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Old 06-01-2022, 03:11 PM
 
2,245 posts, read 1,358,213 times
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Quote:
Originally Posted by Jack Lance View Post
The Greater Houston economy is being diversified by land, air and sea...

State and federal officials will join Port Houston executives in Galveston Wednesday to officially kick off “Project 11,” a $1 billion expansion of the 52-mile-long Houston Ship Channel.

The project, a partnership between Port Houston and the Army Corps of Engineers, has been in the works since 2010, during which time the Port of Houston has only continued to grow. The greater Port of Houston— Port Houston, the Ship Channel, and the roughly 200 private companies with terminals along the channel—is the seventh-largest in the world, and the largest in terms of waterborne tonnage, according to port officials. It supports more than 3.2 million jobs across the country as well as $800 billion in economic activity.

The growth of the Houston region itself helps explain the increase activity, experts say, as does the expansion of the Panama Canal, which spurred the growth of Asian trade through Houston. Exports to east Asia, for example, have roughly doubled since the expansion was completed in 2016.

Container traffic at the port has more than tripled over the past 20 years, said Patrick Jankowski, senior vice president of research at the Greater Houston Partnership, a business financed economic development group. The port last year handled 3.5 million twenty-foot equivalent units, or TEUs, a measure of container volume, up from 1.1 million in 2001.

Houston, meanwhile, emerged as a global distribution center, adding more than 100 million square feet of warehouse space over the past five years alone.

“That wouldn’t have happened without the port,” said Jankowski. “If we’re to continue to grow as a distribution center, and diversify our economy in the process, we have to invest in deepening and widening the ship channel.”

https://www.houstonchronicle.com/bus..._MorningReport
HUGE project and a win for the region and the state. This should have happened years ago, but glad this is finally going forward.
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Old 06-01-2022, 03:27 PM
 
Location: C.R. K-T
6,202 posts, read 10,828,126 times
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Quote:
Originally Posted by Mr. Clutch View Post
HUGE project and a win for the region and the state. This should have happened years ago, but glad this is finally going forward.
Now if Buffalo Bayou could be dredged all the way to Downtown--perhaps put the turning basin at the White Oak confluence and call it "Houston Harbor". A new cruise ship terminal in Houston Harbor would bring more tourism to Downtown Houston. Also the harbor could be designed as part of a flood control system.
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Old 06-01-2022, 04:14 PM
 
Location: Houston
5,136 posts, read 4,025,447 times
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Quote:
Originally Posted by KerrTown View Post
Now if Buffalo Bayou could be dredged all the way to Downtown--perhaps put the turning basin at the White Oak confluence and call it "Houston Harbor". A new cruise ship terminal in Houston Harbor would bring more tourism to Downtown Houston. Also the harbor could be designed as part of a flood control system.
The "North Canal" across the Warehouse District is apparently still planned, principally as a flood control measure. It will take other $ to make it "pretty" because last I saw the plans, the canal would be just a vertical trench, no adornment.
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Old 06-01-2022, 04:24 PM
 
10,344 posts, read 4,003,338 times
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Quote:
Originally Posted by KerrTown View Post
Now if Buffalo Bayou could be dredged all the way to Downtown--perhaps put the turning basin at the White Oak confluence and call it "Houston Harbor". A new cruise ship terminal in Houston Harbor would bring more tourism to Downtown Houston. Also the harbor could be designed as part of a flood control system.
Just no. There's no room at the confluence for such a project. In addition, the bends are too sharp, and removing them would take out a lot of businesses and houses along with the City of Houston's largest sewage treatment plant, and there are multiple bridges that would have to be removed, or rebuilt to provide 150 feet of clearance.
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Old 06-01-2022, 04:34 PM
 
Location: Houston
5,136 posts, read 4,025,447 times
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Quote:
Originally Posted by ParaguaneroSwag View Post
I know what closely correlated means. That’s the reason I corrected. What you’re getting wrong here is that those multiplier effects you’re mentioning don’t start and end with O&G. It just means at some point, there is some revenue from where O&G is responsible whether that’s the largest customer or not.

Of course 7.9 is high for a basic industry. That’s the topic of the article and of this whole thread no? A couple of years ago it was as high as 19% (based off the TAMU reports which do these analysis yearly) and much more before that. Not sure I understand what you’re trying to achieve by saying the same thing in 95% of the posts you make? Speaking of which… if 50% of the local economy started and ended with revenue they came from O&G (which isn’t the case), the last 6 years would have been much much worse than what they’ve been. The considering oil prices were in the negatives at one point, if 50% of the local economy was tied down to revenues from oil alone, then explain the gdp growth? The GDP would have been a never ending downward trend until this year if that were the case.

Not that I disagree either everything in your post, but your post is describing a lit candle as a wild fire.
As you and others point out, Houston definitely does have growing non-O&G sectors that are tied to the national or global economy that help GDP growth. Also, downstream petrochem didn't suffer, at least until the pandemic, so I would assume its contributed to GDP growth as well until 2020.

That said, remember 2015-2016 was essentially net flat employment in Houston, a huge deceleration from the 2011-2014 boom - and that despite continued growth in other sectors. There was also a limited recovery in upstream O&G 2017-2018 and part of 2019 (before the capital markets cut the industry off in the latter half of 2019) which probably contributed to some positive GDP growth in the O&G sector, though not much on the employment side. But it was limited enough that the fall 2019-spring 2020 upstream O&G second bust probably didn't cause much negative GDP (or employment) impact.

Look, it's great and frankly exciting that other sectors are growing. But O&G, particularly upstream O&G, is way way more than a "candle", still, today in Houston, even as its overall share of the economy shrinks and its white-collar job growth prospects remain muted. Not only are many high-paid jobs still tied to it, but the related spending on services and manufacturing (jobs and supplies) here in the local region are still enormous. This is why the multiplier impact of upstream O&G remains so far above other sectors and you have the 1/2 of the economy "closely correlated." Look at all the local indicators which are still moved primarily by upstream O&G activity - office occupancy, business travel demand, manufacturing facility activity. We don't yet have other sectors that remotely approach this, but this thread does a good job of highlighting sectors that can grow in that direction - again with a lot of investment and time.

Hey, I was here in the 1980s and saw firsthand what it's like to have an even greater share of the economy dependent on upstream O&G. So I totally appreciate where we are now, I'm just realistic about what still needs to happen.
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Old 06-02-2022, 11:52 AM
 
Location: Houston/Austin, TX
8,148 posts, read 4,553,359 times
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Quote:
Originally Posted by LocalPlanner View Post
As you and others point out, Houston definitely does have growing non-O&G sectors that are tied to the national or global economy that help GDP growth. Also, downstream petrochem didn't suffer, at least until the pandemic, so I would assume its contributed to GDP growth as well until 2020.
Again, I doubt anyone disagrees with the backbone of what you’re saying. This thread was made the way it was for a reason. The difference is your theory that when O&G is down, there you’ll see businesses closing left and right and a massive local recession across the board. If that were the case, it would’ve happened 5-7 years ago already. I’m not using emotion here. I’m using data and facts. I understand that living through the 80s, you probably have some PTSD that brings that out of you but again, I’m discussing facts not emotions. That’s a recurring post from you even in entirely unrelated threads and that’s the part I’m quoting. Now, It is also a fact that o&g + energy is in proportionally highly represented in the GDP output but that’s not what I’m disputing in the post. It’s the first.
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Old 06-02-2022, 11:55 AM
 
Location: Houston/Austin, TX
8,148 posts, read 4,553,359 times
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Quote:
Originally Posted by WRM20 View Post
Just no. There's no room at the confluence for such a project. In addition, the bends are too sharp, and removing them would take out a lot of businesses and houses along with the City of Houston's largest sewage treatment plant, and there are multiple bridges that would have to be removed, or rebuilt to provide 150 feet of clearance.
Quote:
Originally Posted by KerrTown View Post
Now if Buffalo Bayou could be dredged all the way to Downtown--perhaps put the turning basin at the White Oak confluence and call it "Houston Harbor". A new cruise ship terminal in Houston Harbor would bring more tourism to Downtown Houston. Also the harbor could be designed as part of a flood control system.
Cruises going to Houston instead of Galveston would be cool and all but doubtful. Royal Caribbean is literally currently building a state of the art cruise terminal. Doubt they would move it to Houston.

On top of that, for Galveston’s sake, I’d hate to take away one of their primary industries. The island heavily depends on cruising. And I like being there for the cruise setting sale. Were they to sail from Houston, it would be cool as well but too much is invested in Galveston for it too all move over.
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Old 06-02-2022, 11:49 PM
 
Location: Houston
1,261 posts, read 617,180 times
Reputation: 1657
Quote:
Originally Posted by Jack Lance View Post
The Greater Houston economy is being diversified by land, air and sea...
I thought this article was relevant to the discussion of Houston's economic future as it relates to O&G.

Five-year employment forecast from The Perryman Group...

Texas’ major metro areas have led the way in recovering from the economic fallout caused by the COVID pandemic, and the Dallas area leads the state in the outlook for jobs growth and output over the next five years, according to a new forecast from Waco-based The Perryman Group.

Perryman’s analysis splits the Dallas-Fort Worth metropolitan statistical area into two metro divisions, but the forecast calls for 438,600 new jobs in DFW over the next five years when the two are combined. The DFW total far outpaces second-place Houston and the much smaller Austin and San Antonio MSAs.

The five-year forecast calls for roughly 349,100 new wage and salary jobs in the Houston-The Woodlands-Sugar Land MSA, 129,900 new jobs in Austin-Round Rock-Georgetown, and 122,300 new jobs in the San Antonio-New Braunfels MSA.

The Houston-The Woodlands-Sugar Land MSA has experienced notable job growth recently even as key industries of energy and shipping worked through pandemic issues, the report says. With the invasion of Ukraine and the recent surge in oil prices and global energy needs, it is anticipated that the metro area will see spillover benefits. Through 2026, The Perryman Group’s most recent forecast indicates output expansion at a 3.79% pace, a gain of about $87.7 billion. Wage and salary employment is likely to increase by nearly 349,100 jobs during the period, a 2.15% yearly pace. The services sector is projected to have the largest gains in both output and employment over the next five years.

The full article...

https://www.bizjournals.com/dallas/n...ate=2022-06-02
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Old 06-03-2022, 10:18 AM
 
Location: Houston
5,136 posts, read 4,025,447 times
Reputation: 4109
Quote:
Originally Posted by ParaguaneroSwag View Post
Again, I doubt anyone disagrees with the backbone of what you’re saying. This thread was made the way it was for a reason. The difference is your theory that when O&G is down, there you’ll see businesses closing left and right and a massive local recession across the board. If that were the case, it would’ve happened 5-7 years ago already. I’m not using emotion here. I’m using data and facts. I understand that living through the 80s, you probably have some PTSD that brings that out of you but again, I’m discussing facts not emotions. That’s a recurring post from you even in entirely unrelated threads and that’s the part I’m quoting. Now, It is also a fact that o&g + energy is in proportionally highly represented in the GDP output but that’s not what I’m disputing in the post. It’s the first.
I don't recall ever saying that Houston goes off some cliff anymore when O&G retreats. We do have enough economic diversity that we're much more buffered from that as compared to the 1980s. Notice that 2015-2016 Houston's employment was stagnant, or slightly decreasing - not the apocalyptic scenario you assert that I've said. That alone proves this point.

Yes, it was a very dramatic shift from the 2011-2014 period, but nothing like the 1980s due to both economic diversification and the fact that our non-basic industries were still catching up with population growth during that time. That said, I don't want to belittle the impact it had either - certain indicators are still recovering (office space for example). And if O&G had continued to be strong, we'd be having considerably higher home price appreciation than we've had (because O&G job wages are so high) - and what we've had has been more than enough so I won't complain about that (see: DFW and Austin).

What we will have to get used to, that is different from times past, is that when O&G is "healthy", as one might say it is now, it won't have the magnitude of positive dynamic economic impacts in Houston that it used to, principally because the companies won't hire as many people. That dynamism, including the multiplier effects I discussed earlier, will have to be replaced by growing the industries that get highlighted in this thread.

Lastly, you can't blame anyone who went through the 1980s (and I was just a teenager, but you couldn't miss the impacts) for having PTSD about O&G crashes in Houston.
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Old 06-15-2022, 09:29 AM
 
Location: Beautiful Northwest Houston
6,102 posts, read 6,819,758 times
Reputation: 4906
Port Houston is expanding hours, cranes, rail, and the channel itself, to bring more cargo and economic diversity into the Greater Houston economy.

Port Houston works overtime to get consumer goods on the road and reduce supply chain backlogs

Port Houston is working overtime to get containers out of the Houston Ship Channel, opening on Saturdays and adding an extra hour of operations on weekdays at the Bayport and Barbours Cut Container Terminals.

The added hours are aimed at reducing backlogs created by the combination of increased trade and supply chain disruptions that have affected ports across the country. The port has also acquired three new ship-to-shore cranes, bringing the total available to 28.

“We’re doing everything we can to speed those things up,” Ric Campo, chairman of the Port Commission, told Harris County Commissioners Court Tuesday.

The decision to add Saturday to the permanent gate schedule was prompted by the pace of activity at the port. In 2021, Campo said, nearly 3.5 million containers came through the port, a 15 percent increase from 2020. Container traffic this year was up 20 percent through the end of May.

The extra hours come as a $1 billion expansion of the Houston Ship Channel gets underway. “Project 11”— so called because it’s the eleventh time the port has made major improvements to the waterway — would widen the channel along its Galveston Bay reach, and deepen in its upstream segments.

Port officials are already looking ahead, Campo said, at Port Houston’s future needs. One area for potential improvement, he suggested, would be expanding access to existing rail. Most of the consumer products through the port of Houston go out on trucks.

https://www.houstonchronicle.com/bus...photo-22598470
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