The city was ranked as one of the hard-performing metropolitan areas whose financial system was greatly accelerated in 2014; however, the shrinking price of oil will no longer enable the economy to retain the same growth in 2015.
Due to the rapid development in the economy, Houston held 39th position of top performing economy out of 300 leading global metro economies, confirmed by the fourth edition of the Global Metro Monitor report.
Therefore, Houston is among the top US city that has managed to get a rank in top global economies. Whereas, Austin comes at 38 position, a rank above from Houston. Those metropolitan cities have been driving the foremost part of US economy and representing the country in the world economy platform/top global economy rankings. Raleigh and Fresno California were placed at 41st and 49th respectively. However, Dallas completed the top 5 circle of US Cities by securing 63rd rank across the globe.
Conversely, the first 35 standings in the list were being dominated by promising cities of different countries and some of them with rankings are
- Macau (1st rank)
- Dubai (5th rank)
- London (26th rank)
- Couple of Saudi Arabian cities
The domestic product per capita (GPP) of the city was fueled up showing a growth of 1.6 percent, while total employment was increased by 3.7 percent during the period of 2013 and 2014. The major segment for the uplift of Houston economy primarily depends on energy sector.
Those metro economies which are commodities-centric performed well in the year 2014. The recent development in the oil and gas sector in North American region has led the several metropolitan areas like Houston, Calgary, Tulsa and Denver towards the economic revolution, referred to report.
Hence, the continuous drop in oil prices will ultimately hit the success stream of Houston’s energy sector by the year 2015, but according to official estimates, the metropolitan area will further contribute 62,900 jobs this year, nearly half of the jobs produced in last year that added 120,000 jobs.
.jpg)