Houston economy is largely dependent on energy industry, primarily oil. However, it also has a major share in biomedical and aerospace industry. Houston City has been established as the largest center for petrochemical manufacturing area in the world. Houston is also the world’s leading centre in building oilfield equipments.
Houston is known as world capital of the oil and gas industry. Houston’s main manufacturing and industrial activity is energy and petrochemicals. It is projected that Houston will have 2.7% growth in employment by 2012. US oil and Gas exploration and production has major dependency on Houston. With Global downturn and heavy dependency of its economy on oil prices, Houston has started diversifying to other fields.
The Johnson Space Center of the National Aeronautics & Space Administration (NASA) is located in Houston. Since the inception of NASA centre in Houston, it has played a pivotal role in space research. The Johnson Space center is the major center for US manned space exploration. NASA center in Houston excels in space research, design, development, and testing of the space shuttle. It is also a selection and training center for astronauts.
Houston has one of the largest man made port channel, port of Houston, which is ranked first in the United States and sixth largest in the world. It is one of the busiest ports in the world. Houston also has the busiest rail center in US and handles more than seven hundred thousand rail cars. Along with rail network, Houston has three airports. Houston also boasts of the 11th largest air cargo gateway in the nation.
Banking and finance is important for any region to thrive and become financially sound. Houston is one of the major cities for banking and financial transactions and has presence of almost all the financial and banking organizations. Houston is also an important agribusiness centre.
The cost of living in Houston is the lowest as compared to most major cities in United States, considering the fact that there is no local or state income tax. Housing also is cheap and quite attractive as compared to the other cities in United States.
The state of Texas has undertaken many schemes to attract new business and foster economic growth in Houston. It has many tax benefit incentives to attract business houses. The city provides workforce development programmes and schemes to increase skill labor base.