The Ludwig Institute for Shared Economic Prosperity (LISEP) reveals that Houston-The-Woodlands-Sugar Land boasts the 30th most prosperous local economy in the U.S. Factors include a surging population, with a median age of 35.1, and three key metrics: "True Living Cost," "True Weekly Earnings," and "True Rate of Unemployment Out of the Population." While over 50% of households meet basic needs, 46.4% struggle due to a high cost of living. A 58.2% increase in necessities costs for a 4-person family is noted. Despite a 63% "True Rate of Unemployment," Houstonians' median weekly earnings rose to $894.89. LISEP aims to guide policymakers in assessing economic dynamics and supporting struggling families. Other Texas metro areas, like Austin and San Antonio, also earn spots in the analysis. The top-performing U.S. economies include San Jose-Sunnyvale, Austin-Round Rock, and San Francisco-Oakland-Hayward.
A recent economic analysis conducted by the Ludwig Institute for Shared Economic Prosperity (LISEP) has shed light on the economic landscape of Houston-The-Woodlands-Sugar Land, positioning it as the 30th most prosperous local economy among the 50 largest Metropolitan Statistical Areas (MSAs) in the U.S. The evaluation considered various localized economic factors, revealing key insights into the region's dynamics.
Key Points:
- Population Growth: Houston has experienced a significant surge in population, witnessing an 18.7 percent increase over the past decade, with the current population surpassing 7.34 million residents. The median age of Houstonians stands at 35.1 years.
- Determining Criteria: The prosperity ranking of Houston was determined by three primary criteria:
True Living Cost: Tracking price changes for essential household necessities.
True Weekly Earnings: Calculating the median weekly earnings of all workers, including part-timers and the unemployed.
True Rate of Unemployment Out of the Population: Measuring the percentage of people unable to find full-time employment with a living wage. - Income Disparities: The analysis reveals that slightly over half of Houston-area households are earning enough to afford basic needs, while 46.4 percent are grappling with financial challenges due to a high cost of living.
- Cost of Living Increase: The report highlights a substantial 58.2 percent increase in the total costs of necessities for a 4-person family in Houston since 2005, reaching $85,492.
- Earnings and Purchasing Power: Despite the challenges, Houstonians are bringing home higher weekly earnings ($894.89), showing an 8.2 percent increase in purchasing power since 2005. On average, Houston households have 8.1 percent of their income remaining after meeting essential needs.
- Unemployment Rate: Houston's "True Rate of Unemployment Out of the Population" is reported to be 63 percent, reflecting the percentage of individuals unable to secure full-time employment with a living wage.
Comparison with Other Texas Metro Areas: While Houston secured the 30th position, other Texas metro areas featured prominently, with Austin-Round Rock claiming the 2nd spot nationally and San Antonio-New Braunfels ranking 13th. Dallas-Fort Worth-Arlington secured the 26th position. - National Rankings: The top 10 highest-performing economies in the U.S. are led by San Jose-Sunnyvale, Santa Clara, California, followed by Austin-Round Rock, San Francisco-Oakland-Hayward, and others.
Considering these findings, LISEP emphasizes the importance of using real-world data to aid policymakers in understanding and addressing the dynamics of local economies, especially in the context of the challenges faced by low-income and working-class families. The report aims to contribute valuable insights to policymakers for identifying successful strategies and areas that require improvement in fostering economic prosperity.
source: HTTPs://houston.innovationmap.com/
Transforming Houston: Council Greenlights Progressive Changes for Affordable Housing and Pedestrian
Real Estate Articles / Nov 23, 2023
Revolutionizing Houston\'s Housing Landscape: City Council Approves Sweeping Changes for Affordable Housing and Pedestrian Safety
Not All Industrial Real Estate Is The Same
Real Estate Articles / Jun 25, 2023
Industrial real estate includes manufacturing, logistics, and flex or R&D buildings. Find out which of these real estate investments is the most profitable for you.
Industrial development on the rise in Texas real estate 2023
Real Estate Articles / Apr 04, 2023
Texas has become a place of choice for businesses because of its growing population. This growth has led to increased demand for commercial real estate development, specifically industrial development. This rise is set to continue until the end of 23
Reviving Campus Spaces: Adaptive Reuse Solutions for Modern Education
Real Estate Articles / Jan 26, 2024
Transformative Real Estate: Navigating the Evolution of College Campuses through Adaptive Reuse and Strategic Solutions
Late 2022, Early 2023 Market Trends
Real Estate Articles / Dec 05, 2022
Real estate investors are keen to invest in real estate. End of year real estate trends and market predictions and trends that can be expected in commercial real estate for 2023.
Revolutionizing Student Housing: Advancements in Development and Design
Real Estate Articles / Jan 17, 2024
Capital Market Challenges and Design Evolution in Student Housing Development: Navigating Financing Hurdles, Innovative Trends, and Future Prospects in 2024
Crypto is changing the real estate industry. Invest in real estate using crypto currency!
Real Estate Articles / Sep 01, 2022
With the economic inflation rising, the real estate and financial market is undergoing changes. Crypto currency is the new trend in real estate and in the investment world as more people are using crypto to invest in real estate.
Who Should Invest In Commercial Real Estate
Real Estate Articles / Mar 16, 2019
There are several reasons why someone would choose to invest in commercial real estate.
How you can profit from investing in Texas wetlands
Real Estate Articles / Dec 21, 2022
Wetlands are profitable investments if done right. Texas has multiple real estate investment options, including wetlands and you can get great returns on investment from them.
Navigating Challenges in Affordable Housing Finance: Strategies for Developers
Real Estate Articles / Dec 08, 2023
Developers in the affordable housing sector face unprecedented challenges in financing that are primarily revolving around construction-related hurdles.
