Incorrect...
Originally Posted by Wakeup
Oh?
So, estimates show 30,000 high paying jobs lost in Houston in 2015 in the energy sector resulting in Houston adding a net 4000 jobs overall for the year. Wage growth was inverted; the added jobs were at lower wages and existing wages were stagnant. By comparison, Houston added 100,000 jobs in 2014 when the O&G sector was strong. In 2014, there was concern that rapid wage growth locally was going to drive a housing boom. The facts go on and on. Fortunately, you are correct that Houston is far more diverse than in the 80's when an energy sector downturn was devastating, but to say Houston doesn't even sneeze when one of its largest sectors suffers is ignorant.
The other mitigating factor that is helping, a lot, is that the energy sector is not entirely depressed. Those in the downstream side are enjoying a boom of construction for several reasons.