GHP Predicts Job Growth in 2016, Despite Low Oil Prices

by Crystal Sturgeon

patrick-jankowskiOn Monday, Dec. 7, the Greater Houston Partnership forecasted that the Houston metro area will create 21,900 net new jobs in 2016, even though low oil prices will be a drag on the regional economy.

“If you want one word to define Houston, I’d say resilience,” said Patrick Jankowski, the Partnership’s senior vice president of research.

The energy and manufacturing sectors in Houston will see more job losses next year, according to Jankowski. But healthcare, construction, retail, information, finance and insurance, business, professional and technical services, educational services, health care, administrative services, arts and entertainment, accommodation and food services, government and other industries will be adding jobs, Jankowski said.

Houston is expected to have created 30,000 to 40,000 jobs this year (2015). Houston had been adding over 100,000 jobs a year until oil prices dropped sharply in the last part of 2014.

So far this month, oil prices have taken another dip. West Texas Intermediate dropped to $37.59 on Monday from $40 the previous market day, and from $65.89 during the same time last year. This price change marks WTI’s lowest point in nearly seven years.

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