Houston ranks No. 3 on list of cities with the most people in financial distress amid COVID-19

money problems

Out of the largest 100 cities in the country, Houston ranks high up on the list that evaluated personal financial distress of citizens. Photo by Scott Halleran/Getty Images

During the pandemic-produced recession, debt and loans are weighing heavily on the hearts and minds of Houstonians.

A study released this week by personal finance website WalletHub found Houston ranks first among the country's 100 largest United States cities for online searches about debt and first for online searches about loans. Overall, Houston ranks third for financial distress, behind first-place Las Vegas and second-place Chicago.

To examine where Americans are struggling the most financially, WalletHub compared the 100 largest cities across nine key metrics. Factors taken into consideration include average credit score, number of bankruptcy filings between June 2020 and June 2019, and online searches regarding debt and loans.

Aside from sitting at No. 1 for interest in debt and loans, Houston ranks:

  • No. 9 for share of people with accounts in distress in September
  • No. 9 for average number of accounts in distress in September
  • No. 12 for average credit score in September

WalletHub defines a distressed account as one for which payments have been reduced, skipped or delayed.

Among Texas cities, Houston has a lot of company in WalletHub's top 10. San Antonio appears at No. 4, Dallas at No. 5, Austin at No. 8, and Fort Worth at No. 10. In all, the ranking includes 13 Texas cities. Irving demonstrates the most financial stability of the 13 cities, according to WalletHub, with its financial stress ranking at No. 72.

As with almost every U.S. city, Houston has been whacked by the recession. In September, the metro area's unemployment rate stood at 9.6 percent, up from 8.1 percent the previous month. Compared with the state's three other major metro areas, Houston's September unemployment rate was the highest. The September jobless rate was 6.4 percent in Austin, 7.4 percent in Dallas, 7.6 percent in Fort Worth, and 7.8 percent in San Antonio. The statewide unemployment rate was 8.3 percent, while the nationwide unemployment rate was 7.7 percent.

One of the main drivers of Houston's high unemployment rate is the ongoing slump in the U.S. oil, gas, and chemical industry. A report released October 5 by consulting giant Deloitte showed the nationwide sector shed 107,000 jobs from March to August.

"We will never see oil and gas employment get back to where it was in December 2014. Employment in the industry today is pretty much where it was in 2006," Patrick Jankowski, senior vice president of research at the Houston Partnership, said in June. "Energy has been real good to Houston. It's still a big part of our economy, but we cannot rely on it like we have in the past."

A September report from the Federal Reserve Bank of Dallas noted that the Houston area is in recovery mode, but the pace has slowed, mostly due to weakness in the energy sector. The report says "that while Houston's recovery is likely to continue, it will lag the state."

The report adds that the Houston area had recovered 33 percent of pandemic-era job losses as of August, compared with 42 percent across Texas and 48 percent nationwide.

Of course, the pandemic recession also has hammered the hospitality industry.

During his State of the City address on October 22, Houston Mayor Sylvester Turner said said 196 meetings, conferences, and conventions in the city had been canceled or rescheduled since March. The result: an estimated economic loss of $332 million. The city's hotel occupancy rate stands at a meager 44 percent, according to Turner, with the rate for downtown hotels at only 17 percent.

The pandemic's impact during the rest of 2020 and into 2020 "will be significant for our hospitality community," the mayor said.

Despite the downturn in the energy and hospitality sectors, Turner and others feel optimistic about what's ahead for Houston.

"As we gradually take steps to reopen, we recognize that the full recovery will take several years, but when we work together, we put ourselves in the best position to manage the virus and rebound from it," Turner said. "As we move forward through these unprecedented times, the city's foundation is strong, the city itself is resilient, and the city's future is bright."

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NASA names new chief astronaut based in Houston

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NASA has a new chief astronaut. Scott Tingle, stationed at the space agency’s Johnson Space Center in Houston, assumed the post Nov. 10.

Tingle succeeds NASA astronaut Joe Acaba, who had been chief astronaut since February 2023. Acaba now works on the staff of the Johnson Space Center’s director.

As chief astronaut, Tingle runs NASA’s Astronaut Office. His job includes developing astronauts’ flight crew operations and assigning crews for space missions, such as Artemis missions to the moon.

Tingle, a former captain in the Navy, was named a NASA astronaut candidate in 2009. He has logged over 4,500 flight hours in more than 50 aircraft.

Tingle was a flight engineer aboard the International Space Station, where he spent 168 days in orbit during two expeditions that launched in December 2017. Since returning to Earth, he has held various roles in the Astronaut Office, including mission support, technical leadership and crew readiness.

Before joining NASA, Tingle worked in El Segundo, California, on the technical staff of The Aerospace Corp., a nonprofit that supports U.S. space programs.

Tingle recalls expressing his desire to be an astronaut when he was 10 years old. It took him four tries to be accepted by NASA as an astronaut candidate.

“The first time I figured it was kind of too early. The second application, they sent out some feelers, and that was about it. Put in my third application, and got a couple of calls, but it didn’t quite happen,” Tingle said in an article published on the website of Purdue University, his alma mater.

ExxonMobil officially pauses plans for $7B Baytown hydrogen plant

Change of Plans

As anticipated, Spring-based oil and gas giant ExxonMobil has officially paused plans to build a low-hydrogen plant in Baytown, Chairman and CEO Darren Woods told Reuters in late November.

“The suspension of the project, which had already experienced delays, reflects a wider slowdown in efforts by traditional oil and gas firms to transition to cleaner energy sources as many of the initiatives struggle to turn a profit,” Reuters reported.

Woods signaled during ExxonMobil’s second-quarter earnings call that the company was weighing whether it would move forward with the proposed $7 billion plant.

The Biden-era Inflation Reduction Act created a new 10-year incentive, the 45V tax credit, for production of clean hydrogen. But under President Trump’s "One Big Beautiful Bill Act," the window for starting construction of low-carbon hydrogen projects that qualify for the tax credit has narrowed. The Inflation Reduction Act mandated that construction start by 2033. But the Big Beautiful Bill switched the construction start time to early 2028.

“While our project can meet this timeline, we’re concerned about the development of a broader market, which is critical to transition from government incentives,” ExxonMobil Chairman and CEO Darren Woods said during the company’s second-quarter earnings call.

Woods had said ExxonMobil was figuring out whether a combination of the 45Q tax credit for carbon capture projects and the revised 45V tax credit would enable a broader market for low-carbon hydrogen.

“If we can’t see an eventual path to a market-driven business, we won’t move forward with the [Baytown] project,” Woods said.

“We knew that helping to establish a brand-new product and a brand-new market initially driven by government policy would not be easy or advance in a straight line,” he added.

ExxonMobil announced in 2022 that it would build the low-carbon hydrogen plant at its refining and petrochemical complex in Baytown. The company has said the plant is slated to go online in 2027 and 2028.

ExxonMobil had said the Baytown plant would produce up to 1 billion cubic feet of hydrogen per day made from natural gas, and capture and store more than 98 percent of the associated carbon dioxide. The plant would have been capable of storing as much as 10 million metric tons of CO2 per year.

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This article originally appeared on EnergyCapitalHTX.com; it was updated to include new information about the plant in December 2025.

8 can't-miss Houston business and innovation events for December

where to be

Editor's note: Houston’s innovation scene is loading up the calendar before the holidays. From climatetech pitch days to the return of favorite festive shindigs, here's what not to miss and how to register. Please note: this article may be updated to include additional event listings.

Dec. 3 — SouthWest-Midwest National Pediatric Device Innovation Consortium

This annual event brings together members, colleagues and guests of the FDA-supported pediatric consortium who are dedicated to assisting device innovators throughout the lifecycle in delivering innovative solutions to patients. Featured speakers include Dr. Danielle Gottlieb from Le Bonheur Children's Hospital, Balakrishna Haridas from Texas A&M University and Dr. Chester Koh from Texas Children’s Hospital.

This event is Wednesday, Dec. 3, from 3:30-8 p.m. at Texas A&M EnMed Tower. Register here.

Dec. 4 — Resiliency & Adaptation Sector Pitch Day: Scaling Solutions to Address Climate Disruption

Join innovators, industry leaders, investors and policymakers as they explore breakthrough climate and energy technologies at Greentown's latest installment of its Sector Pitch Day series, focused on resiliency and adaptation. Hear from Adrian Trömel, Chief Innovation Officer at Rice University; Eric Willman, Executive Director of the Rice WaTER Institute; pitches from 10 Greentown startups and more.

This event is Thursday, Dec. 4, from 1-3:30 p.m. at the Ion. The Ion Holiday Block Party follows. Register here.

Dec. 4 — The Ion District Holiday Block Party

The Ion District, Rice Alliance and Greentown Labs will celebrate the season during the Ion District Holiday Block Party. Expect to find local bites, drinks, music and meaningful connections across Houston’s innovation ecosystem. Guests are invited to participate in Operation Love’s holiday toy drive supporting local families.

This event is Thursday, Dec. 4, from 4-7 p.m. Register here.

Dec. 8 — Pumps & Pipes Annual Event 2025

The annual gathering brings together cross-industry leaders in aerospace, energy and medicine for engaging discussions and networking opportunities. Connor Grennan, Chief AI Architect at the NYU Stern School of Business, will present this year's keynote address, entitled "Practical Strategies to Increase Productivity." Other sessions will feature leaders from Cena Research Institute, NASA Ames Research Center, ExxonMobil, Southwest Airlines and more.

This event is Monday, Dec. 8, from 8 a.m.-5 p.m., at TMC Helix Park. Register here.

Dec. 9 — Jingle and Mingle

Don your ugliest sweater and snap a pic with Startup Santa! Bayou City Startups, Rocket Network, Founder Institute and Energytech Nexus are bringing back their popular Jingle Mingle for the third year. Network and celebrate with founders, community stakeholders and others in Houston's innovation scene. Donations to the Houston Food Bank are encouraged in place of tickets.

This event is Tuesday, Dec. 9, from 5-7 p.m., at the Solarium in Midtown. Register here.

Dec. 9 — European Innovation Spotlight

Celebrate European cooperation and innovation with the European Innovation Council during an exclusive demo night and networking event at Greentown Labs. Hear from 15 EIC-backed founders supported by the European Union with top-class climatetech technologies, listen to a fireside chat and engage in a networking event following the pitches.

This event is Tuesday, Dec. 9, from 4:30-7 p.m., at the Ion. Register here.

Dec. 9-10 — Energy LIVE

Energy LIVE is Reuters Events' flagship ConfEx that brings the full energy ecosystem together under one roof to solve the industry's most urgent commercial and operational challenges. The event will feature 3,000-plus senior executives across three strategic stages, a showcase of 75-plus exhibitors and six strategic content pillars.

This event is Dec. 9-10 at NRG Park. Register here.

Dec. 15 — Innov8 Hub Pitch Day

Hear pitches from members of the latest Innov8 Hub Innovators to Founders cohort, which empowers academic scientists and innovators to become successful startup founders. Meet and network with the founders over light bites and drinks at a reception following the pitch competition.

This event is Monday, Dec. 15, at the Innovation Center at UH Technology Bridge (Bldg. 4). Register here.

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