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Economy at a Glance - June 2024

This issue of Glance examines city of Houston population growth, the health of the local housing market, highlights of the latest Kinder Houston Area Survey, and the near-term outlook for the U.S. economy.
Published on 6/5/24

CITY POPULATION UPDATE

The City of Houston is growing again. After struggling to retain population after Hurricane Harvey and losing population during the COVID-19 pandemic, the city added more than 23,000 residents over the past two years.

Houston is bucking the trend that plagues many of its peers. Of the nation’s 100 most populous cities, 43 lost population between ’21 and ’23. For some, the population losses were significant.

Though Houston’s most recent gains were modest, they’re sustainable, unlike those of the Fracking Boom (’11-’14) when the city averaged 40,000 new residents per year. Houston’s gains also rank among the largest of the nation’s 19,000 towns and cities.

The cities enjoying the most robust growth have several characteristics in common. First, they’re in metro areas that quickly recovered their pandemic job losses.  Employment in these regions is at an all-time high.

The nation’s fastest growing cities are also in metros where the cost of living is substantially lower than cities that are losing population. The data in the following chart comes from the Council for Community and Economic Research’s quarterly Cost of Living Index, which examines housing, utility, food, health care, and transportation costs in 264 metro areas. The index does not factor in local taxes.

The nation’s fastest growing cities are also in metro areas where housing tends to be more affordable.

Cities with the largest gains also tend to have lower state tax burdens. Conversely, the cities with shrinking populations tend to have higher tax burdens.

Other factors come into play as well. For instance, except for Seattle, the nation’s fastest growing cities tend to be in the sunbelt. 

Where Houston Ranks

The City of Houston’s population now exceeds 2.3 million, ranking it as the nation’s fourth most populous city. Five of the nation’s most populous cities are now in Texas. San Antonio is the nation’s seventh most populous and could overtake No. 6 Philadelphia by the end of the decade.

To continue reading, download this report.

Note: The geographic area referred to in this publication as “Houston,” "Houston Area” and “Metro Houston” is the ten-county Census designated metropolitan statistical area of Houston-Pasadena-The Woodlands-Sugar Land, TX. The ten counties are: Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto, and Waller.

Key March Takeaways

Here are the facts to know about the Houston region this month
1
June Takeaway #1
Unlike many U.S. cities, Houston has added population in recent years.
2
June Takeaway #2
Metro Houston area leads the nation in new and existing home sales.
3
June Takeaway #3
Across every demographic and income level, more Houstonians are excited about the future than worried.

Want to learn more? Contact our Research Team:

Patrick Jankowski, CERP
Senior Vice President, Research
713-844-3616

Previous Issues of Economy at a Glance

MAY
2024
Houston’s Ties to the Global Economy
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APR
2024
Population Gains, Relocations and Expansions, Housing Affordability, and Job Growth
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MAR
2024
The pandemic’s impact on Houston
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FEB
2024
Local and U.S. economic trends
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JAN
2024
Employment Forecast Summary, Houston GDP, and Job Growth
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DEC
2023
Houston exports, employment, the business climate in Texas, and a peek into Partnership’s forecast for 2024
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NOV
2023
Houston’s population compared to other major U.S. metros
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OCT
2023
Shifts in Houston’s Demography
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SEPT
2023
The Houston Ship Channel, the outlook for business in Texas, and local employment trends
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AUG
2023
The Pivot from Recession to Resilience
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JUL
2023
Mid-Year Report
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JUN
2023
The Global Economy, Home Sales, and Construction
Read Report
MAY
2023
U.S. Economic Outlook and Houston's Energy Industry
Read Report
APR
2023
Houston's population growth and employment revisions
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MAR
2023
U.S. Recession and Houston's Key Indicators
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FEB
2023
The Year in Review
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JAN
2023
The U.S. Economy and Houston's GDP Estimates
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DEC
2022
Recovery in the Oil and Gas Industry
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NOV
2022
Metro Houston's Job Growth and the Apartment Market
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OCT
2022
Exploring Population Changes Through the ACS
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SEPT
2022
Recession? Maybe, Maybe Not
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AUG
2022
Houston at Mid-Year
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JUL
2022
The Houston Housing Market, Affordability, and Recent Shifts
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JUN
2022
Economic Recovery, Population Growth & Global Houston recap
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MAY
2022
Economic recovery, rising costs & labor force
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APR
2022
Population growth and employment data
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MAR
2022
Local Impact of a Global Event
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FEB
2022
Post-Analysis of 2021 Houston Economy
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JAN
2022
Omicron, GDP, Employment
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DEC
2021
2022 Employment Forecast
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NOV
2021
Job Gains, Real Estate, Exports
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OCT
2021
Inflation, Employment & Global Innovation
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SEP
2021
Employment, Oil & Gas, Containerized Exports, and Housing
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AUG
2021
Delta Variant, Rebounding Travel, Economic Growth and Population Gains
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JUL
2021
Energy Transition, Recovery Bottlenecks, & the Worker Shortage
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JUN
2021
Economic Recovery, Multifamily, Population & More
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May
2021
Housing Boom and Robust Recovery
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APR
2021
Pandemic Recovery, Tech Workforce
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MAR
2021
Pandemic Employment Data
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FEB
2021
Coronavirus Impact and 2021 Outlook
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JAN
2021
Racial Demographics and Population Shifts
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NOV
2020
U.S. Recovery, 2021 Outlook
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OCT
2020
U.S. Recovery, Houston Update
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SEP
2020
COVID-19 Impact on Economy
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AUG
2020
Energy Change Over Time
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JUL
2020
COVID-19 Update, Houston Unemployment
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JUN
2020
COVID-19 Update, Affected Sectors, Energy
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MAY
2020
U.S. & Texas Outlook, GDP
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APR
2020
COVID-19 Update, PMI, Industry Outlook
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MAR
2020
Economic Impact, Global Outlook, Recession Probability
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FEB
2020
U.S.-China Trade Deal, USMCA
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JAN
2020
Houston GDP, Energy, Jobs
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DEC
2019
Sector by Sector Forecast for 2020
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NOV
2019
Houston Region Demographic Update 2
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OCT
2019
Houston Region Demographic Update 1
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SEP
2019
Houston's Growth Engines
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AUG
2019
PMI, Commercial Real Estate & Housing
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More Insight & Analysis

Monthly Update: Inflation

Review the latest data on inflation in the Houston area. 

Monthly Update: Employment

Review the latest data on jobs in the Houston region. 

Monthly Update: Purchasing Managers Index

Review the latest data on this key economic indicator. 

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