Topic – Economy
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Recession makes inroads into Houston workforce
Updated employment estimates
Revised employment figures for the Houston metro area show bigger losses, with noteworthy dips in oil services, trade, and other sectors.
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Bridgeland developer files for bankruptcy
New development nearly halted
General Growth Properties, which owns Bridgeland and cited the development as one of the reasons to build the Grand Parkway, filed for Chapter 11 bankruptcy.
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New vehicle sales in Houston continue to plunge
Down nearly 50% from Mar '08
New car, truck, and SUV sales in Houston declined further in March, now keeping pace with nationwide decline.
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US gasoline consumption may have peaked
Beginning of transformation?
The US may have hit "peak gasoline," according to many industry officials, and Exxon projects that consumption will decline 22 percent in the next 20 years.
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Car “bubble” creates backlog of unsold vehicles
Sales unlikely to rebound
Plummeting car sales have created a huge backlog of unsold vehicles, and sales are unlikely to rebound to their previous levels.
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Trucking industry hurt by economy, gas prices
7 percent of trucks are parked
American truckers are struggling as a result of high fuel prices and lower freight volumes.
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Chronicle owner Hearst asks papers to cut costs by 20%
Advertising losses blamed
Houston Chronicle owner Hearst Corp. is asking all of its newspapers to cut costs by 20 percent. The company blames the cuts on lost advertising sales.
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Grow Smart RI: use state’s assets to lure smaller businesses
Incentive to rehab buildings
Advocates say to pursue small- to medium-sized companies that are interested in walkable, transit-connected communities rather than big land-use businesses.
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Portland business owner discusses streetcar benefits
"Economic development project"
The Portland streetcar system has vastly increased pedestrian traffic, the number of locally-owned stores, and property values.
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Building permit values in Houston fall far below last year’s
New residential hardest hit
The value of building permits issued by the City of Houston fell substantially, with new residential faring the worst, according to city permit data.
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