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I the benefits of a diverse economy are not overstated.
This downturn is different. Its effecting almost every industry very hard. If all industries are being effected at almost the same rate, a diverse economy will not save a city. But if certain sectors are specifically hit while others are unaffected, then a diverse economy helps tremendously.
Thats why I personally favor DFW's economy over Houston's.
This downtown also seems to be accelerating the remote work and automation trends that have already been taking place before. The automation will eliminate the bulk of typical corporate jobs, while more skilled tasks can be opted for remotely in one's city of choice. Meanwhile, skilled trade labor, as typical in Houston's blue collar activity, will actually be more resistant to such technologies, at least in the near term.
Wouldn't Texas State become more of a benefit for Austin than San Antonio since Hays County is actually in the Austin metro area?
San Marcos and New Braunfels are both pretty neutrally located between Austin and San Antonio. It's a bit arbitrary that the former is "Austin" and the latter "San Antonio" from an MSA perspective. They are only 15 minutes apart from each other.
But I would say that improving the 2nd and 3rd tier universities in Texas would benefit the entire state.
This downtown also seems to be accelerating the remote work and automation trends that have already been taking place before. The automation will eliminate the bulk of typical corporate jobs, while more skilled tasks can be opted for remotely in one's city of choice. Meanwhile, skilled trade labor, as typical in Houston's blue collar activity, will actually be more resistant to such technologies, at least in the near term.
If this report has any validity, it seems as though San Antonio will be shielded the most from the impacts of AI in the workplace but the Texas metros in general would all fare well.
AI implementation on a large scale is likely beyond most of our lifetimes. And even then, there's a subtle but important difference between AI and Automation. AI is where human decisions and behavior are copied, whereas Automation is streamlining repetitive / instructive tasks. Automating the work that corporate professionals do won't be easy, because their work require critical thinking skills that aren't necessary in manual labor type of jobs.
In the mean time and forseeable future, young professionals still have a massive bone to pick with San Antonio as the below Rivard Report shows. It's several years old, but the issues raised are still valid.
With us living in a time when knowledge-based industries and companies are seeing much of the exponential growth and prosperity, the young and educated workers these companies / industries would attract are repelled away, along with the culture / amenities they bring with them.
I think it's more accurate to say that Houston's economy is more prone to boom and bust cycles based on global markets, making it more unique than the economies of Dallas and Austin (and just about every other US city).
I think it's more accurate to say that Houston's economy is more prone to boom and bust cycles based on global markets, making it more unique than the economies of Dallas and Austin (and just about every other US city).
Detroit and Las Vegas are even more prone to boom/bust cycles than Houston.
In fact, I wouldn't even describe Houston's economy as boom/bust, as it has other things going for it to maintain healthy growth despite oil downturns, including no income tax, warm/sunny weather, plus being a global hub for heart and cancer treatment. The fact that it's still the 2nd or 3rd fastest growing metro in the US despite relatively low oil prices the past 5+ years speaks to this.
That said, Houston is sort of becoming like Atlanta IMO in that lately, it's kind of resting on its laurels and not really poaching the massive regional offfices and F500 HQ relocations from outside the area like Austin (for tech) and Dallas are. This is reflected in much of the growth coming from natural births vs. inward migration.
Houston is not a Boom/Bust town like in past decades, but it is more likely to slowdown with oil/gas production issues.
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