Blog entries tagged economy

Fort Bend County Ranked No. 5 in Job Growth in the US

Daphne Hager — Mon, 02 Aug 2010 23:11:01 +0100

CNN/Money Magazine has just honored Fort Bend County with the No. 5 ranking of all US counties in job growth. Having seen consistent growth over the last nine years, the county has risen one more step, up from the No. 6 spot last year and showing a 55% growth from 2000-2009! The low regulatory and tax burdens of Texas overall help the area, and the population growth, low crime rate, and great area amenities like La Centerra, Brazos Town Center, and Sugar Land Town Square all draw attention and provide local family fun.

Fort Bend County has been a settled area since at the early 1820’s, and saw a dramatic growth from 2000-2004 of 28.5% - measured by the US Bureau of Census -which predicts the same or greater growth for the next measurement due soon. And not only has the area seen high job and population growth, all while amenities grew, Fort Bend County has one of the lowest unemployment rates in the state.

Congratulations Fort Bend County!

Source: The Fort Bend Star

Fort Bend Named Best Place to Get Ahead

Melissa Burnham — Fri, 12 Feb 2010 01:18:09 +0100

Not only has Fort Bend
County, Texas been named one of 10 places for professionals get
ahead in business, but it “topped” the list developed by the
trusted online financial magazine, Forbes.com.

Forbes narrowed down their list to only include counties “where
the median household income was $75,000 per year or higher, to
focus on places where you can earn a solid salary and move up
quickly, rather than ones that went from low to average
incomes.”

The success of this Houston suburb is solidly based on a 10%
growth in income between 2007 and 2008 with an added 5% spike in
employment since 2007, bringing up the numbers to 5,913 new jobs.
The reason why this success was possible is due to the overall
diversity of Texas’ industry sectors, including energy, education
and hospitality, which in turn have fueled rapid population growth
over the past several decades. Many of Forbes’ 400 Best Big
Companies also make their home in Texas, particularly Baker Hughes,
Texas Instruments and Thermo Fisher.

Fellow residents commented that “Fort Bend County is an economic
powerhouse that is very family-friendly, surprisingly international
and diverse, and seem[s] to care about [its] history.” “It is
probably one of the best places to live and bring up a family.
Excellent all around.”

So reconsider Wall Street or Silicon Valley as the nation’s
leading centers of business and take a serious look at Fort Bend
County, Texas, the #1 place for growing business.

Source: Forbes.com

"Houston's Recovery has Begun," the Report Stated.

Greg RIvera — Tue, 22 Dec 2009 23:19:51 +0100

The numbers were presented Dec. 14 at a GHP-sponsored event at the Intercontinental Hotel featuring a panel of economic experts.

Demand for chemicals and plastics products used in construction and manufacturing will drive growth in 2010, the report said. An upturn in Asian economies is expected to bring growth to the city's wholesale trade sector, which will add 5,200 jobs.

Other sectors expected to see a net gain in jobs are health care (2 percent gain); food services (0.5 percent) and administrative and support services, which is expected to pick up 5,400 jobs. Largely driven by gains in the public education sector, the public sector will add an additional 4,100 jobs.

Not all areas will see a recovery, however.

The report said that construction is expected to continue to lag behind other sectors. Strict lending standards has meant that ground-breaking on new commercial projects has all but halted. Job losses in construction are expected to continue at an annual rate of around 3.1 percent.

Natural gas prices are expected to remain low, resulting in continued layoffs for the upstream energy industry into the new year. Oilfield services firms are expected to drop another 1,400 jobs during 2010.

The expected gains follow a year of dramatic losses for the local economy, with the city losing 93,000 jobs in fiscal year 2009. But the drop is mild compared to other major metros hard-hit by the recession. Phoenix, Miami and Atlanta all topped six-figure job losses.

Fort Bend County Job Growth Strategy

Greg RIvera — Wed, 25 Nov 2009 00:24:55 +0100

With the county’s incredible job growth-rate, ranked third in the nation, the Greater Fort Bend County Economic Development Council (FBEDC) introduced a new marketing strategy in hopes of continued growth by expanding, or branching, existing businesses from Houston into surrounding areas such as Sugar Land and Rosenberg.

Rosenberg, with a growth of 33 percent in the last six years, invested $25,000 into the marketing strategy and has already reserved the same amount to contribute in 2010.

September 28, 2009 premiered local commercials to the Houston community promoting growth and benefits of further developing Fort Bend. The campaign’s slogan, “You can’t hold down the fort,” shows unyielding optimism and encouragement for the continuing growth.

One commercial focuses primarily on Rosenberg’s growth, illustrating the true potential for the strategy’s success. Other advertising includes online banners, radio commercials, Twitter and Facebook ads, and a billboard.

Mamie George Community Center Plans Prosper into Future

Greg RIvera — Tue, 24 Nov 2009 06:00:00 +0100

The ceremonial shovels of new construction were brought out mid October to usher in the construction of the Mamie George Community Center. The Catholic Charities of the Archdiocese of Galveston-Houston broke ground for the construction of the Community Center in October, and the Richmond City Commission recently approved the final plat for the project, making the hope a reality.

The ground breaking is the first step in creating a space that will meet identified and yet unmet needs in Fort Bend County. The 24,000 square foot center is designed to serve an average of 400 people a day and is scheduled to be complete in the fall of 2010. The building, set on ten acres of land on Collins and Clay, will house a Wellness Center, a café and Trini’s Corner Market. The 10 acres, valued at $2 million was donated for the project, along with a $2 million challenge grant both from The George Foundation.

The Wellness Center will provide seniors, individuals and families a wide range of activities to enhance their health and fitness, and the Corner Market will provide low-income clients with grocery items that meet their individual preferences and special dietary needs. Bonna Kol, President and CEO of Catholic Charities shared, “Trini’s Corner Market will allow individuals the dignity to receive assistance in a grocery store setting. Most importantly, families will be able to get the food items that are in line with their dietary needs.”

The center will also provide services such as job training, financial planning, support for frail seniors and even pregnancy services.

For more information please contact Michelle Herrera, Capital Campaign Director at 713-874-6763

Fort Bend County Job Growth Strategy

Greg RIvera — Thu, 19 Nov 2009 06:00:00 +0100

Rosenberg, with a growth of 33 percent in the last six years, invested $25,000 into the marketing strategy and has already reserved the same amount to contribute in 2010.

Congress Giving Bomebuyers a Big New Tax Break

Melissa Burnham — Thu, 05 Nov 2009 06:00:00 +0100

Michael Conroy AP

WASHINGTON — Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.

As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it Friday.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring — and to expand it to many people who already own homes.

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

"It's huge. I think it's going to have a big impact," said Patti Ketcham, who owns a real estate firm in Tallahassee, Fla. "I hope I'm right. Golly, I hope I'm right."

Like housing markets across the country, Tallahassee's has been depressed since even before the nation's economy plunged into recession. There was no huge boom and bust like there was in many coastal areas, Ketcham said, "but ask anybody trying to sell a house and they'll tell you it's been no fun."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Real estate agents say the first-time homebuyers' tax credit that's already in effect has boosted sales, much in the same way the Cash for Clunkers program increased auto sales last summer by paying car buyers as much as $4,500 for exchanging their old gas guzzlers for new, more fuel efficient models.

The agents hope the expanded housing credit will help stabilize housing markets during typically slow sales months in the winter. Today, many would-be buyers are still worried that home values could drop further, said Lawrence Yun, chief economist at the National Association of Realtors.

"Once the consumer fear factor disappears, then housing can move into a sustainable recovery," Yun said. "I think we will be there by the middle of next year."

Yun said the tax credit has helped to increase demand and reduce inventory, enabling sellers to get higher prices than they would have otherwise.

About 1.4 million first-time homebuyers had qualified for the credit through August. The Realtors estimate that 350,000 of those buyers would not have purchased their homes without the credit.

The real estate industry, including Realtors, home builders and mortgage bankers, have lobbied hard for the expanded tax credit. Lawmakers said the program will not be extended again.

Critics say the tax credit is poorly targeted because the vast majority of people receiving it would have bought homes anyway.

"Essentially we're giving money to people for doing nothing different," said Ted Gayer, co-director of economic studies at the Brookings Institution, a Washington think tank.

But Susan Marvin, president of Marvin Windows and Doors in Warroad, Minn., near the Canadian border, said the economic benefits can be broad. She said, "If people are buying a home, they are far more likely to replace products or upgrade products."

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes.

The credit is equal to 10 percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for others.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

Also on Thursday, the government-controlled mortgage company Fannie Mae announced a new program that could allow thousands of borrowers on the verge of foreclosure to have the option of renting their homes for a time from the company.

But the effort is likely to affect a relatively small number of people in comparison to the number of homes being repossessed.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that were included in a bill extending unemployment benefits for those without jobs for more than a year. The other tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years.

That break would help industries that have suffered big losses in the recession, including retailers, homebuilders and newspapers.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

The bill is H.R. 3548.

Career Fair Comes to Rosenberg

Greg RIvera — Mon, 28 Sep 2009 05:00:00 +0100

Rosenberg, in association with Fort Bend County, Workforce Solutions, and the City of Richmond, will host the third annual Public Sector Career Fair next Tuesday on September 29th from 10 am to 3 pm. The career fair will be at the Rosenberg Civic Center on 3825 Texas 36 South.

Open to the public, the fair will give Fort Bend and Rosenberg residents the opportunity to meet with employers with career opportunities within local, county and state government agencies, colleges and universities, as well as non-profit organizations located throughout Fort Bend County. Those who need help with resume writing will find assistance at the event as well.

Any questions about the career fair may be directed to Yolanda McLin at 835-595-3320 or by email at yolandam@ci.rosenberg.tx.us.

There will also be additional time for more help with resume writing, job preparation, and interviewing tips by visiting Fort Bend County’s Workforce Solutions Career Office at 117 Lane Drive, Suite 7, in Rosenberg this week. These career counseling services are free for Fort Bend County residents. For more information on Workforce Solutions you can contact them at 281-344-0279.

Source: MyFortBend.net

Report: Houston Area Among Strongest Markets in Second Quarter

Greg RIvera — Wed, 16 Sep 2009 05:00:00 +0100

The second quarter was a good one for the Houston-Sugar Land-Baytown metropolitan area, which has been named as one of the nation’s 20 strongest metro areas by the Brookings Institute.

The Washington, D.C. company’s quarterly MetroMonitor ranks the nation’s 100 largest metro areas for their economic performance based on five key indicators — employment, unemployment, output, home prices and foreclosure rates.

Houston led the nation in housing prices, with a 4.9 percent increase over the 2008 second quarter, according to the report. That compared with a 4.4 percent average decline among the Top 100 metro areas as a whole and a 1.7 percent decrease in the national average.

Texas overall was considered strong, with Austin, Dallas and San Antonio all also included in the Top 20 markets.

As a whole, the Top 20 areas experienced average employment losses of 1.7 percent from their peaks, and 17 have seen home prices rise over the past year, according to the report. By contrast, the 20 weakest-performing areas have seen average employment declines of 8.2 percent, while home prices have dropped by an average of 11 percent in the past year.

Source: houston.bizjournals.com
Image Source: houstonproperties.com

Fort Bend Ranks in Top Ten Best Job Growth

Daphne Hager — Wed, 19 Aug 2009 05:00:00 +0100

Need another reason to move to Fort Bend? Then we have great news for you. CNN/Money Magazine (Money Magazine August Issue) lists the county of Fort Bend, Texas as 6th for the most job growth over the past eight years in a nationwide list of counties.

Fort Bend has seen a 61.3% growth in jobs from 2000 to 2008. This staggering growth is said to be attributed to the county's low crime rate, low cost of doing business, and low taxes, according to the president of the Greater Fort Bend Economic Development Council, Jeff Wiley. The county has worked hard on improving its infrastructure to attract employers and growth among the community.

One business bringing its success to Fort Bend is Minute Maid, who recently relocated to Sugar Land, Texas. This single move brought 275 jobs to the Fort Bend community. Another project, Kansas City Southern/CenterPoint Properties, is starting just west of Rosenberg, and is bringing over 750 jobs. Biotics Research Corp is also expanding its facilities with an additional 35,000, bringing more jobs to Fort Bend, as well.

Currently there are 250,000 jobs in Fort Bend county, according to CNN/Money. The variety of industries range from traditional agriculture like cotton and cattle, oil, to even tech industries. A new industrial distribution center was built housing a number of industries as well. Even in these tough economic times, Fort Bend stands on top.

Source: Houston Biz Journals & CNN/Money

New Local Jobs in Sight

Melissa Burnham — Wed, 12 Aug 2009 05:00:00 +0100

Those looking for a new job in the Greater Fort Bend and Rosenberg area have some good news. Biotics Research Corp. has a $2 million project that is expanding its facilities with an additional 35,000 square feet being built, creating 25 new jobs upon completion. The new area will expand the warehouse and manufacturing end of the company.

Denis DeLuca, president of Biotics Research Corp., had this to say, "Biotics has been a leading manufacturer of vitamins and dietary supplements with a global market for its products for over thirty years. Going forward with this expansion, with the help of the incentives from the city and county, we are very confident our market share will continue to increase”.

Barkley Peschel, Vice President Development & Operations of the Greater Fort Bend Economic Development Council states that “Rosenberg represents a fresh new wave of business expansion and relocation potential for Fort Bend County,” and that “although Rosenberg is a well established commercial center in Fort Bend, the continued growth of the area and of Greater Houston is creating many new business opportunities on the forward edge of that growth, and Rosenberg is that forward edge in the southwestern sector of the region.”

Prospects for the new jobs will be happy to hear that Biotics plans to retain jobs at the site for at least 10 years. Workers can feel safe and secure knowing this is not a short term position. Great news for the city of Rosenberg and River Park West community. Could this be a sign of greater things to come? You can view the full report at fortbend.org.

Source: Fort Bend Herald

Praise for Houston Home Prices

Melissa Burnham — Tue, 30 Jun 2009 05:00:00 +0100

According to the real estate forecaster Local Market Monitor, the latest Home Price Forecast has officially listed the Houston-Sugar Land-Baytown metropolitan area as expected to hold some of the strongest home prices in the nation over the next 12 months.

“These are markets that did not have a large boost in home prices over the last few years and therefore, even though the economy is doing poorly, no adjustment in prices has been necessary,” said Ingo Winzer, president of Local Market Monitor. “Steady economic growth and price appreciation have helped these markets remain stable.”

Because of Houston’s past stability in this area of the economy, turmoil is expected to be less profound than in other areas across the nation. This will create numerous opportunities for city- and state-wide growth in both the housing and employment sectors.

Not only has Houston been praised, but the Fort Worth-Arlington, McAllen-Edinburg-Mission, Dallas-Plano-Irving and San Antonio metropolitan areas have also been selected for the Top 10 List of featured top performing markets.

Source: Houston Business Journal

Texas Takes the Lead

Melissa Burnham — Mon, 22 Jun 2009 05:00:00 +0100

According to a new study from the Brookings Institution, out of the 100 largest metropolitan areas of the Unites States, Texas boasts four of the top five cities to have performed the strongest during the recession through the first quarter of 2009.

The Washington D.C.-based think-tank’s MetroMonitor reports that San Antonio has taken the lead in this study, followed closely by Austin, Houston and Dallas. Oklahoma City came in second, the only out of state city to ranked in the top five. Austin was also one of only two cities, along with McAllen, Texas that actually experienced an increase in economic output over the past year.

“The rankings were based on four indicators: Percent employment change from peak quarter to first quarter 2009; percent change in unemployment rate from March 2008 to March 2009; percent gross metropolitan product change from peak quarter to first quarter 2009; and percent change in housing prices from first quarter 2008 to first quarter 2009.”

Indicators that support this ranking were listed as specializations in energy and government, large amounts of federal hurricane recovery funding for the Gulf Coast, and smaller increases in housing prices during the early and mid-2000s. For these reasons, the Southwest, particularly Texas was able to perform better economically that many other metropolitan areas in the U.S.

Source: Houston Business Journal

Pending Home Sales Jump

Melissa Burnham — Tue, 02 Jun 2009 05:00:00 +0100

According to the National Association of Realtors, the pending sales for homes have risen 6.7 percent in April, which equals a full 3.2 percent higher than last year. These types of sales are specifically pending sales on existing homes, or mortgage contracts that are signed but not closed.

NAR chief economist Lawrence Yun states that this index can actually be difficult to measure absolutely, as the processing time varies from sale to sale. "The relationship between contracts on pending home sales and closings on existing home sales is taking longer than in the past for several reasons: mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment," he said.

As many experts have gathered, the housing market has reached so low recently that it can only rise back up again now, as seen by the increase in pending homes sales, NAR’s housing affordability index at its second-highest level on record in April, and also the 2.9 percent increase of reported closed home sales.

It can’t be said better than by the Houston Business Journal, stating that “lower prices and attractive mortgage rates are breathing new life into housing.” Hopefully past mistakes have been thoroughly corrected and only positive news awaits the housing market.

Source: Houston Business Journal

Houston Area Undergoes Wide-Swept Changes

Melissa Burnham — Tue, 26 May 2009 05:00:00 +0100

A number of positive changes have been sweeping across the greater Houston area. First off, according to new research from Pitney Bowes Business Insight, Houston is one of the top metropolitan areas expected to see quarterly retail sales growth from now and into 2010.

The top contenders are all Texas cities, with the exception of Seattle. Houston ranks fifth on the list for notable scores of strong comparative sales growth, specifically in the drug store and high-end retail. The city was able to earn this rank due to its sales history and ability to remain stable for the past six quarters, despite rough economic conditions elsewhere.

Houston’s strength in the retail sector can be seen to continue as the unemployment rate for the city falls. New figures from the Texas Workforce Commission state that joblessness decreased from 6.6% in March to 6.3% in April, the first major decrease in more than six months. The rate is expected to continue to decline for May, as sales growth comparatively increases. For Texas as a whole, the unemployment rate has held steady at 6.7%, well below the national average of 8.9%.

For the final touch, Houston has recently been ranked within the top 50 of the fittest metropolitan areas. The city’s official ranking is #41 based on strengths that include a lower percentage of people with disability, a lower percentage of people who smoke, a higher percent of city land area as parkland and a higher level of state requirements for physical education classes.

As the fourth largest city in the U.S., Houston may find itself leading the way for a step closer to ideal city living.

Source: Houston Business Journal

Homebuilder Confidence on the Rise

Melissa Burnham — Tue, 19 May 2009 05:00:00 +0100

Newfound hope is now in sight for the Houston housing market, helping it get back on track after its economic slump.

The National Association of Home Builders has recently issued an index reporting an increase in the confidence levels measured among U.S. homebuilders, which rose from 12 points in April to 14 in May. The numbers have been increasing slowly and steadily since February, and have reached their highest in the past eight months, marking a shift in a positive direction.

NAHB’s index reads 50 points as a stable midway point, indicating that the majority of builders still view conditions as poor, but that will soon be changing, step by step.

“This continued increase indicates that homebuilders feel we’re at or near the bottom of the market and that positive signs lie ahead for builders and potential homebuyers,” remarked NAHB chief economist David Crowe, “provided that builder access to production credit significantly improves,” he continued.

Things are starting to align for the better, with good news gaining on the bad. Builders and realtors are hoping that the trend of lower prices and historically low mortgage rates will overcome tighter lending standards, as well as an $8,000 tax credit boost for homebuyers.

It seems to be that people everywhere are starting to unlock the storm doors and step into the light again. Builders, realtors and homebuyers can all look forward a change for the better within the Houston housing market.

Source: Houston Business Journal

Texas Foreclosures Down 9%

Melissa Burnham — Wed, 13 May 2009 05:00:00 +0100

After the record-high levels in April of foreclosures throughout the nation, May is looking to be the month of changes, with Texas in the lead.

The U.S. Foreclosure Market Report by RealtyTrac has estimated that one in every 347 housing units received a foreclosure notice last month, about 342,000 properties, the highest record in the last four years. In the same report, Texas showed 11,314 properties in the foreclosure process, a high amount due to the large size of the state, and therefore its corresponding population and number of homes.

As of May 13th, the percentage of foreclosures throughout the state has declined by 9%, indicating that Texas is performing better in the housing market than many other areas of the country.

These percentages have been on the rise for the past several years, peaking now because the economic stress on the housing market. With this new development spreading in Texas, it seems hopeful that national foreclosure rates will begin declining in the near future as well.

Source: Houston Business Journal