Will Houston boom again since oil is rising? (Dallas, Austin: real estate market, 2015)

[LocalPlanner]

Originally Posted by cBach

During 2010 to about 2014 what Houston was going through was unparalleled to anything that has ever happened in the city, even including the 1970's boom. Houston went from being a "good ole boys" town to being a world class city.

Now Houston has to play "catch up". It has to build better drainage, it has to fix traffic problems, it frankly has a lot of issues it needs to deal with.

If it can deal with all of these issues then it can have another phase of growth. But that won't happen until:
1. Another reservoir is built upstream of the current two reservoirs
2. All bayous are re-engineered, i.e. widened and lots of homes bought out for greenspace
3. Traffic problems are addressed.

Until these issues are fixed, expect slow growth mainly fueled by international immigrants.

I'd say your comment applies mainly to the ability of the region to attract new industries (outside O&G and Health Care) to fuel growth. Historically it has failed to do that to any great extent. Existing industries are familiar with the metro's shortcomings and have chosen to live with them. New industries probably won't be so forgiving.

[gwarnecke]

Our traffic is no worse than any other similarly-sized city's (and is in fact better than a lot of them).

What is worse is our public transportation access to job centers other than downtown and the med center. OTOH, the sheer number and geographic dispersal of job centers in the greater Houston area makes it easier and cheaper to live within a short drive of your job than in a lot of big cities.

All bayous don't need to be reengineered. Project Brays needs to be completed, a few choke points in the existing bayous need to be addressed (such as Buffalo Bayou east of Gessner Rd), and developers need to quit building in risky areas.

[Mr. Clutch]

The area is already accelerating. It probably won't be as extreme as the early 2010s boom, but it's already starting to pick up.

[cBach]

Originally Posted by LocalPlanner

I'd say your comment applies mainly to the ability of the region to attract new industries (outside O&G and Health Care) to fuel growth. Historically it has failed to do that to any great extent. Existing industries are familiar with the metro's shortcomings and have chosen to live with them. New industries probably won't be so forgiving.

That's mainly true. As the O&G industry isn't really hiring gangbusters even with the price of oil recovering and Health Care is growing but at a constant rate, not an increasing rate.

So in order for Houston to maintain consistent growth, it will need to focus on other industries. Those industries will not move there unless drainage issues are addressed.

[Dopo]

Originally Posted by Anywhere but here

This has been the business mantra for a long time. They also spin the "we are broke message" from this.
Its like asking someone if they have money on them vs. in an account or at home. They are hording tons of cash, but do not have it on them.

I disagree,
all you have to do is go to OTC and see the crap they are giving out
They used to give out cool stuff during the good years

[LocalPlanner]

Originally Posted by Mr. Clutch

The area is already accelerating. It probably won't be as extreme as the early 2010s boom, but it's already starting to pick up.

Exactly, O&G and its service businesses will have job growth, but no one should expect anywhere close to a repeat of 2011-2014, probably ever again.

[Dopo]

Originally Posted by Anywhere but here

OTC means nothing to me. Spell out acronyms.

The 2018 Offshore Technology Conference (OTC) will take place 30 April–3 May 2018 in Houston, Texas, USA at NRG Park.

[KerrTown]

Originally Posted by cBach

So in order for Houston to maintain consistent growth, it will need to focus on other industries. Those industries will not move there unless drainage issues are addressed.

Legal services is the fourth major industry--often forgotten--in this town. Houston is a good place to live and work if you're a lawyer/paralegal.

Three law schools, the private South Texas College of Law, and formerly the only two public schools in Texas outside of UT-Austin, UH Law Center and TSU--notable since Sweatt v. Painter forced the State of Texas to form a Negro law school and ended up creating the other public HBCU in the state (Prairie View is in the exurbs).

Since Houston is a global focused city, there are plenty of foreign-licensed lawyers who offer their services to deal with matters within a foreign country. Most of the international lawyers in Texas are in the Houston area.

A few huge law firms are headquartered Downtown. Their size resembles the Big 4 Accounting offices.

There is plenty of vacant office space in the Houston area. The Dallas and Austin housing market is becoming unaffordable--prices are starting to resemble California with Texas wages. I could see companies coming to Houston because of housing and COL affordability for a major American metro.

Calgary was booming uncontrollably during the oil boom and government officials and civilians were complaining about the challenges for massive growth in a short time span. It was a lesson that growth overwhelming the infrastructure at one time is really bad.

[Failed Engineer]

Originally Posted by Dopo

I disagree,
all you have to do is go to OTC and see the crap they are giving out
They used to give out cool stuff during the good years

Haha! This is so true and sad. This year was extra pitiful.

[KerrTown]

Originally Posted by Failed Engineer

Haha! This is so true and sad. This year was extra pitiful.

What happened to the prostitutes? Couple of years ago, the HPD Chief and an anti-human trafficking organization representative were highlighting the sad reality that conventions temporarily increase the supply-and-demand of this lewd industry all over the TV news.