Oil Prices and Manufacturing Growth: Their Contribution to Houston's Economic Recovery

Houston, Texas, experienced a sharp recession during the period 1982-1986 because of unrealistic expectations about oil prices. As a result, the city lost over 100,000 wage and salary jobs in energy industries between January 1982 and January 1987. Beginning in early 1987, Houston's economic co...

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Bibliographic Details
Published in:Economic review (Dallas, Tex.) Tex.), 1990-03, p.13
Main Author: Gilmer, Robert W
Format: Article
Language:English
Subjects:
02 PETROLEUM
290200 > Energy Planning & Policy-- Economics & Sociology
294002 > Energy Planning & Policy-- Petroleum
CALCULATION METHODS
Cities
COMPARATIVE EVALUATIONS
ECONOMIC DEVELOPMENT
ECONOMIC ELASTICITY
ECONOMIC IMPACT
Economic recovery
Economic theory
ECONOMY
EMPLOYMENT
ENERGY PLANNING, POLICY AND ECONOMY
ENERGY SOURCES
FEDERAL REGION VI
FOSSIL FUELS
FUELS
INDUSTRY
MATHEMATICS
NATURAL GAS INDUSTRY
NORTH AMERICA
PETROLEUM
PETROLEUM INDUSTRY
PRICES
REGRESSION ANALYSIS
STATISTICS
Studies
TEXAS
URBAN AREAS
USA 020700 > Petroleum-- Economics, Industrial, & Business Aspects
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Summary:Houston, Texas, experienced a sharp recession during the period 1982-1986 because of unrealistic expectations about oil prices. As a result, the city lost over 100,000 wage and salary jobs in energy industries between January 1982 and January 1987. Beginning in early 1987, Houston's economic condition rebounded with robust and steady economic expansion. Almost 120,000 jobs had been added by October 1989, with most being in the service sector. In many ways, this reflects a healthy diversification of the city's economic base away from oil. The contribution of oil and gas to this recovery has been weak. There is no doubt that oil and gas will remain at the economic heart of the city for many years to come. Nevertheless, Houston's position in medical services, its potential edge in emerging environmental services, and its depth in technical skill can contribute to moving Houston forward in ways that will diminish its image as a one-industry town.
ISSN:0732-1414
2163-5838