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Report: Houston’s Global Economy Thrives, Setting New Records

Published May 02, 2024 by Brina Morales

Global

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:

  1. China -- $31.8 billion, down from $32.1 billion in 2022.
  2. Mexico -- $28.7 billion, down from $32.0 billion in 2022.
  3. Netherlands -- $26.5 billion, up from $19 billion in 2022.
  4. South Korea -- $22.9 billion, down from $24.7 billion in 2022.
  5. Brazil -- $15.6 billion, down from $20.3 billion in 2022.
  6. Germany -- $15.1 billion, up from $15.0 billion in 2022.
  7. Japan -- $13.1 billion, down from $14.2 billion in 2022.
  8. United Kingdom -- $13.1 billion, down from $15.9 billion in 2022.
  9. India -- $13.0 billion, down from $15.5 billion in 2022.
  10. Singapore -- $11.4 billion, down from $14.0 billion in 2022.

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