HOUSTON (May 2, 2024)— All metrics indicate Houston’s global economy is positioned for continued success, according to the Greater Houston Partnership’s 2024 Global Houston report. The report, which provides an analysis of the global economy and its tie to the Houston region, illustrates how Houston’s international activity in 2023 continued to set records: The Houston-Galveston Customs District continues to rank first in the country in tonnage handled (exports and imports) with over 404.7 million metric tons of goods and commodities, an increase of 6.4 percent from 2022. The Houston-Galveston Customs District ranked first in total value with $344.5 billion for the second consecutive year. Houston led the U.S. in exports, shipping more than $175.5 billion in goods and commodities. Foreign direct investment (FDI) remains strong, with an 18% increase as 52 foreign-owned companies with plans to relocate, expand or start operations, surpassing the 44 projects announced in 2022. The Houston Airport System handled 12.6 million international passengers, finally surpassing pre-COVID levels and setting a record. For the second consecutive year, international migration accounted for the largest share (37.6%) of the region’s population growth. The region attracted 52,500 migrants in 2023, an increase of more than 10% compared to 2022. According to the report, trade disputes, supply chain disruptions and geopolitical tensions remain as global challenges in 2024. Fortunately, foreign governments recognize Houston’s pivotal role in global trade and foreign investment. "While economists expect a slightly weaker year ahead, Houston's robust ties to global markets and the ongoing growth of our major trading partners will continue to support our economy," said Partnership Chief Economist and Senior Vice President of Research Patrick Jankowski. "We remain confident in the strength and resilience of Houston's global economy." The Global Houston report also provides additional statistics and information about Houston’s international business ties and ranks the region’s top 20 trade partners. Top 10 Houston trade partners and the value of trade in 2023: China -- $31.8 billion, down from $32.1 billion in 2022. Mexico -- $28.7 billion, down from $32.0 billion in 2022. Netherlands -- $26.5 billion, up from $19 billion in 2022. South Korea -- $22.9 billion, down from $24.7 billion in 2022. Brazil -- $15.6 billion, down from $20.3 billion in 2022. Germany -- $15.1 billion, up from $15.0 billion in 2022. Japan -- $13.1 billion, down from $14.2 billion in 2022. United Kingdom -- $13.1 billion, down from $15.9 billion in 2022. India -- $13.0 billion, down from $15.5 billion in 2022. Singapore -- $11.4 billion, down from $14.0 billion in 2022.

The former Swift and Co. building, located in Houston’s bustling Heights neighborhood, is set to be transformed into a 4.47-acre mixed-use development.  Expected to begin construction later this year, the development, dubbed the Swift Building, will encompass over 60,000 square feet dedicated to retail, office and restaurant space, all overlooking the popular Heights Hike-and-Bike Trail nearby. According to the Houston Chronicle, Random Capital and Triten Real Estate, the developers behind the initiative, will also enhance pedestrian accessibility to the building by revitalizing the surrounding green space and introducing new entry pathways.   Click to expand Originally established in 1917 as a cottonseed oil refinery, the century-old building later transitioned into one of the region's largest meatpacking facilities during the 1950s, courtesy of Swift and Co. In a bid to safeguard its rich history, the developers are pursuing a historic designation for the building. Anticipated for completion in 2025, the development aims to welcome restaurants within the same year.  This isn't the first revitalization project for this development duo. They previously spearheaded the M-K-T development in the Heights, where they transformed five historic industrial buildings into a vibrant 4-acre mixed-use complex that now boasts 30 restaurant and merchant vendors.  “Swift is a natural extension of our shared vision for M-K-T. Rather than tear down an important symbol of Houston’s — and the Heights' — past, we instead want to embrace its character and repurpose it into a truly unique community amenity and experience,” Scott Arnoldy, founder of Triten Real Estate Partners told the Houston Chronicle.  Click to expand Meanwhile, the developers are concurrently advancing their efforts to revitalize aging structures throughout Houston independently. Random Capital recently unveiled plans to renovate the Tower Theater building, formerly housing Acme Oyster House, along with several neighboring buildings in Montrose, into a pedestrian-friendly retail center. Dubbed 1111 Westheimer, the project will span 35,000 square feet and is slated to commence construction this summer, targeting completion by 2025.  Click to expand Additionally, Triten Real Estate is progressing with its latest project, The Mill, a mixed-use development situated in Houston's East End. The project aims to convert a former industrial lumber mill site into a vibrant mixed-use complex. The initial phase includes 341 multifamily units and over 6,000 square feet of retail space. Subsequent phases will introduce a seven-story parking garage spanning 145,368 square feet.  Discover more about living in Houston.