Houston energy sector will lead in job losses, says FRB report

“Advantage” turned “liability”

Wendy Natt, Mar 23, 09.

“Houston’s growth advantage over the rest of the nation during the past five years — oil and natural gas — has not only evaporated in the face of a global commodity bust but has turned into a definite liability,” said the Federal Reserve Bank of Dallas in a report released March 12. The report says that “the coming year will see significant job losses in Houston, led by the energy sector.”

The report also predicts that retail sales, auto sales, and real estate - both residential and commercial - will suffer as job and income growth slow in the region.

Houston Business Journal reported on the story.