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Although Houston remains the energy capital of the world, the industry has streamlined and redefined itself. The city’s history has been intertwined with that of the energy industry since the discovery of oil at Spindletop in East Texas in 1901. Within 10 years, that discovery led to the founding of The Texas Company (now Chevron) and Humble Oil and Refining Company (now ExxonMobil), both with operations based in Houston.
During this same period, in his shop near downtown Houston, Howard Hughes, Sr. was inventing the rotary drill bit that was to revolutionize oil and gas drilling. Then, in 1927, another pivotal development in energy industry history occurred in Houston. Schlumberger began its pioneer wire line well testing, becoming one of many international energy firms to operate from this city.
Today, Houston’s economy is still based on energy, but to a lesser extent than in the boom days. The city is an industrial, commercial, educational and financial center. Its diverse economy comprises space and science research firms, universities, leading medical facilities, technology companies, telecommunications, shipyards, grain elevators and a wide range of other businesses. The emphasis on international trade is expanding every year, and will be a prominent theme in the city’s continued economic development.
Houston, with 2.24 million residents in mid-2008, is the fourth most populous city in the United States, trailing only New York, Los Angeles and Chicago. The 10-county Metropolitan Statistical Area (MSA) has a population of 5.88 million in mid-2009, ranking sixth nationally.
Between 2000 and 2030, according to Woods & Poole Economics, the 10-county Houston MSA will rank sixth among the nation’s metropolitan areas in population, adding 2.66 million people.
Kiplinger's Personal Finance named Houston the No. 1 city in the country to live and work, based on its strong economy, abundant jobs, reasonable living costs and fun things to do (2008).
Houston ranked as the No. 2 city for Fortune 500 headquarters in Fortune magazine (2010).
Forbes.com ranked Houston as the No. 3 city in the country for jobs and best city to get ahead. (2010)
Houston ranked No. 1 city on Fortune's 100 Fastest Growing Companies (2010).
Twenty-five companies on the 2010 Fortune 100 Fastest Growing Companies list —a sixth of the list nationwide — are headquartered in the Houston metropolitan area. Houston has more Fortune 100 fastest growing companies than any other U.S. state, other than California, which has 18. Florida, Massachusetts, New York, and Oklahoma combined have fewer companies than Houston.
The Houston MSA’s Gross Area Product (GAP) in 2009 was $403.8 billion, according to The Perryman Group — slightly larger than that of Colombia, Belgium, Malaysia or Venezuela Gross Domestic Product (GDP).
Only 22 nations other than the U.S. have a GDP exceeding Houston's.
Source: The Greater Houston Partnership
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