In an annual economic report from the Greater Houston Partnership, researchers and data scientists outlined the city's economy by the numbers, and Houston's industries such as technology, health care, energy, and more were all represented.
The 2020 Houston Facts was released in an virtual event hosted by GHP and its team of data specialists. Here's what you need to know from the event and the report, which can be found online.
The Texas Medical Center is focusing on five new institutes
Screenshot via Houston Facts 2020
The Texas Medical Center has established itself as a topic of its own in the Houston Facts report. The 61-member nonprofit that connects medical institutions across the city. The organization is working on a new campus, TMC3, that is expected to complete in 2022 and bring an annual economic impact of $5.2 billion to the state of Texas along with 30,000 jobs. From
According to the report, TMC is continuing to develop five institutes that compliment the organization's focus on innovation, regenerative medicine, health policy, and more:
Houston's port business continues to stay strong, with potential for growth following expansion
Screenshot via Houston Facts 2020
The Port of Houston has long been a key part of Houston's history and its economic impact. Across four seaports in the Houston area, the city moved 242.9 million metric tons of trade last year, and the district has been consistently named the busiest or one of the busiest by tonnage for over a decade.
With over 200 companies calling the port home and a busy port district, the Houston Ship Channel has been working on an expansion project, called Project 11. Construction on the project could begin as early as next year, per the report.
Venture capital is on the rise as tech jobs stays steady
Screenshot via Houston Facts 2020
Again, Houston Facts has called out the growth Houston has seen in venture capital investment. According to the report, top industries for VC funding include health tech, software, and energy. Houston Facts reports the ecosystem saw $600 million invested last year. While numbers vary based on sources, Houston Exponential recently reported over $466 million of venture capital invested in Houston between January and July of 2020.
Meanwhile, when it comes to tech jobs in Houston, the city has held its place as 12th in the nation for cities with the most tech jobs. Last year, Houston had 235,802 tech workers according to data from CompTIA, Cyberstates 2020. That count is slightly increased from 2018's 223,000 tech workers in Houston.
Houston's evolving demographics continues to shape the city
Screenshot via Houston Facts 2020
Houston is regularly touted as the most diverse city in the nation, and that diversity has affected the city's business sector. As of last year, largest ethnic population in Houston is hispanic. Houston now has the fourth largest hispanic population in the country, however, according to the report, Houston's percent of African-American citizens has remained consistent.
COVID-19's full effect on Houston is still to be determined, but business has taken a hit
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The 2020 edition of Houston Facts doesn't have much on the impact of COVID-19 — the 2021 issue should have more facts and figures from looking back on the pandemic. However, the GHP's team did address some of the economic impacts the coronavirus had on the city.
According to Yelp data based on listings, 3,518 businesses closed due to COVID-19 — of which, only 578 had reopened by mid-June.