Washington — Houston’s economy has had some spring in its step thanks to a recovery in oil production after a slump of more than a year. Now, the nation’s fourth largest city faces a new and more daunting challenge: rebounding from an epic storm named Harvey. Downpours have crippled the city and rescue efforts are still ongoing in many neighbourhoods. The economic toll wrought by Harvey, which made landfall south of Houston as a category 4 hurricane, won’t be known for a while and the Federal Emergency Management Agency says more than 450,000 residents will require assistance. Up until now, the outlook for the Houston metropolitan area’s economy, where United Continental Holdings, ExxonMobil and Wal-Mart Stores are among the biggest employers, has been steady. The Federal Reserve Bank of Dallas — whose district spans Texas and parts of neighbouring states — said in its latest summary that "June data were generally positive for Houston, pointing toward a healthy economy". A report fr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.