Houston

Economy

Since the economic recession of the 1980s, Houston has been one of the nation's leaders in high-growth private enterprise. A major international and corporate business center, there are 15 Fortune 500 companies located there. Although energy has been the primary growth catalyst in Houston's economy since oil was discovered in 1901, the Houston of the 1990s is a city no longer dependent on the energy industry.

Over 220,000 jobs were lost during the economic recession of the 1980s. However, even during the recession's oil and gas crisis, energy technology, expertise, and resources stayed in the area. Houston remained a leading city in energy production and home to more than 5,000 energy-related companies. Today it is the home of major U.S. energy firms in every sector of the energy business. Yet, even with all the expertise and resources in the energy field, Houston has managed to diversify its economy enough to break its total dependence the energy industry and branch out to other fields.

Houston has taken center stage as the primary player in manned space-flight with NASA's Johnson Space Center. Originally opened in 1962, the $761 million complex became the national focal point for manned space flight. Today, the complex remains a crucial center of technological development, pumping almost $3.7 million per working day into the economy of Houston, and employing nearly 17,000 people.

High-technology and medicine companies have also grown as Houston has climbed out of its recession. A $25 million Institute of Biosciences and Technology was constructed by Texas A & M University, and the Texas Center for Superconductivity at the University of Houston was constructed out of state funds. The Texas Medical Center also ranks Houston as a prime location for the development of modern high-technology medicine in the United States. The Center has 39 institutions that occupy over 223 hectares (550 acres) and employ more than 50,000 people. Houston's total health employment exceeds 100,000. The development of high technology and medicine have strengthened Houston's economy and made it a national leader in these fields as well.

Houston has emerged as a world leader in the chemical industry. Over 45 percent of the basic chemicals that are used by downstream chemical ventures are manufactured in Houston. Approximately 80 inorganic (most notably, about half of the nation's synthetic rubber) and 300 organic products are produced near Houston. Home to four of the nation's ten major liquid gas pipelines, the world's most developed pipeline network with specialty and derivative chemicals, Houston is a major manufacturing center.

In terms of tonnage handled, the Port of Houston is the eighth largest in the world. Served by hundreds of different steamship lines, Houston is connected to 250 ports worldwide. Boasting the largest Foreign Trade Zone in the United States, the Port of Houston owes more than half of its cargo to foreign trade. More than half of the Port's export tonnage can be attributed to agricultural products.