Houston Fish: Is Houston’s economy strong and diverse enough to weather policy shifts and decreased dependence on oil and gas?

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Getting there. A few things to consider:

1) the policy shifts will take years to play out. Exploration geologists and drilling engineers might be fooked, but O&G has many jobs that will be around for a long time

2) the demo curve in the industry is skewed older and many people would be retiring in the few years anyway. Most the industry is skinny GenX compared to the population, but there’s been a push to recruit new grads the last decade or so.

3) Many of the O&G firms are diversifying into greener tech... slowly

4) The largest med center in the world is here, the aerospace footprint is growing again, and there’s been an inflow of hi tech and incubators the last few years

The city has known for 35 years it needs to diversify the economy and that effort has gained a lot of steam the last decade or so. The Greater Houston Partnership has done a lot of work on this. It’s a very real concern, but the city isn’t flat footed on the issue.

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Absolutely, Texas is no Dakota or Alberta

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Yes. There was a downturn in the 80s that devastated the entire city. Nowadays oil is still a large sector but no longer the only game in town. Oil policy changes will hurt the city in the short term but won't be deadly like it would've been 30 years ago

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O&G firms have been expanding into clean energy since Obama was in office. Plus, the economics of cleaner tech are much better these days. The big ones are working to become “energy” companies agnostic of a specific form as opposed to just O&G

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Is that true? I though XOM had tripled down on oil.

Buy in austin

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Houses here are currently going for 20% over asking, cash, the day they are listed.

Please don’t do that.

Agreed with the previous poster. Oil and Gas is the city’s lifeblood, but losing it won’t be the end of the world. Still a body blow, but not the end. Some diversification has indeed happened since the 80s has happened — medicine and associated sciences are huge in particular. Plus the energy companies themselves are working to shift to renewables and non-O&G technologies too.

From a real estate perspective - where would you invest in Greater Houston?

Woodlands is a super nice area, but it really depends on where you’re commuting to and what parts of the woodlands you live in... could easily take you 30 min+ to get from I-45 & woodlands parkway to the back during rush hour

In this economy?

Not really

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