The Houston economy faces a period of adjustment as the energy and manufacturing industries shrink while restaurants and retail businesses contend with fewer customers and lower sales volumes as the coronavirus keeps people out of stores and dining establishments, a local economist said Tuesday.
The bright spot is the residential Real Estate Market as the record low mortgage rate drives sales, benefiting both buyers and sellers, said Patrick Jankowski, an economist at the greater Houston Partnership, a business finance economic development group.
READ ALSO: Should Landlord Stop Rent-Owing Tenants From Moving Out?
The Houston economy in recent months has taken a double hit from the pandemic that shut down businesses and a related oil pice crash that followed a plunge in energy demand as air travel plummented and people stayed home. Even as retailers and restaurants have recovered jobs with the reopening of the economy, layoffs continue across oil and gas companies and manufacturers.
Source: Houston Chronicle
