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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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Texas Lawmakers Prioritize Economic Growth with New Committees

1/30/25
Every Texas legislative session brings something new: bold policies, fresh faces on the chamber floor, or, in this case, a new focus on making the Texas economy bigger and better. This year, the Texas House and Senate have restructured their standing committees, creating stand-alone panels to emphasize economic development and other key drivers of the state’s economy. In the Texas Senate, returning Senator Phil King will chair the newly formed Committee on Economic Development. Previously, the committee was a policy-combination focusing on Natural Resources and Economic Development. King, who previously served as Vice-Chair for the Senate Committee on Business & Commerce, said he is excited to take on the leadership position in the upper chamber. “I am honored that Lt. Gov. Patrick has entrusted me to lead the Economic Development Committee in Texas, which has the eighth largest economy in the world,” Senator King said in a statement to the Partnership. “We will use this session to discuss policy solutions that can continue to drive our state's economic growth and prosperity over the next two years and beyond. I look forward to hearing from business leaders and local officials from across the state on how we can build upon the Texas Miracle in their communities.” The Texas House created the Committee on Trade, Workforce, and Economic Development. Under first-term Speaker Dustin Burrows, the House will have a committee focused on the workforce and expanding the talent pipeline for the first time. Committee assignments for the Texas House have yet to be released.  Burrows told the Partnership he is committed to seeing Texas build a bigger and better economic engine for future generations.  "The Texas House remains focused on delivering legislative solutions that will strengthen our state's mighty economy and provide more economic opportunities for hardworking Texans," said Speaker Dustin Burrows. "This session, the House's new Committee on Trade, Workforce, and Economic Development will take a comprehensive approach to ensuring businesses have the freedom and tools to thrive in our state, with a newly created subcommittee concentrating on policies to bolster the Texas workforce. The House will also prioritize support for small businesses through legislation that aims to unleash the power of Texas entrepreneurship in communities across the state by cutting taxes and reforming the regulatory process." It’s too soon to say which bills will go to these committees. For now, a review of the interim reports from the previous committees points to support of key policy priorities for the Partnership: Early Childhood Education: the House and Senate both recognized a statewide need for expanding programs that support families and young children in education/developmental programs The successful implementation of the Lone Star Workforce of the Future Fund [HB 1755 - 89(R)] is compelling lawmakers to invest further in innovation and growth for apprenticeship and training programs. Expanding the available workforce talent pool will remain a priority for the 89th Texas Legislature. Click below to read the full interim reports from the following committees: Senate Committee on Natural Resources and Economic Development House Committee on International Relations and Economic Development To learn more about the Partnership's Legislative Priorities, click here. For more updates and alerts on the Texas Legislature, click here to sign up for our weekly newsletter.
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