The factors shaping the Woodlands economy today
Low oil prices continued to be a problem for economies throughout the
world in the first and second quarter of 2016.
Overall, the Woodlands' growth in the second quarter slowed, but showed progress nonetheless. The good news is that growth is continuing thanks to its diverse industries.
This cool down is not unexpected – many economists had already predicted this near the end of 2015. The historic lows on oil and gas prices were expected to impact the Greater Houston Area economy as a whole.
Indeed, energy-related sectors have been forced to lay off tens of thousands of jobs since the beginning of the downturn. Several energy-industry-related sectors have been feeling the pinch as well.
In real estate:
Houses priced upwards of $500,000 are taking longer to sell. The luxury real estate scene has been a buyer's market since 2015.
Mid-range homes ($300,000-$499,000) in the Woodlands are also taking longer to sell.
BisNow reports that there were only 278 non-ExxonMobil-related jobs created in May of this...