February Economic Reports Highlight Effect of Global Events on Houston’s Economy
The latest February Economy at a Glance published by the Greater Houston Partnership highlights global events and trade deals and their effect on the Houston economy.
The key takeaways from this month’s economic report include:
· The United States-Mexico-Canada Agreement (USMCA) will have a positive effect on Houston’s economy as Houston exports to Mexico fell 9.3% immediately following the withdrawal from NAFTA. This trade agreement will give the exports a much-needed boost.
· Brexit will also have a positive effect on Houston’s economy. Houston hosts 169 British firms, and Brexit opens up the opportunity for the UK to have a more global presence.
· With the Coronavirus raging on, Chinese tourists can’t visit Houston until the ban is lifted. Chinese tourists contributed $158 million to the Houston economy in 2018. For perspective, total visitor spending topped $18.4 billion that year.
In Houston multifamily news, the Houston Business Journal recently highlighted the city’s multifamily housing industry. The report stated that Houston created 14,000 new apartment units in 2019 with another 28,000 proposed. The surge of new units has kept rent growth lower than any of the other four major markets in Texas. The report concluded that Houston has a surging population and recession resistant market, which makes it an attractive market for young professionals and empty nesters, both of which favor apartment living.
To learn more about multifamily property investments in the Greater Houston area, reach out to CKR’s award-winning property management team.