Marcus Hiles On Rising Oil Prices’ Impact On Texas

Marcus Hiles On Rising Oil Prices’ Impact On Texas

In Q4 of 2014, as oil prices fell dramatically, communities across Texas felt strong economic downturns, and the Houston area was hit the hardest. When 2016 finished, Marcus Hiles was delighted to see that, with the value of crude oil doubling since its February lows and 200 new active rigs in recent months, both the oil sector and the Houston economy have stabilized and seen growth trends. In November alone, the mining and logging industry, including oil and gas extraction, added 3,200 jobs, as the greater Houston metropolitan area gained job increases of half a percent, a rise from 2015. “Everyone can uncross their fingers now, because the worst is over,” Patrick Janikowski, senior vice president of research for the Greater Houston Partnership, noted in the group’s annual forecast of the following business year, “2017 should be a further step on the road to robust growth.”

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