2019 Economic Forecast Luncheon: A Positive Outlook for Houston Businesses
2019-02-11 | by Gene Reynolds
The Reynolds and Associates team had the privilege of attending the 2019 Economic Forecast Luncheon hosted by the Greater Heights Area Chamber of Commerce. We are pleased to report a positive economic outlook for Houston area businesses.
The event brought together 300-400 business leaders at The Sheraton Houston Brookhollow Hotel on Wednesday, January 30. Our CPA firm was a proud sponsor with two Silver Sponsor tables for our team and several clients.
We were treated a keynote address from Dr. Luis Torres, an economist at the Texas A&M Real Estate Center. Dr. Torres discussed the economic forecast for 2019 and beyond, the current state of Houston business and employment, and pertinent industry topics for real estate, energy, and oil and gas.
It was important for our team to attend this luncheon to be aware of the current economic factors in Houston and understand what is projected for next year so that we can provide guidance to our clients.
Key Takeaways from the Economic Luncheon
We found it very valuable to hear information directly from a researcher such as Dr. Luis Torres who studies the Houston economy. These are the important and encouraging metrics and statistics that support a positive outlook for Houston businesses.
– Houston will continue to experience positive economic growth in 2019. The current projection is 2.5 percent growth, which will be slightly lower than 3.0 percent in 2018, but still a very positive growth forecast for our city.
– The labor forecast is 70,000 new jobs in Houston in 2019. State-wide, the projection is 137,000 new jobs in Texas.
– For the oil and gas sector, the outlook is favorable for the price of oil to remain at $55 or higher over the next 4-5 years.
– No recession is predicted for 2019, contrary to some of the alarmist national predictions. The uncertainty surrounding the national economy is linked to trade tensions and tightening financial conditions.
– There is some concern in the real estate sector about the rise in mortgage rates affecting the affordability of homes. This is reflected by a slowdown in residential construction and home sales towards the end of 2018.
Talk to Reynolds and Associates About Your Houston Business
Our team walked away from the 2019 Economic Forecast Luncheon excited about the Houston economy this year. We look forward to implementing this positive outlook into our client support for current and new clients.
If you would like to have a conversation about how we can support the accounting and business needs of your Houston-area company, please contact us today. We would like to continue the conversation and share our positive outlook with you.
Complete our website form with information about your business, email us at info@reynoldsCPAfirm.com, or call us directly at 713-316-4560.
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