Report finds two major metros are the biggest sources of new Houstonians

new to hou

Chicago and New York residents are eyeing Houston. Getty Images

Despite the current state of things — a pandemic, historic unemployment numbers, and an unstable economy — people are still thinking of moving. And, according to Apartment List, they have eyes on Texas.

The website's quarterly Renter Migration Report is out, using searches made on its platform between January 1 and April 15, 2020, to map where renters are looking to make their next move.

Chicago (3.3 percent), New York (3.4 percent), and San Antonio (22.8 percent) are also eyeing Houston, while H-Town residents are looking to keep it close in Dallas (8.9 percent), San Antonio (6.8 percent), and Austin (6.6 percent).

Austin is the most popular Texas city in the report, with the region increasingly being seen as an alternative to the expensive coastal metros where tech jobs have historically clustered. A staggering 70.9 percent of searches for apartments in Austin come from outside the metro, Apartment List reports, the highest share among the nation's 50 largest metros.

Aside from the 25 percent searching from San Antonio, the 4.6 percent from Dallas, and the 4.5 percent from Houston, 4.2 percent of renters searching for apartments in Austin currently live in the New York City metro. Furthermore, 2.5 percent of inbound searches to Austin are coming from Los Angeles and an additional 2.5 percent are coming from the San Francisco Bay Area.

For as many people who want to enter Austin from San Antonio, there's nearly the same amount that would be doing the opposite. Austin renters searched for San Antonio (16.8 percent), Dallas (7.9 percent), and College Station (6.4 percent).

While current Chicago residents and New Yorkers are typing "Dallas" into their search bars, accounting for 3.6 percent and 3 percent of data exploring Big D, respectively, it's San Antonians who are truly interested. A whopping 23.1 percent of current Alamo City residents made exploratory apartment searches in Dallas this past quarter. Overall, 32.8 percent of those looking for a place to live in Dallas are searching from outside the metro.

Meanwhile, 8.7 percent of apartment hunters currently living in Dallas are looking to move elsewhere. They searched for Houston (4.9 percent), San Antonio (4.8 percent), and Los Angeles (4.5 percent).

And though we've heard about it several times, where does San Antonio fall in all this? Turns out renters who currently live there are thinking about moving to Dallas (17.7 percent), followed by Houston (12.4 percent) and Austin (8.4 percent). Residents of McAllen (5 percent), Dallas (3.9 percent), and Houston (3.5 percent) are considering making San Antonio home.

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This article originally ran on CultureMap.
Houston usurped the Dallas metro to grab the No. 2 ranking in the United States for big cities attracting corporate relocation and expansion projects. Getty Images

Report: Houston ranked No. 2 in the country for corporate relocation, expansion projects landed in 2019

big business

In Texas, Houston rules the corporate relocation and expansion kingdom.

Site Selection magazine ranks Houston second among large U.S. metro areas for the number of corporate relocation and expansion projects landed in 2019. That's up two spots from the previous year's ranking.

On the new list, published in the magazine's March issue, Houston replaces Dallas-Fort Worth in the No. 2 spot among metros with at least 1 million residents, pushing DFW down to No. 3. Austin takes the No. 6 spot.

Last year, Houston landed 276 projects that met the magazine's ranking criteria. With 416 projects, Chicago earned the No. 1 spot. Dallas-Fort Worth scored 261 projects in 2019, while Austin snagged 95.

Qualifying projects for Site Selection's rankings must have a minimum investment of $1 million, create at least 20 new jobs, or involve at least 20,000 square feet of new space.

A couple of notable Houston corporate relocations or expansions in 2019 were:

"This latest ranking is more evidence of Houston's strength as a destination for corporate relocation and investment," Bob Harvey, president and CEO of the Greater Houston Partnership, says in a March 3 statement. "Our low cost of doing business, access to quality talent, and pro-growth mentality continue to make Houston an attractive place for companies across the country and around the world looking for expansion and relocation opportunities. Our strong, diverse economy is a big part of what makes Houston a great global city."

Commercial real estate services company Colliers International notes that Houston is one of the country's most competitive cities for corporate relocation and expansion.

"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," Colliers International says. "With its numerous business advantages, Houston is well positioned to successfully compete in today's global marketplace."

Among those advantages, Colliers says, are:

  • Two major airports
  • Massive seaport
  • Extensive rail and road infrastructure
  • 90 foreign consulates

In February 2019, René Lacerte, founder and CEO of Bill.com, said the Palo Alto, California-based company picked Houston for its first U.S. outpost following an "extensive national search." Bill.com settled on Houston because of its talent pool, quality of life, and business-friendly environment, he said.

Houston Mayor Sylvester Turner has said the Bill.com expansion represents a "another great example of Houston's building momentum as a leading digital tech hub."

A second example is Amazon Web Services' July 2019 expansion in Houston. Kris Satterthwaite, the company's Gulf Coast enterprise sales leader, praised the city as "a fantastic place to live and work," and as having "a strong local economy that we look forward to investing in and growing together [with]."

The Houston-DFW-Austin trifecta of top-performing markets for corporate relocation and expansion in 2019 helped propel Texas to win Site Selection's Governor's Cup Award for the eighth consecutive year.

In accepting the award, Gov. Greg Abbott called Texas "the most dynamic economy in the nation."

"Texas' skilled, diverse, and ever-expanding workforce drives our booming economy," Abbott said. "I want to thank all of our local, regional and statewide economic development teams for their work to expand economic opportunity in Texas, as well as the companies that continue to invest and create more jobs throughout the Lone Star State."
Where are all those new Newstonians coming from? Texas. Photo by Scott Halleran/Getty Images

Houston named on a new list of most popular places to move to in the U.S.

Still booming

A new study shows Texas' major metros are some of the hottest places to move to in the U.S. — and Houston tops them all.

Real estate site CommercialCafe recently looked at "metro-to-metro" migration to see which areas are "winning" in terms of new residents, and a trio of Lone Star cities appears in the top five.

With an average net gain of 32,821 residents, Houston ranks third overall. Dallas-Fort Worth, with an average net gain of 30,639, follows at fourth. And Austin, with an average net gain of 26,733 people, is fifth. (The migration data was based on U.S. Census yearly average estimates for 2013-2017.)

"Among the three Texas metros on our list, Houston saw the largest population increase through metro-to-metro migration," says the report.

So where are these new residents coming from? Elsewhere in Texas. Houston gained the most new residents from DFW (16,306), followed by Austin (9,304) and San Antonio (7,443).

Those are also the most popular locations for Houston residents to move to. On average, more than 15,000 Houston residents relocated to DFW, followed closely by Austin (14,082) and San Antonio (8,692).

Houston's growth "is visible in Space City's many business districts, which added almost 18 million square feet of office space between 2013 and 2017, according to Yardi Matrix data," says the report. "This amount surpasses that of any other metro in the top 10. The Houston housing market is also on the upswing. The number of housing units here increased by an average of 2.1 percent — or 52,841 units — each year."

Outside of Texas, the report shows that folks are flocking to Phoenix (No. 1) and California's Inland Empire (No. 2).

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This article originally ran on CultureMap.
Houston has affordablility going for its startups. Photo by Zview/Getty Images

Houston named among the most affordable cities for startups

Start up at a low cost

Houston has been long known for its great quality of life and low cost of living, and a new study found that when it comes to startup companies specifically, the greater Houston area has a lot to offer.

Clever, a real estate tool and blog, identified Houston as the sixth best metro in the United States for affordability for startups. The study looked into startup density, investment, the education level of the local population, and the cost of living, and more within the top 50 most populated cities in the U.S.

The resulting ranking had all four of Texas' major metros in the top 10. Austin ranked No. 1 overall, Dallas-Fort Worth ranked at No. 3 (after Atlanta), and San Antonio-New Braunfels came in at No. 8. The study ranked each city based on its density of startups, its growth, investment in business, and its cost of living.

At No. 6 for growth, Houston ranked the highest out of its Texas counterparts, but San Antonio and Houston share the ranking of No. 6 for investment.

"Considering Houston's metro is tied with San Antonio's for the highest average investment in small business, and the proximity to great food, the Gulf of Mexico coast, and attractions like Minute Maid Park and the NASA Space Center, we would definitely suggest considering starting a business here," reads the report.

The Houston area touts a startup density of over 25 percent, which earns it 12th place in that particular category. The report finds that Houston has 6.89 million residents across 8,265.8 square miles and 6.54 percent of Houstonians work at a startup, while 2.8 percent are self employed.

When it comes to GDP and education, Houston has a lot of bragging rights. The Houston area's GDP is reported to be $490 billion, which is the 7th highest in the country, according to the Bureau of Economic Analysis.Meanwhile, almost a quarter of the region's population has a bachelor's degree or higher.

Last month, InnovationMap reported that Inc. 5000 named Houston among its hottest startup cities, citing the three-year revenue growth of Houston's companies that made it on to the Inc. 5000 list. Just before that ranking, Business Facilities magazine named Houston the fourth best startup ecosystem in the U.S., as well as the fourth best city for economic growth potential. Similarly, Commercial Cafe recently named Houston a top large city for early stage startups.
As a a part of its annual Inc. 5000 findings, the magazine named Houston the ninth hottest startup city in America. Photo by Tim Leviston/Getty Images

National business magazine names Houston one of the 'hottest startup cities'

hot or not

It's not just Texas' weather that's hot. Three Lone Star State cities made Inc. magazine's list of hot startups cities — and Houston came in at No. 9.

The list came out of the Inc. 5000 report — the magazine's list of the fastest-growing 5,000 privately-held companies in the United States. The list was ranked by the three-year revenue growth of each of the cities' companies.

Houston had a three-year revenue growth 117 percent with 84 Houston companies on the 2019 Inc. 5000 list.

"After Hurricane Harvey hit in 2017, the Houston area's construction industry grew tremendously to help rebuild and repair the storm's damage," the short ranking blurb reads, mentioning two Inc. 5000 companies in Houston: oil pipeline services company JP Services (No. 792) and contractor services firm CC&D (No. 1,973).

Houston beat out Dallas (No. 10) by just 4 percent three-year revenue growth and 10 Inc. 5000 companies. The article calls out Dallas for its "low regulations, zero corporate income taxes, and the Dallas Entrepreneur Center, or DEC, which is a nonprofit organization serving as a hub for startup networking, funding, and mentorship."

Meanwhile, Austin, which ranked No. 2 on the list, had a three-year revenue growth 259 percent, and has 87 Inc. 5000 companies this year. Austin was praised for its "high rate of entrepreneurship and job creation" in the article, as well as for having outposts for top tech companies like Amazon, Apple, and Google.

Here's the full list:

  1. San Francisco
  2. Austin
  3. New York City
  4. San Diego
  5. Atlanta
  6. Denver
  7. Los Angeles
  8. Chicago
  9. Houston
  10. Dallas

Earlier this month, Business Facilities magazine named Houston the fourth best startup ecosystem in the U.S., as well as the fourth best city for economic growth potential. Similarly, Commercial Cafe recently named Houston a top large city for early stage startups.

Susan Davenport, senior vice president of economic development for the Greater Houston Partnership, previously told InnovationMap that it's the city's diversity that keeps the city growing and resilient.

"The region's steady population increases, coupled with our relatively low costs of living and doing business, bode well for our economic growth potential reflected in this ranking," Davenport says.
When it comes to venture capital invested in the first quarter of 2019, Houston raked in less than 10 percent of what Austin reported, but the state as a whole has seen an increase, according to Crunchbase. Getty Images

Texas sees significant growth in VC investments for Q1, but Houston falls short

Following the money

While the state marked significant growth in first quarter venture capital investments year over year, Houston fell far behind its Texas sister cities. Houston startups received just 10 percent of what Austin startups reported, and Houston lost its lead it's had on Dallas for two quarters, according to Crunchbase data.

Texas had a reported $790.4 million in Q1, per Crunchbase, which is up from Q4 2018's $530.6 million as well as being up year over year from $587.2 million in Q1 of 2018. The number of deals for the state was cut almost by half — 64 Q1 2019 deals compared to 118 in Q1 of 2018 — "indicating larger investment sizes as the state's startup market continues to mature," according to Crunchbase's Mary Ann Azevedo.

Meanwhile in Houston, the city's startups received $44.7 million of that reported investment last quarter, which is down from the $121.4 million reported in Q4 2018. Austin raked in $493.8 million — more than 10 times that of Houston — and Dallas reported $245.4 million, which more than doubles what they reported for Q4 of 2018.

Houston lost its lead it had on Dallas for the past two quarters. In Q4 of 2018, Houston outdid Dallas with $121 million in venture capital investment, according to Crunchbase. Before that, Houston crushed Dallas in the third quarter too with $138.8 million compared to Dallas' $38.1 million. That quarter was when Houston came close to Austin's VC funding.

The largest deal in Houston was for biotech startup, Solugen, which closed its $13 million Series A in March, Cruncbase reported, and Y Combinator contributed to the round.

The Crunchbase report mentioned a few huge deals that tipped the scale this time around for Austin and Dallas. Dallas-based Peloton Therapeutics closed a $150 million Series E round in February. In Austin, Disco — a company founded in Houston but relocated to Austin — closed a $83 million Series E round, and Austin's Billd drew in $60 million in a Series A.

Houston's cut shrinks

Houston's piece of the Texas VC pie continues to shrink. In Q3 2018, the city had a third of the funds and, in Q4, had over 20 percent.Via Crunchbase News

Dallas is back at No. 2

Dallas came back with a vengeance after being outdone by Houston for the past two quarters.Via Crunchbase News
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Impact Hub Houston has new HQ, HCC creates AI program, and more innovation news

Short stories

Houston's innovation ecosystem has been booming with news, and not all make the news. For this roundup of short stories within Houston innovation, a Houston startup incubator has a new home, a local school creates AI-focused program, Astros manager taps into sports tech, and more.

Impact Hub Houston makes downtown partnership

Impact Hub Houston has a new headquarters in downtown. Photo courtesy of Central Houston

Impact Hub Houston, a nonprofit organization that promotes and accelerates sustainability-focused startups, is resident partner at Downtown Launchpad, according to Central Houston and the Downtown Redevelopment Authority.

The organization now has a 10-year lease and a new headquarters for its team and events. Impact Hub joins two accelerator programs — MassChallenge Texas and gener8tor — which both have a global presence and launched in Houston in the past two years.

"We celebrate Central Houston's vision in launching this 'vertical village' and appreciate their ongoing support in including Impact Hub Houston as a part of it," says Grace Rodriguez, CEO and executive director of Impact Hub Houston, in a news release. "It takes a village to raise an entrepreneur, and now we have that village with the infrastructure and community to raise generations of diverse innovators. It's another exciting step towards our goal to build an authentically inclusive and equitable entrepreneurial ecosystem that looks like Houston and works for all in our region."

HCC introduces artificial intelligence program

Data science startup based in Houston focus on neuroscience software nabs $3.78M grant

A local college system is training the future AI workforce. Getty Images

Houston Community College is the first community college in the state to introduce a new program focused on artificial intelligence. The new Associate of Applied Science degree program has been approved by Southern Association of Colleges and Schools Commission on Colleges, according to a press release from HCC, and is available for the fall 2020 semester at HCC Southwest, HCC Northeast and HCC Southeast.

"It is the latest of HCC's ongoing efforts to embrace new technologies and keep a pulse on the ever-changing needs of the industry," HCC Chancellor Cesar Maldonado says in the release. "Offering an innovative program like AI will allow our students to take advantage of all the accelerated job openings in Houston, in Texas and beyond."

The new program exists to fill the rising need for AI professionals. Last year, the job site indeed.com identified machine learning engineers at the top of its annual list of the 25 best jobs, citing a 344 percent increase in job postings from 2015 to 2018 with an annual base salary of $146,000.

"Because of a dire shortage of AI specialists, many companies are offering big salaries," says G. Brown, Ph.D., program coordinator of Networking and Telecommunications at HCC Southwest, in the release. "AI specialists are in high demand by companies like Microsoft, Apple and Amazon, as well as NASA and SpaceX."

Rice project re-envisions dorm layouts

The dorm design created socially-distant spaces that can be used in times of a pandemic. Photo via rice.edu

Two Rice University students received top marks in the 2020 American Institute of Architects Houston (AIAH) Gulf Coast Green Student Competition for their pandemic-proof dorm design. Carrie Li and Mai Okimoto, both 2022 Rice master's of architecture students, won first place in the competition that challenged students to design a dorm for the University of Houston-Downtown that would adhere to the Centers for Disease Control's social distancing guidelines.

"Carrie and Mai's timely and innovative proposal is beautifully conceived, highly resolved and elegantly presented," says interim dean, John J. Casbarian, in a news release. "I am particularly struck by how seamlessly it addresses the pressing issues of flooding, natural ventilation and social distancing, and how well sited it is in relation to UHD while mitigating the adversity of the freeway expansion.The competition consisted of eight teams from Texas and Louisiana which presented to judges from Kirksey, PDR Corporation, Gensler, Walter P Moore and UH-D. Li and Okimoto's project features 432 units across three villages and even factored in the area's flooding challenges.

"[Our design] aims to: allow social interaction to happen on different scales, from the one-on-one connection to larger scale gatherings; provide the users with safe but varied circulation paths, through which natural ventilation also occurs; treat dining as a key socializing program; and address the site's flooding risks and impacts of the I-45 corridor expansion," Li says in the release.

City of Houston passes small business-focused economic relief initiative

A new program from the city of Houston is helping to provide funds for businesses affected by COVID-19. Getty Images

Last week, Mayor Sylvester Turner and the Houston City Council passed the city's Small Business Economic Relief Program, funded with $15 million of the City's allocated CARES Act 2020 funds. Small businesses can apply for up to $50,000 and the grant can be used for payroll, accounts payable, rent, mortgage, PPE for employees, marketing strategies, including creating an online presence and other sales alternatives.

"We know small businesses throughout Houston have suffered greatly due to the global pandemic, and it could take months or years before the business climate returns to normal," says Mayor Sylvester Turner in a news release. "I thank Vice Mayor Pro-Tem Martha Castex Tatum and other council members for bringing this program forward. We are working on other relief packages that will keep us Houston Strong as we navigate the public health crisis."

The program will be administered by Houston's Office of Business Opportunity and the Houston Business Development Inc.

To qualify for the SBERP, businesses must be located in Houston, have been in business for at least one year, provide evidence for revenue decrease due to COVID-19-caused closures, have less than $2 million in gross annual revenue pre-COVID-19, be in good standing with the city, and commit to complete technical assistance.

"The SBERP will help all sizes of small businesses move one step closer toward financial recovery. This program is intended to maximize the long-term, positive impact of these small businesses on our local economy through their contribution to job retention and the continued availability of their services," says Marsha Murray, director for the Office of Business Opportunity, in the release. "If our local small businesses did not qualify for other federal or local programs, or did not receive enough funds to mitigate the impact of the crisis, we encourage them to apply for this program."

Astros manager joins venture capital firm

Not only is Dusty Baker at the helm of the 2017 World Series-winning Astros, but he's also a founding partner of a sports-focused venture capital firm. Getty Images

The Houston Astros manager, Dusty Baker, is a founding partner of a new venture capital firm focused on sports tech and innovation. New York-based Turn2 Equity Partners is a new fund is beginning with a focus on amateur and professional baseball markets.

"For decades, baseball players, managers and executives have lended their credibility to brands as endorsers," Baker says in a press release. "With the establishment of Turn2 Equity, for the first time, faces of the game have the opportunity to own and influence people at all levels."

Co-founded by sports venture capitalists Jarett Sims and Peter Stein, the firm's team also includes Jim Duquette, New York Mets general manager; Bobby Evans, who was formerly with the San Francisco Giants as general manager; and John Haegele, the former CEO of Van Wagner Sports & Entertainment.

GotSpot Inc. wins veterans competition

A Houston startup that's using technology to optimize short-term real estate space took home a prize in a virtual pitch competition. Image via LinkedIn

Houston-based GotSpot Inc. has claimed another pitching competition prize for veteran-owned businesses. Reda Hicks, founder of the Houston startup, received third place and $10,000 at the Ford Fund Virtual Pitch Competition last month. Memphis-based Pure Light Clean Air Services took first place and $15,000 and Raleigh, North Carolina-based Blue Recruit won second place and $10,000.

"The experiences, teamwork and skills learned in service of our country can serve as a solid foundation for these men and women as they build sustainable businesses," says Yisel Cabrera, manager of the Ford Motor Company Fund, in a news release. "We're proud to work with Bunker Labs to assist these inspiring entrepreneurs as they pursue new roads to success."

Calling all energy startups

Upstream startups can submit to a new virtual pitch competition. Photo via atce.org

The Society of Petroleum Engineers is calling for applications from energy startups to compete in a virtual pitch competition. Applications for the ATCE Startup Village, which is a collaboration between SPE and the Rice Alliance for Technology and Entrepreneurship, are live online and due by August 14. The competition will take place Tuesday, October 13.

The competition is free to compete and to apply, and open to early stage upstream technology companies. Each company selected to present will have 5 to 8 minutes to provide a "quick pitch" about their company to a group of venture capitalists, angel investors, and industry leaders. Judging will be based on innovative technology, commercial strategy and business plan, market potential, and management team and advisers.

Rice University research: Collaboration with the community can be key to success

houston voices

In Pittsburgh, a coalition of 100 community groups brokered a deal with developers of the Pittsburgh Penguins ice hockey team for $8.3 million in neighborhood improvements. In Oakland, California, developers of an $800 million high-tech complex promised local residents 50 percent of its construction jobs. And in Chicago, the Obama Presidential Center is working with residents to shield them from skyrocketing rents.

Community Benefits Agreements, or CBAS, as these agreements are called, are increasingly common between businesses and the places where they want to set up shop. But are they worth the money? To find out, Rice Business professor Kate Odziemkowska joined Sinziana Dorobantu of New York University to analyze market reactions to 148 CBA announcements between indigenous communities and mining firms in Canada. The financial value of these agreements, the researchers found, was real.

While it's easy to imagine that CBAs are just costly giveaways, they're more than goodwill gestures. Instead, they are legally enforceable contracts to distribute benefits from a new project and to govern the response to any potential social and environmental disruptions. For businesses, the researchers found, they are also good strategy, because they prevent costly, drawn-out conflict.

To conduct their research, Odziemkowska and Dorobantu analyzed a sample of 148 legally binding CBAs signed in Canada between mining firms and indigenous communities between 1999 and 2013. In Canada, mining companies and indigenous communities often hammer out agreements about extraction and use of local resources. Studying only the mining sector let the researches control for the economic variations that characterize different industries.

Since CBA negotiations cannot be disclosed, the announcement of such agreements represents new market information. To conduct their study, the researchers tracked the market reaction to these announcements, using a technique that measured short-term returns.

Creating CBAs from the start, they found, can head off catastrophic costs later. That's because even when a company has disproportionate economic strength, the public relations, legal and economic costs of community conflict can be draining. Consider the 1,900-kilometer Dakota Access oil pipeline, whose developers faced six months of round-the-clock protests that included nearly 15,000 volunteers from around the world. The drumbeat of litigation and negative news coverage still continues today.

In general, the researchers found, the more experience a community has with protests or blockades, the more firms gained from signing a CBA. Property rights protections also provide strong incentive for making a deal. Mining companies, for example, need access to land to do business. Communities with robust property rights to the resource or location sought by the firm have strong standing to stop that firm if they don't make a deal.

Because access to valuable resources like land or intellectual property can mean the difference between financial success or failure, Odziemkowska and Dorobantu said, the lesson from their findings extends far beyond Canadian mines. It's a lesson Disney learned the hard way when it failed to acknowledge the culture of Norway's Sami people in "Frozen." Assailed for cultural appropriation by using, but not crediting, traditional Sami music, Disney quickly made amends. After negotiating with the Sami people, Disney pledged to consult with them and portray them thoughtfully in the film's sequel.

The deal may have cost Disney on the front end, but it was nothing compared to the advantage of freezing out years of bad press.

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This story originally ran on Rice Business Wisdom. It's based on research by Kate Odziemkowska, an assistant professor of Strategic Management at Rice University's Jones Graduate School of Business.

5 innovation-focused takeaways from the Greater Houston Partnership's annual report

BY THE NUMBERS

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:

  1. TMC Innovation Institute
  2. TMC Health Policy Institute
  3. TMC Clinical Research Institute
  4. TMC Regenerative Medicine Institute
  5. TMC Genomics Institute

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

Getty Images

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.

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