Houston has experienced strong population and job growth in recent years, ranking first among major US metros. Its diverse economy is led by the energy sector, and the city is also a leader in medical technology, trade, and manufacturing. Unemployment has fallen significantly from its peak during the recession while GDP and corporate facility expansions have increased, demonstrating Houston's economic resilience and competitive business climate.
THE IMPACT OF TRADE LIBERALIZATION ON ECONOMIC GROWTH; THE CASE OF SUB-SAHARA...AkashSharma618775
The main aim of this research is to explore the effect of trade liberalization on economic growth in subSaharan Africa by analyzing certain macro-economic indicators using Ordinary Least Squares approach to
estimate regression equations. Many developing countries have substantially liberalized their trade regime over the
past three decades, either unilaterally or as part of multilateral initiatives. Nevertheless, trade barriers remain
high in many developing countries. One of the concerns that attributes to the reluctance of many of these countries
to liberalize their trade regime is the possible worsening of the trade balance.
This research paper is meant to give a recommendation on which macro-economic indicators sub-Saharan African
countries should pay particular attention to, implementing the necessary policies to ensure its effectiveness thereby
ensuring a step-up in those aspects of the economy in order to promote development. It considers 46 different
countries with different economic policies in sub-Saharan Africa for a 14-year period. Most papers considering
sub-Saharan African region consider a selected few countries based on certain economic reasons of their choice,
and those who consider most countries in the region have different macroeconomic indicators they employ for their
modeling. This paper considers if not all, almost all sub-Saharan African countries regardless of their economic
status.
A Theoretical Statistical Measurement Model Analysis on Human Capital Economi...paperpublications3
Abstract: The purpose of this paper is to examine the main issues which effect the economic growth and the poverty in Bulgaria in relation with rate of human capital growth.
The assumption that in the modern world poverty isn’t a concept associated with the shortage of income is grounded. At its core the poverty is an expression of lack of opportunities for the person. The interest in it is completely understandable, because poverty is perceived as the most important social problem, in which all significant existential questions and challenges to the social sciences are focused virtually.
The increasing volatility of prices in various asset
markets and the growing difficulty of finding
reasonable risk-adjusted returns have pushed
investors into niche real estate sectors such
as hotels, serviced apartments and logistics
warehousing. Logistics warehouses have come
onto the radar of most prospective investors simply
because this unique property sector offers them
the benefits of stable rental income and premium
yields.
For this report, we conducted a comprehensive
review of the key market drivers of the logistics
warehousing sector, including the strength of
local private consumption, the ever-increasing
rate of urbanisation, and the skyrocketing volume
of online retail sales. Besides the support of retail
consumption, the resilient performance of Asia’s
industrial production offers solid evidence to
support the strong case for investing in the region’s
logistics warehouses. This report also explains why
this unique sector has hitherto been overlooked,
and why investors should consider it now.
This paper investigates the extent of macroeconomic volatility caused by the transfer pricing behavior of multinational corporations. The study examined two possible transmission channels through which transfer pricing causes macroeconomic volatility, namely, terms of trade and budget policy channels. Using the EGARCH model with annual data on selected variables from 1980 to 2017, the paper found evidence of macroeconomic volatility caused by transfer pricing. The size of the shock from transfer pricing is high and statistically significant in the terms of trade and budget policy channels. Negative shock from multinational corporations shifting taxable income between high and low tax regimes had a larger effect than a positive shock on the country’s budget policy. The volatility caused by transfer pricing was short-lived in the terms of trade channel. However, in the budget policy channel, past volatility of transfer pricing persisted for a longer period to explain current volatility.
If you needed more convincing that Austin truly is the best city in America, flip through this 38-page book and discover for yourself. Ranked number one in "Best Places to Live in the U.S." by U.S. News and "Best Tech Cities in the World" by Savills Studley (among many other accolades), Austin continues to top the charts year after year.
With large images, tables, rankings, stats and more, this book provides a comprehensive look into what makes Austin so great!
The paper studies labour developments in Moldova during transition period. The questions addressed are the size and character of labour market adjustment. Established data sources have been complemented by the results of available surveys to get more precise estimates of the effective employment. Wage data was adjusted for the stock of arrears. We conclude that adjustment to the new market order in Moldova has been done trough prices, which is similar to other FSU countries. Real wages, if adjusted for arrears, amount to only 14% of the pre-transition level. On the other hand, only small labour shedding is observed. Registered unemployment rate is one of the lowest in the FSU and CEE countries. Such way of adjustment has a number of negative consequences, the most important being the phenomenon of unpaid leaves. It appears, that only formal affiliation with enterprise remains, leaving those people effectively unemployed. Survey evidence report double-digit open unemployment rates, with widespread under-employment. With no system of unemployment benefits in place, a substantial number of labour force is involved in survival informal activities.
Authored by: Elena Jarocinska
Published in 2000
THE IMPACT OF TRADE LIBERALIZATION ON ECONOMIC GROWTH; THE CASE OF SUB-SAHARA...AkashSharma618775
The main aim of this research is to explore the effect of trade liberalization on economic growth in subSaharan Africa by analyzing certain macro-economic indicators using Ordinary Least Squares approach to
estimate regression equations. Many developing countries have substantially liberalized their trade regime over the
past three decades, either unilaterally or as part of multilateral initiatives. Nevertheless, trade barriers remain
high in many developing countries. One of the concerns that attributes to the reluctance of many of these countries
to liberalize their trade regime is the possible worsening of the trade balance.
This research paper is meant to give a recommendation on which macro-economic indicators sub-Saharan African
countries should pay particular attention to, implementing the necessary policies to ensure its effectiveness thereby
ensuring a step-up in those aspects of the economy in order to promote development. It considers 46 different
countries with different economic policies in sub-Saharan Africa for a 14-year period. Most papers considering
sub-Saharan African region consider a selected few countries based on certain economic reasons of their choice,
and those who consider most countries in the region have different macroeconomic indicators they employ for their
modeling. This paper considers if not all, almost all sub-Saharan African countries regardless of their economic
status.
A Theoretical Statistical Measurement Model Analysis on Human Capital Economi...paperpublications3
Abstract: The purpose of this paper is to examine the main issues which effect the economic growth and the poverty in Bulgaria in relation with rate of human capital growth.
The assumption that in the modern world poverty isn’t a concept associated with the shortage of income is grounded. At its core the poverty is an expression of lack of opportunities for the person. The interest in it is completely understandable, because poverty is perceived as the most important social problem, in which all significant existential questions and challenges to the social sciences are focused virtually.
The increasing volatility of prices in various asset
markets and the growing difficulty of finding
reasonable risk-adjusted returns have pushed
investors into niche real estate sectors such
as hotels, serviced apartments and logistics
warehousing. Logistics warehouses have come
onto the radar of most prospective investors simply
because this unique property sector offers them
the benefits of stable rental income and premium
yields.
For this report, we conducted a comprehensive
review of the key market drivers of the logistics
warehousing sector, including the strength of
local private consumption, the ever-increasing
rate of urbanisation, and the skyrocketing volume
of online retail sales. Besides the support of retail
consumption, the resilient performance of Asia’s
industrial production offers solid evidence to
support the strong case for investing in the region’s
logistics warehouses. This report also explains why
this unique sector has hitherto been overlooked,
and why investors should consider it now.
This paper investigates the extent of macroeconomic volatility caused by the transfer pricing behavior of multinational corporations. The study examined two possible transmission channels through which transfer pricing causes macroeconomic volatility, namely, terms of trade and budget policy channels. Using the EGARCH model with annual data on selected variables from 1980 to 2017, the paper found evidence of macroeconomic volatility caused by transfer pricing. The size of the shock from transfer pricing is high and statistically significant in the terms of trade and budget policy channels. Negative shock from multinational corporations shifting taxable income between high and low tax regimes had a larger effect than a positive shock on the country’s budget policy. The volatility caused by transfer pricing was short-lived in the terms of trade channel. However, in the budget policy channel, past volatility of transfer pricing persisted for a longer period to explain current volatility.
If you needed more convincing that Austin truly is the best city in America, flip through this 38-page book and discover for yourself. Ranked number one in "Best Places to Live in the U.S." by U.S. News and "Best Tech Cities in the World" by Savills Studley (among many other accolades), Austin continues to top the charts year after year.
With large images, tables, rankings, stats and more, this book provides a comprehensive look into what makes Austin so great!
The paper studies labour developments in Moldova during transition period. The questions addressed are the size and character of labour market adjustment. Established data sources have been complemented by the results of available surveys to get more precise estimates of the effective employment. Wage data was adjusted for the stock of arrears. We conclude that adjustment to the new market order in Moldova has been done trough prices, which is similar to other FSU countries. Real wages, if adjusted for arrears, amount to only 14% of the pre-transition level. On the other hand, only small labour shedding is observed. Registered unemployment rate is one of the lowest in the FSU and CEE countries. Such way of adjustment has a number of negative consequences, the most important being the phenomenon of unpaid leaves. It appears, that only formal affiliation with enterprise remains, leaving those people effectively unemployed. Survey evidence report double-digit open unemployment rates, with widespread under-employment. With no system of unemployment benefits in place, a substantial number of labour force is involved in survival informal activities.
Authored by: Elena Jarocinska
Published in 2000
Houston’s retail market tightens in the second quarter as demand continues to outpace new supply. Avison Young releases 2Q15 retail Market Report. (www.avisonyoung.com/offices/houston)
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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1. COLLIERS INTERNATIONAL | HOUSTON MEDICAL OFFICE | 2ND QUARTER 2010
2013 | HOUSTON ECONOMIC OUTLOOK
www.colliers.com/houston
Houston Economic Outlook
1
Houston’s strategic location and core strengths, including an expanding energy sector,
strong import/export trade activity, cutting-edge medical advancements, and
technological breakthroughs across industries, uniquely position it to play a vital role in
meeting national and global market demands. At a time of unprecedented geopolitical
demographic shifts affecting markets worldwide, Houston stands as a leader among U.S.
metros.
EXECUTIVE SUMMARY
Houston MSA Employment
2012: 97,700 jobs gained
2011: 75,800 jobs gained
2010: 13,100 jobs gained
Houston Unemployment
6/2013: 6.7%
6/2012: 7.5%
6/2011: 9.0%
Houston MSA Population
2013: 6.4M
2012: 6.3M
2011: 6.1M
2010: 5.9M
2011-2012 2.1% growth
2010-2011 3.4% growth
2000-2010: 26.1% growth
Energy
WTI Crude
Oil:
$95.79/barrel (6/2013)
$84.10/barrel (6/2012)
$101.93/barrel (6/2011)
$75.35/barrel (6/2010)
Natural Gas: $3.83/MMBtu (6/2013)
$2.45/MMBtu (6/2012)
$4.54/MMBtu (6/2011)
$4.80/MMBtu (6/2010)
Import/Export Trade
HAS Air
Freight:
924.2M lbs. (2012)
934.2M lbs. (2011)
882.5M lbs. (2010)
Port Total
Tonnage:
247M tons (2012)
236M tons (2011)
220M tons (2010)
HOUSTON, “THE BEST CITY IN AMERICA”
Houston ranked among the top-performing U.S. metros in 2012 and continues to lead
the nation in population and job growth in 2013. Although 2009 was undeniably
challenging with local job losses totaling 95,200, this was the first year Houston
suffered job losses following a stellar period of expansion and job growth from 2005
thru 2008. As the nation’s economy continues to grow at a snail’s pace, Houston is
once again making headlines as having one of the healthiest economies in the U.S. In
May, 2013, the Business Insider published an article listing 17 facts that make Houston
the best city in America. It’s no surprise that the first fact listed was Houston’s job
growth, citing a 231 percent recovery of jobs since the recession in 2009. As expected,
a large majority of the jobs Houston gained are related to the energy sector.
Monster.com ranked Houston first in “The Highest Demand for Engineering Jobs in
2013”, and Payscale.com ranked Houston in first place for “Best Cities for Your Career
in 2013”. Houston was also the top ranked city by The Bureau of Economic Analysis,
for “Fastest Real GDP Growth Among Large MSA’s”.
Houston’s economic base is comprised of a
variety of industries led by the energy sector,
which accounts for just over 50 percent of
Houston’s employment. Following the energy
price peaks at midyear 2008, with crude oil
trading at $133 per barrel and natural gas over
$10 per MMBtu, the industry experienced
increased volatility due in large part to prevailing
uncertainty regarding the worst global economic
recession in recent history. After oil prices spiked
in 2011, demand decreased in 2012, increasing
supply. However, during the first half of 2013,
energy prices rose and at mid-year crude oil was
near $96 per barrel and natural gas prices
increased to $3.83 per MMBtu, from the 2012
historical low of $2.45per MMBtu. Increased
demand, particularly from emerging markets led
by China and India with mass-scale
industrialization projects underway, is the
primary reason many industry experts are
convinced the era of low crude oil prices is over
and prices are expected to increase 0.3 percent
annually and predicts oil prices will rise to $163
per barrel by 2040.
HOUSTON
2. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
COLLIERS INTERNATIONAL | P. 2
HOUSTON MSA RANKS 1ST IN U.S. POPULATION GROWTH
4
Houston ranks among the leading metropolitan areas in the U.S., and is the fourth largest city and the fifth largest
Metropolitan Statistical Area (MSA) in the nation. In March 2011, the U.S. Census Bureau announced that the Houston
MSA, which consists of 10 counties, ranked first in the nation for population growth. Between 2000 and 2010, the
Houston MSA increased an impressive 26.1 percent, from 4.7M to 5.9M residents. Further, the Houston metro area is
expected to increase to over 6.2M by 2015, which seems to be on track as the population increased to 6.1M in 2013
from the 5.9M recorded in the 2010 Census. On a more long-term basis, demographers project strong population
growth for the area over the next thirty years as domestic and international migration trends favor Houston’s
geographical, cultural, and economic strengths.
The 2010 U.S. Census also showed a dramatic increase of 23.5 percent in Houston metro area households from 1.7
million in 2000 to 2.1 million in 2010. The average household income for the metro area was estimated at $76,301 in
2009, with a 11.9 percent projected increase to $85,409 by 2014. The median household income was estimated at
$53,942 in 2010, an annual decrease of 0.4 percent from $54,146 in 2009. By comparison, the national income levels
fell below the Houston market, with 2010 U.S. household median income at $50,046 an annual decrease of 0.3 percent
from $50,221 in 2009.
Sources: U.S. Census Bureau, Greater Houston Partnership;
http://money.cnn.com/magazines/fortune/fortune500/2012/full_list/
Houston area residents are well-educated, with the majority of the population over 25 years of age holding a high school
diploma and residents with college/graduate educational studies outnumbering those with less than a high school
education.
This high level of educational achievement is not surprising given Houston’s numerous nationally recognized colleges
and universities, as well as technical and trade schools, including Rice University, University of Houston, University of
St. Thomas, Texas Southern University, Houston Baptist University, Baylor College of Medicine, San Jacinto College,
Lone Star College, and Houston Community College. Rice ranks No. 1 for best quality of life and No. 2 for happiest
students in the 2013 Princeton Review college guide.
Bolstered by above-average demographic trends and a strong base of diverse industries, Houston is well-positioned to
compete in today’s global markets. Long recognized as the energy capital of the world, with every major energy
company represented locally, Houston now stands as a global example of economic diversity. The area is home to a
thriving base of industries including medical/biomedical technology, global trade (particularly airborne and waterborne
domestic/international cargo), aeronautics, plastics manufacturing, electronics, computers, software design and
integrated power.
Houston’s strong economic base continues to be a
key factor driving both domestic and international
migration trends. Houston ranked 2nd among U.S.
cities with the most Fortune 500 headquarters with
twenty-four (24) companies on the 2013 list,
following New York, with a total of fifty-two (43).
Statewide, Texas shared the No. 2 ranking with
New York, both states having fifty-two (52)
companies on the list. California came in first
place with fifty-four (54) companies. Notably,
Houston surpassed other major cities on the
Fortune 500 list, including Atlanta with eleven (11)
and Dallas with eight (8). Houston has also been
recognized for having a total of five (5) companies
on the 2013 “Fortune’s ‘100 Best Companies to
Work For” list. Source: The Perryman Group, Summer 2012; Greater Houston Partnership
HOUSTON-SUGAR LAND-BAYTOWN MSA
PROJECTED POPULATION
3. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
COLLIERS INTERNATIONAL | P. 3
HOUSTON EMPLOYMENT SECTOR
Houston’s employment sector weathered the recession better than most major
metro areas. The downturn here was short-lived and the Houston MSA began
recovering jobs sooner than most, recovering more than the jobs it lost in the
recession. Between June 2012 and June 2013, Houston added more than 97,700
jobs, which increased the job growth by 3.6%. Houston out-performed the State of
Texas and the United States in relation to the percent change in employment.
Texas experienced a 2.7% increase adding 290,500 jobs, while the United States as
a whole saw a 2.6% increase adding 3.4 million jobs. Houston was once again the
leading city in the U.S. when looking at the overall percent change in employment as
noted in the chart below.
SELECT MAJOR AREA
EMPLOYERS
Sources: U.S. Bureau of Labor Statistics
HOUSTON AMONG 10 MOST POPULOUS U.S. MAJOR METROS
Natural gas prices have remained relatively static due in part to the development
and perfection of hydraulic fracturing of shale formations for natural gas production.
As natural gas is the primary material used in the petrochemical industry, the
region looks to gain new capital investment, plants and jobs as one-half of the
petrochemical industry jobs in Texas are in the Houston region. This type of job
growth is evident as Houston’s Mining and Logging industry sector had one of the
largest annual change in employment at 5.4 percent, boosted by the Oil & Gas
Extraction sub-sector growing over-the-year employment by 6.1 percent.
Additional Houston employment industry sectors that reported annual growth above
5.0 percent include: Construction at 5.5 percent; Accommodation & Food Services
at 5.1 percent. Other Services (which includes equipment and machinery repairing)
was the only industry sector that lost jobs over the year, down by 1.1 percent.
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
OVER-THE-YEAR PERCENT CHANGE IN EMPLOYMENT, JUNE 2013
4. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
COLLIERS INTERNATIONAL | P. 4
HOUSTON’S STRONG BUSINESS CLIMATE
HOUSTON
Houston has long been recognized among the most competitive U.S. cities for corporate relocation and expansion activity.
In its March 2013 issue, Site Selection ranked Houston #1 for Tier One New and Expanded Facilities in 2012 of MSA’s
with population over 1 million, securing 325 corporate facility expansion projects. Houston was also last years winner. In
addition, Chief Executive Magazine (for the ninth straight year) named Texas as the “Best State for Business”, in which
Houston’s Energy Industry played a huge part. In addition to its diverse growth industries and educated/skilled
workforce, a key factor underscoring Houston’s business appeal is the fact that it is one of the least expensive
major U.S. cities in which to conduct business. Significant benefits include the absence of state or city income
taxes, no state property tax, as well as an exceptionally low cost of living index.
As a major transportation hub with two major airports, a world-renowned port, and superior rail and road infrastructure,
Houston facilitates the interconnection of global business locations. Business alliances with major U.S. and international
markets is further enhanced by the presence of 94 foreign consulate offices in Houston. In 2012, Houston ranked third in
the U.S. – following New York and Los Angeles – in foreign consulate representation.
Houston’s ability to foster continued expansion in future-growth industries responsible for generating high quality, well-paid
jobs across all business sectors has placed it in the top tier among U.S. cities. With its numerous business advantages,
Houston is well-positioned to successfully compete in today’s global marketplace.
Port of Houston
Ranked #1 U.S. Foreign Tonnage
Ranked #1 in U.S. for Imports
Ranked #2 U.S. Total Tonnage
Ranked #4 U.S. Total Container Cargo
Economic Impact: $179B*
Houston Energy Industry
Global Energy Capital
Over 5,000 firms in the region
57.1% of total U.S. capacity for natural gas
Comprises 50% of total Houston employment
Economic Impact: $103B
Houston Airport System
Ranked #6 U.S. Airport Passengers
Ranked #9 Global Aircraft Movement
50M Passengers in 2011
934.3M lbs of Air Freight in 2011
Economic Impact: $27B
Texas Medical Center
World’s Largest Medical Complex (1,300 Acres)
52 Member Institutions
7.1M Patients in 2011
16K International Patients in 2011
Economic Impact: $14B
NASA/Johnson Space Center
1,700-acre Complex
Major Employers
Boeing Company
Lockheed Martin
Jacobs Engineering
Economic Impact: $1.8B
Sources: Federal Reserve Bank of Dallas; Port of Houston Authority;
Fly2Houston.com; Greater Houston Partnership; Perryman Report;
NASA Acquisition Internet Service (NAIS)
* Statewide Economic Impact
HOUSTON MSA 2012
GROSS AREA PRODUCT $480.6B
5. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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Houston is internationally recognized as the global energy capital, with virtually every segment of the energy industry
represented by over 5,000 firms in the region. It is also known as the global center for integrated power, a fast-growing
new sector of the energy industry. In just over a decade, the number of Houston-based energy trading companies has
tripled, with petrochemical capacity in the area nearly four times larger than the nearest competing U.S. site. All major oil
and gas companies have extensive operations in the area, including ExxonMobil, Chevron, BP America, Citgo,
ConocoPhillips, Shell Oil Company, BHP Billiton, El Paso Corp., TOTAL, BG Group, Devon Energy, LyondellBasell,
Halliburton, Occidental Petroleum, Petrobras, Marathon Oil, Anadarko Petroleum, Transocean, Apache, Hess
Corporation, Newfield Exploration, Enterprise Products Partners, and Plains All American Pipeline.
According to a June 2013 British Petroleum statistical review of world energy, global energy consumption growth in 2012
slowed significantly, decreasing to 1.8% in 2012 from 2.5 percent in 2011, well below the 5.1 percent increase seen in
2010, but in-line with historical averages. Emerging economies were responsible for all of the net growth, with China and
India alone accounting for nearly 90%. Although oil continued to lose market share for the 13th consecutive year, it
remains the world’s leading fuel, at 33.1 percent of global energy consumption. Natural Gas’s share of global primary
energy consumption is 23.9 percent. Even though world natural gas consumption grew only 2.2 percent in 2012, below
the historical average of 2.7%, consumption growth was above average in South and Central America, Africa and North
America.
HISTORICAL CRUDE OIL PRICES
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
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1995
1997
1999
2001
2003
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2011
Jun-13
U.S. ROTARY RIG COUNTS
Jun 2013: 1,761
Jun 2011: 1,972
Source: Energy Information Administration; West Texas Intermediate; Baker Hughes; Greater Houston Partnership
$/bbl
The U.S. Energy Information Administration’s (EIA) Annual
Energy Outlook released in April 2013 indicates overall
U.S. energy consumption will grow at an average annual
rate of 0.3 percent from 2010 through 2035. EIA projects
spot crude oil prices will rise to about $117 per barrel in
2025 and $163 per barrel in 2040.
The Henry Hub natural gas prices are projected to average
$4.07 per MMBtu in 2014 and increase to $7.83 per MMBtu
by 2040.
The U.S. rotary rig count decreased to 1,761 rigs in June
2013, from 1,972 in June 2012, which is the historical high.
HISTORICAL NATURAL GAS PRICES
$/MMBtu
RigCount
Jun 2013: $3.83 MMBtu
Jun 2008: $10.82 MMBtu
HOUSTON – GLOBAL ENERGY CAPITAL
Jun 2013: $95.79/bbl
Jun 2008: $133.93/bbl
6. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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Texas is the largest chemical-producing state, generating $145 billion in annual revenues. Houston is a global leader in
manufacturing petrochemicals, with the Houston Ship Channel recognized as the largest petrochemical complex in the
U.S. The area is home to more than 125 refining and petrochemical manufacturing companies operate the region’s
largest petrochemical plants including; Bayport Industrial District, Battleground Industrial Complex, Bayport Shipping
Terminal, and the Houston Ship Channel.
ENERGY INDUSTRY – EXPANSIONS, ACQUISITIONS & NEW INVESTMENTS
Aug 2013 Texas oil and gas numbers fly off the charts!
Aug 2013 Eagle Ford Shale has $61 billion impact in Texas, UTSA report says.
Aug 2013 Houston-based Lake Charles Exports gets LNG export approval.
Aug 2013 Texas now has nearly 48 percent of country’s oil and gas rigs.
Jun 2013 Chemical companies looking for labor. Chevron Phillips official says shale boom means workers needed as industry grows.
Jun 2013 Chevron Phillips to expand Houston ethylene production, create 140 jobs.
Jun 2013 Offshore oil company EPL moving headquarters to Houston.
May 2013 Exxon Mobil moves on $10 billion natural gas export facility.
May 2013 Japanese chemical company Mitsui invest in Houston; formed JV with Celanese Corp. to produce methanol at Celanese’s Clear Lake
chemical facility.
May 2013 Kinder Morgan invests $106 million at Houston Ship Channel.
May 2013 ConocoPhillips signs massive energy corridor lease for 850,000-SF.
April 2013 Plains All American Pipeline building $375 million pipeline in West Texas.
Mar 2013 Oiltanking Partners plans $44 million expansion at its terminal on the Houston Ship Channel to meet demand to export liquefied
petroleum gas.
Jan 2013 Noble Energy planning 20-story office tower.
Today, the chemical industry employs more than 101,500 people in Texas, nearly 16.0
percent of the industry's total U.S. workforce, according to Labor Department figures. About
half of those jobs are in the Houston region, spread across more than 430 chemical plants
and refineries. In 2012, Texas led the nation in crude oil production, with 26 petroleum
refineries producing over 4.7 million barrels of crude oil per day, 27 percent of total U.S.
refining capacity.
The discovery of shale rock formations, rich with natural gas and natural gas liquids, has
had a huge impact on the region’s economy as many of the major energy companies
headquartered in Houston have expanded into natural gas production.
Chemical companies are racing to make investments to take advantage of low natural gas prices, since natural gas is
used as a feedstock in chemical production. Over the past several years, oil companies have expanded quickly to tap
shale oilfields in Texas, increasing the states percentage of US oil production to 34.5 percent from just 15.0 percent a few
years earlier. Sanchez Energy Corp recently paid $256 million for Hess Corp.’s Eagle Ford assets. According to a new
study from the University of Texas at San Antonio’s Institute for Economic Development, oil and gas development in the
Eagle Ford Shale had a $61 billion economic impact in Texas in 2012, up 144 percent from the previous year.
HOUSTON’S PETROCHEMICAL & PLASTICS INDUSTRY
MAJOR HOUSTON REGION CHEMICAL PLANTS
Air Liquide USA BP Texas City ExxonMobil Corp. OxyVinyls, LP
Air Products Celanese Goodyear Tire & Rubber Co. Rohm and Haas Texas
Baker Petrolite Corp Chevron Phillips Chemical INEOS Olefins & Polymers Shell Chemical
BASF Corporation Dow Chemical Company LyondellBasell Industries Solvay Chemicals, Inc.
Bayer Material Science E.I. du Pont de Nemours Co. Lubrizol Corporation Total Petrochemicals USA
Source: Energy Information Administration; Greater Houston Partnership
Source: Forbes; Houston and San Antonio Business Journal; Houston Chronicle
7. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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The Port of Houston’s market strength and strategic location
represents a winning combination for business growth and
increased industrial development. The economic impact of the
Port of Houston is significant, accounting for more than 1.1
million jobs and $179 billion of total economic activity in Texas.
2013 year-to-date operating revenue reached $135 million in
July, a 7 percent increase from July 2012. Houston was ranked
the No. 1 U.S. city for global trade by Global Trade magazine
and according to a recent report by the U.S. Department of
Commerce’s International Trade Administration, the Houston
MSA is now the top U.S. market for exports based on 2012
statistics.
The Port of Houston Authority (PHA) has planned significant
infrastructure improvements over the next few years to
accommodate larger vessels and increased cargo resulting
from the Panama Canal expansion. More than $220 million
has been allocated for capital improvement projects in 2013.
Approximately $146 million is allocated to continued
development and modernization of Bayport and Barbours Cut
container terminals. In addition, about $5 million has been
allocated for maintenance dredging and related improvements
of the 52-mile Houston Ship Channel. The remaining capital
budget will be used primarily for projects at the general cargo
and bulk terminals in the Turning Basin area and port security.
In addition, private industries have invested over $35 billion in
capital improvements along the ship channel.
THE PORT OF HOUSTON
ShortTons(inmillions)
Domestic and foreign trade container traffic at the Port of Houston Authority rose by 3 percent in 2012. The PHA handled
more than 1.9 million cargo containers in 2012, placing the Port of Houston in the No. 6 spot in the U.S. and No. 9 in North
America. An immense network of interstate highways and railways connect the port with an inland market of approximately
100 million customers. Over 25 million square feet of distribution centers near the port and other centers are growing
around the Houston metro area in response to the port’s global trade and commerce.
PORT OF HOUSTON AUTHORITY
TOTAL TONNAGE HANDLED 2008-2012
8. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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Houston’s location in the south central U.S. strategically
places it equidistant from the nation’s major population
centers – New York (1,631 miles) and Los Angeles (1,550
miles). Connection to major national and international
locations is facilitated through Houston’s excellent
transportation infrastructure which includes the George
Bush Intercontinental Airport, William P. Hobby Airport,
Ellington Field, the Port of Houston, and the well-integrated
mainline railroads and trucking system serving the
area.575.5
NASA’s Johnson Space Center (JSC) is a $1.8B complex occupying
1,700 acres, first established in 1961, and later renamed in 1973 in
honor of the late President Lyndon B. Johnson, a native Texan. JSC is
one of NASA’s largest research and development facilities and
mission control for all U.S. manned space flight communications,
including the International Space Station and Exploration Programs.
From the early space exploration projects Gemini, Apollo and Skylab,
came the historic moment when the first word from the moon was
“Houston”, and deservedly so, as it took a 15,000-member team in
Houston to develop, test and put into action what millions around the
world watched on television in 1969. Since its inception, JSC
continues to make significant advances in science, aeronautics,
technology, engineering and medicine.
HOUSTON’S MOBILITY INFRASTRUCTURE
In 2012 JSC’s workforce represented over 14,000 jobs, including approximately 3,000 civil servants and 11,000 contractor
personnel employed onsite or in facilities in the area. JSC’s top contractors include The Boeing Company, United Space
Alliance, Lockheed Martin, Anadarko Industries, Jacobs Technology, Honeywell International, Bastion Technologies,
Science Applications International Corporation (SAIC), Raytheon Technical Services, Oceaneering Space Systems, and
Odyssey Space Research, among many others.
The Mission Control Center at Johnson Space Center directs all space shuttle missions, including international space
station assembly flights. MCC also manages all activity onboard the international space station. JSC serves as the lead
NASA center for the International Space Station -- a U.S.-led collaborative effort of 16 nations, and the largest, most
powerful, complex human facility to ever operate in space.
In the Houston MSA, an extensive freeway system spans 575.5 miles and are continually being expanded as the regions
population grows. Between 2003 and 2008, a boom in new construction projects for Houston’s major freeways and
tollways significantly improved mobility and accessibility for the region. Expansion of the Katy Freeway (Interstate 10)
was one of the most significant projects completed in October 2008, with other key improvement projects including Loop
610/West Loop, Southwest Freeway (U.S. Highway 59 South), Grand Parkway (State Highway 99), North Freeway
(Interstate 45 North), Eastex Freeway (U.S. Highway 59 North); Crosby Freeway (U.S. Highway 90), Sam Houston
Tollway (Beltway 8), and Westpark Tollway. New and existing projects in 2013 and beyond include the expansion of Hwy
290, IH 610 and U.S. Hwy 290 interchange, as well as Segment E and F of the Grand Parkway. The Houston-Galveston
Area Council revised the 2035 and 2040 Regional Transportation Plans (RTP), which provides a 20 year capital projects
improvement plan for area transportation, detailing capital priorities and projected expenditures. More than $61.1 billion of
the $87.0 billion estimated cost for these projects is funded through toll revenues, property tax, and Metro sales tax.
NASA/JOHNSON SPACE CENTER
9. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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George Bush Intercontinental Airport/Houston (IAH), situated
twenty-three miles north of downtown Houston, is the nation’s 11th
busiest airport serving 39.9 million passengers in 2012 and offering
185 domestic and international destinations, with nearly 700 daily
departures including non-stop direct flights to major cities in
Europe, Mexico, Latin America and Asia. IAH is served by 17
passenger airlines and 12 all-cargo airlines handling more than
897.8 million pounds of cargo in 2012. Currently, IAH has five
runways and five terminals, no takeoff and landing curfews, and
ample land to expand its facilities as requirements demand. The
scope and quality of IAH facilities make it one of the top U.S.
airports for international air cargo traffic.
William P. Hobby Airport is located seven miles southeast of downtown Houston and is the nation’s 32nd busiest
commercial airport, handling over 10.4 million passengers in 2012. Hobby Airport also serves as a major regional center
for corporate and private aviation, with five passenger airlines offering scheduled service to approximately 65 U.S.
destinations, including direct or non-stop service to 31 destinations. There are 255 private aircraft based at Hobby,
including 91 corporate jets and five fixed-base operators serving the airport.
Air Cargo
A strong increase in domestic and international trade continues to drive activity at IAH where the 500,000-SF state-of-the-
art Air Cargo Center handled over 897M pounds of cargo in 2012. With over 900 air freight-related businesses in the area,
IAH is among the leading distribution hubs in the nation with a solid track record of growth and continued future
expansion.
The Houston Airport System (HAS) is one of the world’s leading multi-airport facilities and includes George Bush
Intercontinental Airport, William P. Hobby Airport, and Ellington Field. HAS ranked sixth nationally in passenger volume in
2012, carrying an impressive 50.3 million passengers and 924.1 million pounds of air freight. The Houston Airport
System has a local economic impact of more than $27 billion annually.
IAH AIR FREIGHT STATISTICS & TRENDS
• IAH ranked 17th largest air cargo hub in
the U.S.
• IAH is one of the fastest growing
distribution hubs in the U.S.
• IAH 2012 air freight cargo exceeded 924M
pounds
• IAH has state-of-the-art facilities to globally
transport time-sensitive products
• Houston’s role as a major gateway for
import-export trade is expected to continue
expanding with the new Panama Canal
lock open
• IAH ranked #11 serving almost 40M
passengers in 2012
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
1,000,000,000
International Domestic
Source: Airport Council International; Houston Airport System
AIR FREIGHT IN POUNDS
(DOMESTIC & INTERNATIONAL CARGO)
HOUSTON AIRPORT SYSTEM
10. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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The Texas Medical Center (TMC) – the world’s largest medical center – represents one of Houston’s major
economic drivers and core industries with an estimated regional annual economic impact of $15 billion. TMC
is also one of Houston’s largest employers with 106,000 employees, including physicians, scientists,
researchers and other advanced degree professionals in the life sciences.
The internationally-renowned, 1,345-acre TMC is the world’s largest medical complex with 54 member
institutions, including leading medical, academic and research institutions, all of which are non-profit and
dedicated to the highest standards of research, education and patient and preventive care. Over 70,000
students – including more than 20,000 international students – are affiliated with TMC, including high school,
college and health profession graduate programs. More than 7.2 million patients visited in 2012, including
approximately 16,000 international patient visits.
In addition to the medical facilities and institutions of higher learning, TMC is also home to more than 290
professional buildings. Overall, the complex covers over 18 miles of public and private streets and roadways,
with 45.8M SF of existing patient, education, and research space. TMC has continued to grow and expand
over the past several decades with the majority of growth occurring in the past ten years. The Center is
located in the 110-acre University of Texas Research Park, a joint effort between the University of Texas
Health Science Center, M.D. Anderson and General Electric Healthcare. TMC spent $7.1 billion in building
and infrastructure investments between 2008 and 2012, and spent over $3.4 billion on research and over
$960 million on charity care in 2012.
TMC Patient Care Institutions
DePelchin Children’s Center
The Menninger Clinic
The University of Texas M.D. Anderson Cancer Center
Texas Children’s Hospital
Memorial Hermann Hospital System
The Methodist Hospital
St. Luke’s Episcopal Hospital
Lyndon B. Johnson General Hospital
Quentin Mease Community Hospital
Ben Taub General Hospital
The Institute for Rehabilitation and Research
The Hospice at the Texas Medical Center
Texas Heart Institute
Shriners Hospitals for Children – Houston
Veterans Affairs Medical Center in Houston
TMC Academic and Research Institutions
Sabin Vaccine Institute
The University of Houston – Victoria School of Nursing
Texas Children’s Hospital Neurological Research Institute
Baylor College of Medicine
The University of Texas Health Science Center at Houston
The University of Texas M.D. Anderson Cancer Center
University of Houston College of Pharmacy
Rice University
Texas A&M University Health Science Center
Prairie View A&M University College of Nursing
Texas Woman’s University Institute of Health Sciences
Texas Southern University College of Pharmacy and
Health Sciences
Harris County Psychiatric Center
Houston Academy of Medicine
TEXAS MEDICAL CENTER
The University of Texas M.D. Anderson Cancer Center in the Texas Medical Center, ranked
#1 in U.S. News & World Reports “Americas Best Hospitals 2013” for cancer care.
11. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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HOUSTON AREA
HOSPITAL LOCATIONS
TEXAS MEDICAL
CENTER MAP
12. RESEARCH & FORECAST REPORT | 2013 | HOUSTON ECONOMIC OUTLOOK
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Biotechnology and the life science industry continue expanding in the Houston region with more than 100 institutions and
companies attracting over $1.8B in research and development funding annually. Since 2005, the Texas Emerging
Technology Fund has allocated more than $197.2 million in funds to 133 early-stage companies, and $173 million in grant
matching and research superiority funds to Texas universities. Since 2010, the state-funded Cancer Prevention and
Research Institute of Texas has awarded $382 million in cancer research, commercialization and prevention grants.
Leading research efforts in the area represent established and emerging industries, including nanotechnology,
pharmaceuticals, nutraceuticals, genetics/genomics, biodefense and infectious diseases, stem cell research, and
oncology.
Long known for its research-centric Texas Medical Center (TMC), the Houston region is gaining momentum in the
development and commercialization of products ensuring its place as a major biotechnology and life sciences cluster.
Public and private sector support, including investments by entrepreneurs and venture capitalists, will continue to be
crucial in creating the necessary infrastructure to facilitate the entrance of both established and start-up private companies
committed to biotechnology.
HOUSTON AREA BIOTECHNOLOGY BUSINESS PARKS
BIOSCIENCES IN 2012-2013
Sep 2013 Houston-based Nano3D Biosciences signs distribution agreement with MIDSCI to distribute
its 3D cell culture technology to U.S. researchers.
Sep 2013 Nano3D Biosciences 3D cell culturing technology advances stem cell research.
Aug 2013 Rice, MD Anderson researchers win $1.3 million National Institutes of Health grant to study
protein networks.
Apr 2013 Houston-based Oncolix Inc. gets key FDA backing for ovarian cancer drug.
Feb 2013 Woodlands-based Opexa Therapeutics biotechnology company inks huge commercialization
deal with Merck for the development and commercialization of Opexa’s Tcelna, a therapy to
treat multiple sclerosis.
Outside of the TMC, the 1,000-acre Research Forest located in The Woodlands (30 miles north of downtown Houston) is a
long-standing major research center designed specifically for scientific, research and biotechnology companies. More
recently established business parks/organizations geared towards biotechnology commercialization in the Houston region
include the Genesis Biotechnology Park and BioHouston, Inc. Genesis Biotechnology Park comprises 16 innovative life
science companies and researchers located just south of the TMC. The Park was developed to increase venture capital
interests in Houston and is committed to supporting start-up companies by providing tenant options for shared office, wet
laboratory space (including equipment), and flexible leases.
BioHouston, Inc., a non-profit corporation founded by Houston area academic/research institutions, is actively leading a
broad-based effort to strengthen Houston’s position as a global competitor in life science and biotechnology. BioHouston’s
Resource Center, the first incubator facility serving the Houston life sciences community, is housed at the Genesis
Biotechnology Park, adding a key component to ongoing commercialization efforts. The Center is specifically designed to
serve start-up biotech and life sciences companies by offering access to shared laboratory space, research resources, and
networking opportunities with a community of biotech entrepreneurs.
From its base of cutting-edge research, Houston has taken the next step in its evolution as a primary life science cluster by
creating an environment conducive for private companies to develop and market life science products. With key initiatives in
place to bring together the public and private sectors, as well as significant improvements to the scope of services and
incentives available to private companies, the infrastructure is in place to capitalize on Houston’s strong research base and
convert it into commercialized product. With this process now in motion, the biotech future in Houston looks bright.
BIOSCIENCES & BIOTECHNOLOGY
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Accelerating success.
COLLIERS INTERNATIONAL
1223 W. Loop South
Suite 900
Houston, Texas 77027
Main +1 713 222 2111
LISA R. BRIDGES
Director of Market Research | Houston
Direct +1 713 830 2125
Fax +1 713 830 2118
lisa.bridges@colliers.com
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