                                                                          1.65

                                             430                                                                                                                          1.60
                                                 Jan-01     Jan-02    Jan-03    Jan-04       Jan-05      Jan-06     Jan-07     Jan-08        Jan-09       40179       Jan-11
                                                                               GOODS-PRODUCING JOBS                     SERVICE-PROVIDING JOBS




            Source: Texas Workforce Commission

                                                                                      UNEMPLOYMENT RATE
                                                                                           HOUSTON & U.S. 2001-2011
                                      11


                                      10


                                             9


                                             8
             PERCENT OF LABOR FORCE




                                             7


                                             6


                                             5


                                             4


                                             3


                                             2


                                             1


                                             0
                                             Jan-01       Jan-02     Jan-03     Jan-04        Jan-05       Jan-06     Jan-07        Jan-08       Jan-09           40179        Jan-11
                                                                                                       HOUSTON         U.S.

            Source: Texas Workforce Commission




June 2010                                                                                ©2010, Greater Houston Partnership                                                                                    Page 9
HOUSTON—THE ECONOMY AT A GLANCE

                                                                                  SPOT MARKET ENERGY PRICES
                                                                                                          2001 - 2011

                                                140                                                                                                                                28



                                                120                                                                                                                                24




                                                                                                                                                                                        HENRY HUB NATURAL GAS ($/MMBTU)
              WEST TEXAS INTERMEDIATE ($/BBL)




                                                100                                                                                                                                20



                                                 80                                                                                                                                16



                                                 60                                                                                                                                12



                                                 40                                                                                                                               8



                                                 20                                                                                                                               4



                                                  0                                                                                                                               0
                                                 Jan-01     Jan-02     Jan-03        Jan-04      Jan-05       Jan-06         Jan-07      Jan-08        Jan-09     Jan-10      Jan-11

                                                                              WTI MONTHLY         WTI 12-MO AVG            GAS MONTHLY            GAS 12-MO AVG


            Source: U.S. Energy Information Administration

                                                                                  INFLATION: 12-MONTH CHANGE
                                                                                                          2001-2011
             6%



             5%



             4%



             3%



             2%



             1%



             0%



             -1%



             -2%



             -3%
                                  Jan-01                  Jan-02     Jan-03         Jan-04      Jan-05            Jan-06      Jan-07      Jan-08         Jan-09      Jan-10       Jan-11
                                                                                              HOUSTON CPI-U                U.S. CPI-U

            Source: U.S. Bureau of Labor Statistics




June 2010                                                                                     ©2010, Greater Houston Partnership                                                                                          Page 10

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Houston Economy at a Glance

  • 1. A publication of the Greater Houston Partnership Volume 19, Number 6 • June 2010 Employment Continues to Improve — The Houston-Sugar Land-Baytown Metropolitan Area added 2,700 jobs in April, according to the Texas Workforce Commission (TWC). Job gains in April reduced the 12-month net loss to 40,900 jobs. As recently as December ’09, Houston’s net 12-month job loss stood at 102,800. Job gains occurred in several sectors—health care and social assistance; administrative and support services; arts, entertainment and recreation; food services and drinking places; oil and gas extraction and support services; and real estate and rental and leasing. Construction and manufacturing reported losses in April but at subdued rates compared to this time last year. April marks the third consecutive month of job gains for the region. Houston started to see improvement in the Purchasing Managers Index in April ’09. The U.S. rotary rig count bottomed out June ’09. Airport traffic and residential real es- tate sales began to improve September ’09. Customs district trade began to im- prove December ’09. Those improvements are finally showing up in the employ- ment numbers. Since February, Houston has added 28,400 jobs, about one-fifth of total jobs lost during the recession. Several sectors account for the bulk of the employment growth this year—pro- fessional and business services (6,600 jobs), food services and drinking places (5,600 jobs), health care and social assistance (4,200 jobs), local education (2,700 jobs), arts, entertainment and recreation (2,400 jobs) and oil and gas extraction and support services (1,200 jobs). However, several sectors continue to report losses— construction (-600 jobs), wholesale and retail trade (-800 jobs), finance and insurance (-700 jobs) and information (-600 jobs). Although business services has added jobs, two subsectors suffered losses since January—accounting (-600) and architectural and engineering services (-900). As the economy improves, these sectors should report employment gains as well. Harris County Wages Rise —– In Q4/09, Harris County recorded the highest average weekly wage among Texas’ counties with more than 75,000 jobs, according to the TWC. The weekly wage in Harris County averaged $1,197 in Q4/09, a 15 percent increase from the prior quarter and 27 percent above the state’s average of $944. Natural resources and mining sector posted the highest weekly wage— $3,131—more than twice the average weekly wage for manufacturing— $1,494—the next highest paying industry. June 2010 ©2010, Greater Houston Partnership Page 1
  • 2. HOUSTON—THE ECONOMY AT A GLANCE Rig Count up, Gas Prices Flat, Oil Prices Slipping — The Baker Hughes count of active domestic rotary rigs averaged 1,507 in May, ending the month at 1,535— the highest level in 71 weeks, and 75 percent above the recent low of 876 last June. The Friday closing spot market price of Henry Hub natural gas has held fairly stable at around $4 per MMBtu since mid-March. In its May Short-Term Energy Outlook, the agency forecasts the Henry Hub spot price to average $4.48 per MMBtu in ’10 and $5.34 in ’11. Inventories of gas in storage remain high, how- ever, and continue to exert downward pressure on prices. The Friday closing spot market price for West Texas Intermediate crude oil (WTI) hovered around $70 a barrel in May, having slipped from around $84 a barrel in April. The drop in price resulted more from a strengthening of the dollar than any decline in oil demand. EIA projects that world oil consumption will grow by 1.6 million barrels per day in 2010, slightly higher than in last month's Outlook, and also by 1.6 million barrels per day in 2011. Homebuyer Tax Credit Boosts Housing Market — Single-family home sales tallied on the Houston Multiple Listing Service rose for the second consecutive month in April ’10, the Houston Association of Realtors® (HAR) reported. Houston area closings in April totaled 5,321, a 26.7 percent increase from a year earlier. “The Houston real estate market seems to have truly benefited from home- buyers who acted by April 30 to take advantage of the tax credit as well as low mortgage interest rates,” said Margie Dorrance, HAR chair. The $8,000 tax credit for first time homebuyers expired April 30 and required homebuyers to sign closing papers by June 30. Unlike many other parts of the nation, Houston’s home prices continue to appre- ciate. As sales activity has increased, prices have continued to rise. The average price of a single-family home increased 6.8 percent to $206,414, driven by a 53.4 percent rise in luxury home sales ($500,000+). The median price of a single-family home sold in Houston in April ’10 was $153,500, up 2.4 percent from a year earlier—the highest for an April in Houston. Sales pending at the end of April totaled 4,613—the highest since July ’08 and up 25.2 percent from April ’09. Single-family inventory stood at a 6.5 month supply, up from a 6.0 month supply a year ago. The tax credit also seems to have boosted Houston’s new single-family home market. Net sales of new single-family homes in April totaled 2,251, up 17.5 percent from last year, according to a Metrostudy survey that covers approximately 75 percent of the Houston new single-family market. However, with the expiration of the homebuyer tax credit, builders are expected to reduce their spec construction. Lower traffic and new home sales are also expected. June 2010 ©2010, Greater Houston Partnership Page 2
  • 3. HOUSTON—THE ECONOMY AT A GLANCE The number of spec homes under construction increased by 25 percent from April ’09, but fell by 247 units from March ’10. The number of completed spec homes fell 27 percent from April ’09 and 14 percent from March ’10. International Air Traffic Grows, Domestic Flat — Through April of this year, the Houston Airport System (HAS) handled 15.40 million passengers, up 1.4 percent from 15.18 million passengers over the same time last year. Domestic traffic totaled 12.72 million passengers, up 0.5 percent from 12.66 million passengers last year. International traffic totaled 2.68 million passengers, up 6.5 percent from the 2.52 million passengers from last year. April is the eighth consecutive month to post over-the-year growth in total passenger volume. Air freight continued to post strong gains in April ‘10, up 13.6 percent over April ’09. Over-the-year gains in air freight were up 16.4 percent over the same period last year. Air cargo volume has picked up sharply since last September as the economy continues to recover from the previous recession. Foreign Trade Improving — The Houston-Galveston Customs District handled foreign trade valued at $18.3 billion in March, up 44 percent from $12.7 billion in March ’09, according to the U.S. Census Bureau. Exports totaled $8.2 billion, up 37 percent from $5.9 billion in March ’09. Imports totaled $11.1 billion, up 50 percent from $6.7 billion in March ’09. For the first quarter of ‘09, trade totaled $47.8 billion, up 30 percent from $36.9 billion last year. Exports were $21.3 billion, up 29 percent from $16.6 billion last year. Imports were $26.4 billion, up 30 percent from $20.3 billion last year. Fuel oils, machinery, chemicals, plastics, vehicles, vehicle parts, iron and steel, cereals and scientific instruments comprise the bulk of the goods passing through the Houston-Galveston customs district. The recent surge in exports and imports reflects the improving U.S. and global economies and the need to replenish inventories depleted during the recession. However, economists have expressed concern that Europe’s recent woes and the stronger dollar may slow U.S. export growth. Houston Maintains Low Cost of Living — In Q1/10, the cost of living in Houston was 18 percent below the average for 27 metropolitan areas over 2 million population and 9 percent below the average for all 308 reporting places, according to the ACCRA Cost of Living Index. The index, produced by the Council for Community and Economic Research, measures differences in the relative cost of consumer goods and services appropriate for a professional or managerial household. Bargain housing costs help maintain Houston’s low cost of living. In Q1/10, housing costs in Houston were 39 percent below the major metro average and 22 June 2010 ©2010, Greater Houston Partnership Page 3
  • 4. HOUSTON—THE ECONOMY AT A GLANCE percent below the average of all 308 reporting places. According to the ACCRA survey, the same new house that cost $209,000 in Houston in January cost $348,744 in Miami, $420,600 in Boston and $607,391 in Washington, D.C. The cost of grocery items in Houston was also the lowest among the major metro areas, 17 percent below the major metro average and 13 percent below the national average. Houston did not differ significantly from the nationwide average on the other components: utilities, transportation, health care, and miscellaneous goods and services. ____________________________________ The Greater Houston Partnership is the primary advocate of Houston’s business community and is dedicated to building regional economic prosperity. Visit the Greater Houston Partnership on the World Wide Web at www.houston.org. Contact us by phone at 713-844-3600. June 2010 ©2010, Greater Houston Partnership Page 4
  • 5. HOUSTON—THE ECONOMY AT A GLANCE Houston Economic Indicators YEAR-TO-DATE A Service of the Greater Houston Partnership MONTHLY DATA TOTAL OR AVERAGE* Most Year % Most Year % Month Recent Earlier Change Recent Earlier Change ENERGY U.S. Active Rotary Rigs May '10 1,513 918 64.8 1,405 * 1,178 * 19.3 Spot Crude Oil Price ($/bbl, West Texas Intermediate) Apr '10 84.50 51.44 64.3 79.89 * 45.40 * 76.0 Spot Natural Gas ($/MMBtu, Henry Hub) Apr '10 3.94 3.47 13.5 4.74 * 4.27 * 11.0 UTILITIES AND PRODUCTION Houston Purchasing Managers Index Apr '10 58.1 40.9 42.1 55.6 * 39.8 * 39.7 Nonresidential Electric Current Sales (Mwh, CNP Service Area) Apr '10 4,009,797 3,675,415 9.1 15,394,679 15,064,200 2.2 CONSTRUCTION Total Building Contracts ($, Houston MSA) Apr '10 857,440,000 763,052,000 12.4 2,838,414,000 2,676,859,000 6.0 Nonresidential Apr '10 356,808,000 347,505,000 2.7 947,626,000 1,248,951,000 -24.1 Residential Apr '10 500,632,000 415,547,000 20.5 1,890,788,000 1,427,908,000 32.4 Building Permits ($, City of Houston) Apr '10 292,516,073 210,904,260 38.7 995,998,781 1,323,574,618 -24.7 Nonresidential Apr '10 186,202,144 139,380,862 33.6 625,799,507 1,014,654,957 -38.3 New Nonresidential Apr '10 69,578,711 68,306,803 1.9 242,992,011 343,019,410 -29.2 Nonresidential Additions/Alterations/Conversions Apr '10 116,623,433 71,074,059 64.1 382,807,496 671,635,547 -43.0 Residential Apr '10 106,313,929 71,523,398 48.6 370,199,274 308,919,661 19.8 New Residential Apr '10 84,110,357 46,436,898 81.1 284,940,228 229,224,514 24.3 Residential Additions/Alterations/Conversions Apr '10 22,203,572 25,086,500 -11.5 85,259,046 79,695,147 7.0 Multiple Listing Service (MLS) Activity Closings Apr '10 6,200 4,895 26.7 18,850 17,246 9.3 Median Sales Price - SF Detached Apr '10 153,500 149,900 2.4 149,813 * 140,503 * 6.6 Active Listings Apr '10 48,869 45,269 8.0 47,442 * 44,991 * 5.4 EMPLOYMENT (Houston-Sugar Land-Baytown MSA) Nonfarm Payroll Employment Apr '10 2,507,900 2,548,800 -1.6 2,496,200 * 2,563,300 * -2.6 Goods Producing (Natural Resources/Mining/Const/Mfg) Apr '10 472,000 502,300 -6.0 472,400 * 516,700 * -8.6 Service Providing Apr '10 2,035,900 2,046,500 -0.5 2,023,800 * 2,046,600 * -1.1 Unemployment Rate (%) - Not Seasonally Adjusted Houston-Sugar Land-Baytown MSA Apr '10 8.4 6.7 8.6 * 6.6 * Texas Apr '10 8.1 6.8 8.3 * 6.9 * U.S. Apr '10 9.5 8.6 10.2 * 8.8 * Unemployment Insurance Claims (Gulf Coast WDA) Initial Claims Apr '10 22,823 27,306 -16.4 22,517 * 26,919 * -16.4 Continuing Claims Apr '10 97,017 129,217 -24.9 112,395 * 118,592 * -5.2 TRANSPORTATION Port of Houston Authority Shipments (Short Tons) Apr '10 3,051,919 3,075,871 -0.8 12,286,706 12,535,725 -2.0 Air Passengers (Houston Airport System) Apr '10 3,972,022 3,980,644 -0.2 15,406,043 15,186,020 1.4 Domestic Passengers Apr '10 3,316,921 3,341,659 -0.7 12,721,652 12,664,585 0.5 International Passengers Apr '10 655,101 638,985 2.5 2,684,391 2,521,435 6.5 Landings and Takeoffs Apr '10 69,408 73,595 -5.7 278,725 288,225 -3.3 Air Freight (000 lb) Apr '10 70,983 62,502 13.6 278,380 239,125 16.4 Enplaned Apr '10 37,569 33,723 11.4 146,752 128,848 13.9 Deplaned Apr '10 33,414 28,779 16.1 131,628 110,277 19.4 CONSUMERS New Car and Truck Sales (Units, Houston MSA) Apr '10 19,634 17,520 12.1 79,105 69,057 14.6 Cars Apr '10 8,946 7,794 14.8 36,337 30,810 17.9 Trucks, SUVs and Commercials Apr '10 10,688 9,726 9.9 42,768 38,247 11.8 Total Retail Sales ($000,000, Houston MSA, NAICS Basis) 3Q09 18,738 20,136 -6.9 53,679 59,150 -9.3 Consumer Price Index for All Urban Consumers ('82-'84=100) Houston-Galveston-Brazoria CMSA Apr '10 194.037 189.701 2.3 192.836 * 188.365 * 2.4 United States Apr '10 218.009 213.24 2.2 217.267 * 212.321 * 2.3 Hotel Performance (Harris County) Occupancy (%) Dec '09 45.5 57.5 60.2 * 70.1 * Average Room Rate ($) Dec '09 108.44 118.29 -8.3 116.79 * 126.58 * -7.7 Revenue Per Available Room ($) Dec '09 49.38 68.06 -27.4 70.30 * 88.79 * -20.8 POSTINGS AND FORECLOSURES Postings (Harris County) May '10 3,492 3,757 -7.1 19,468 14,342 35.7 Foreclosures (Harris County) May '10 958 1,060 -9.6 5,548 4,104 35.2 June 2010 ©2010, Greater Houston Partnership Page 5
  • 6. HOUSTON—THE ECONOMY AT A GLANCE Sources Rig Count Baker Hughes Incorporated Port Shipments Port of Houston Authority Spot WTI, Spot Natural Gas U.S. Energy Information Agency Aviation Aviation Department, City of Houston Purchasing Managers National Association of Houston Index Purchasing Management – Car and Truck Sales TexAuto Facts Report, InfoNation, Houston, Inc. Inc., Sugar Land TX Electricity CenterPoint Energy Retail Sales Texas Comptroller’s Office Building Construction Contracts McGraw-Hill Construction Consumer Price Index U.S. Bureau of Labor Statistics City of Houston Building Permits Building Permit Department, City Hotels PKF Consulting/Hospitality Asset of Houston Advisors International MLS Data Houston Association of Realtors® Postings, Foreclosures Foreclosure Information & Listing Employment, Unemployment Texas Workforce Commission Service STAY UP TO DATE! If you would like to receive this electronic publication on the first working day of each month, please e- mail your request for Economy at a Glance to rpate@houston.org. Include your name, title and phone number and your company’s name and address. Archived copies are available to Partnership Members in the Members Only section at www.houston.org. For information about joining the Greater Houston Partnership and gaining access to this powerful resource, call Member Services at 713-844-3683. The foregoing table is updated whenever any data change — typically, 11 or so times per month. If you would like to receive those updates by e-mail, usually accompanied by commentary, please e-mail your request for Key Economic Indicators to rpate@houston.org with the same identifying information. You may request Glance and Indicators in the same e-mail. June 2010 ©2010, Greater Houston Partnership Page 6
  • 7. HOUSTON—THE ECONOMY AT A GLANCE HOUSTON MSA NONFARM PAYROLL EMPLOYMENT (000) Change from % Change from Apr '10 Mar '10 Apr '09 Mar '10 Apr '09 Mar '10 Apr '09 Total Nonfarm Payroll Jobs 2,507.9 2,505.2 2,548.8 2.7 -40.9 0.1 -1.6 Total Private 2,127.3 2,126.2 2,175.2 1.1 -47.9 0.1 -2.2 Goods Producing 472.0 473.1 502.3 -1.1 -30.3 -0.2 -6.0 Service Providing 2,035.9 2,032.1 2,046.5 3.8 -10.6 0.2 -0.5 Private Service Providing 1,655.3 1,653.1 1,672.9 2.2 -17.6 0.1 -1.1 Mining and Logging 87.8 87.8 87.3 0.0 0.5 0.0 0.6 Oil & Gas Extraction 49.9 49.6 48.0 0.3 1.9 0.6 4.0 Support Activities for Mining 36.8 37.0 38.3 -0.2 -1.5 -0.5 -3.9 Construction 166.6 167.3 186.0 -0.7 -19.4 -0.4 -10.4 Manufacturing 217.6 218.0 229.0 -0.4 -11.4 -0.2 -5.0 Durable Goods Manufacturing 138.1 138.1 147.6 0.0 -9.5 0.0 -6.4 Nondurable Goods Manufacturing 79.5 79.9 81.4 -0.4 -1.9 -0.5 -2.3 Wholesale Trade 126.9 128.3 132.8 -1.4 -5.9 -1.1 -4.4 Retail Trade 258.6 259.4 260.8 -0.8 -2.2 -0.3 -0.8 Transportation, Warehousing and Utilities 119.2 119.3 123.8 -0.1 -4.6 -0.1 -3.7 Utilities 16.7 16.6 16.8 0.1 -0.1 0.6 -0.6 Air Transportation 23.9 23.9 24.6 0.0 -0.7 0.0 -2.8 Truck Transportation 18.2 18.2 19.5 0.0 -1.3 0.0 -6.7 Pipeline Transportation 8.9 8.8 8.7 0.1 0.2 1.1 2.3 Balance, incl Warehousing, Water & Rail Transport 51.5 51.8 54.2 -0.3 -2.7 -0.6 -5.0 Information 32.7 33.2 34.8 -0.5 -2.1 -1.5 -6.0 Telecommunications 17.6 17.8 18.1 -0.2 -0.5 -1.1 -2.8 Finance & Insurance 86.4 86.6 88.7 -0.2 -2.3 -0.2 -2.6 Real Estate & Rental and Leasing 50.7 50.5 50.9 0.2 -0.2 0.4 -0.4 Professional & Business Services 348.5 347.7 360.1 0.8 -11.6 0.2 -3.2 Professional, Scientific & Technical Services 169.4 169.5 177.6 -0.1 -8.2 -0.1 -4.6 Legal Services 22.7 22.7 23.0 0.0 -0.3 0.0 -1.3 Accounting, Tax Preparation, Bookkeeping 17.4 17.7 19.5 -0.3 -2.1 -1.7 -10.8 Architectural, Engineering & Related Services 58.8 59.0 62.1 -0.2 -3.3 -0.3 -5.3 Computer Systems Design & Related Services 23.7 23.4 24.2 0.3 -0.5 1.3 -2.1 Admin & Support/Waste Mgt & Remediation 158.9 157.9 162.8 1.0 -3.9 0.6 -2.4 Administrative & Support Services 151.5 150.0 154.3 1.5 -2.8 1.0 -1.8 Employment Services 49.6 48.7 52.9 0.9 -3.3 1.8 -6.2 Educational Services 43.2 43.1 41.4 0.1 1.8 0.2 4.3 Health Care & Social Assistance 262.6 261.1 251.8 1.5 10.8 0.6 4.3 Arts, Entertainment & Recreation 27.8 27.1 27.2 0.7 0.6 2.6 2.2 Accommodation & Food Services 206.9 205.7 208.2 1.2 -1.3 0.6 -0.6 Other Services 91.8 91.1 92.4 0.7 -0.6 0.8 -0.6 Government 380.6 379.0 373.6 1.6 7.0 0.4 1.9 Federal Government 30.2 29.1 31.1 1.1 -0.9 3.8 -2.9 State Government 71.7 71.4 69.8 0.3 1.9 0.4 2.7 State Government Educational Services 38.8 38.6 36.1 0.2 2.7 0.5 7.5 Local Government 278.7 278.5 272.7 0.2 6.0 0.1 2.2 Local Government Educational Services 191.7 192.6 188.5 -0.9 3.2 -0.5 1.7 SOURCE: Texas Workforce Commission June 2010 ©2010, Greater Houston Partnership Page 7
  • 8. HOUSTON—THE ECONOMY AT A GLANCE Q1/10 COST OF LIVING COMPARISONS: SELECTED METROS New York-Newark-Edison NY-NJ-PA 55.6 San Francisco-Oakland-Fremont CA 49.6 Washington-Arlington-Alexandria DC-VA-MD-WV 34.8 Boston-Cambridge-Quincy MA-NH 31.1 Seattle-Tacoma-Bellevue WA 14.1 Miami-Fort Lauderdale-Miami Beach FL 9.8 Denver-Aurora CO 4.3 Atlanta-Sandy Springs-Marietta GA -5.1 Dallas-Fort Worth-Arlington TX -7.5 Houston-Sugar Land-Baytown TX -8.8 % Below/Above Nationwide Average Source: ACCRA, ACCRA Cost of Living Index HOUSTON MSA EMPLOYMENT 2001-2011 2.65 160 2.60 140 2.55 120 NONFARM PAYROLL EMPLOYMENT (000,000) 2.50 100 2.45 80 12-MONTH CHANGE (000) 2.40 60 2.35 40 2.30 20 2.25 0 2.20 -20 2.15 -40 2.10 -60 2.05 -80 2.00 -100 1.95 -120 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 12-MONTH CHANGE JOBS Source: Texas Workforce Commission June 2010 ©2010, Greater Houston Partnership Page 8
  • 9. HOUSTON—THE ECONOMY AT A GLANCE GOODS-PRODUCING AND SERVICE-PROVIDING EMPLOYMENT HOUSTON MSA 2001-2011 550 2.25 540 2.20 530 2.15 2.10 520 SERVICE-PROVIDING (000,000) 2.05 GOODS-PRODUCING (000) 510 2.00 500 1.95 490 1.90 480 1.85 470 1.80 460 1.75 450 1.70 440 1.65 430 1.60 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 40179 Jan-11 GOODS-PRODUCING JOBS SERVICE-PROVIDING JOBS Source: Texas Workforce Commission UNEMPLOYMENT RATE HOUSTON & U.S. 2001-2011 11 10 9 8 PERCENT OF LABOR FORCE 7 6 5 4 3 2 1 0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 40179 Jan-11 HOUSTON U.S. Source: Texas Workforce Commission June 2010 ©2010, Greater Houston Partnership Page 9
  • 10. HOUSTON—THE ECONOMY AT A GLANCE SPOT MARKET ENERGY PRICES 2001 - 2011 140 28 120 24 HENRY HUB NATURAL GAS ($/MMBTU) WEST TEXAS INTERMEDIATE ($/BBL) 100 20 80 16 60 12 40 8 20 4 0 0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 WTI MONTHLY WTI 12-MO AVG GAS MONTHLY GAS 12-MO AVG Source: U.S. Energy Information Administration INFLATION: 12-MONTH CHANGE 2001-2011 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 HOUSTON CPI-U U.S. CPI-U Source: U.S. Bureau of Labor Statistics June 2010 ©2010, Greater Houston Partnership Page 10