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What to Expect from Partnership’s 2023 Houston Facts Release

Published Jul 25, 2023 by Brina Morales

White Oak Bayou Hike & Bike Greenway Trail (Courtesy: Lance Childers, Houston First Corporation)

The Houston region remains an economic powerhouse as it continues to attract new companies, investment and talent, according to the Greater Houston Partnership’s upcoming 2023 Houston Facts publication. 

Houston Facts has presented unvarnished information about the Houston region since 1959, and its predecessor publications—under different names, but with the same objective—dating back to 1906. Today, Houston Facts is a comprehensive almanac for the Houston region. 

Here are four valuable facts you can expect from this year’s edition, developed by the Partnership’s Research team and sponsored by Fifth Third Bank. The Research team, led by Chief Economist Patrick Jankowski, will provide a first look and additional insight into the 2023 Houston Facts publication on August 2. Click here to register for the special presentation.

Economy
Houston saw the second-best year on record for employment growth in 2022, with the metro area adding 145,700 jobs. Several factors are driving Houston’s growth including, a strong U.S. economy, close ties to the global economy, a surge in corporate activity and sustained population growth. The Partnership identified 540 companies that have announced relocations, expansions, or start-up operations in the region in 2021 and 2022. 

Demographics 
The Houston region is home to 7.3 million people and had the second largest numeric increase in population of any U.S. metro between July 2021 and July 2022, according to the most recent Census figures. Houston is also home to many people who were born outside of the U.S. – nearly one in four Houstonians, or 1.7 million residents, are foreign-born. 

Cost of Living
The region remains the second most affordable major metro among the nation’s 20 most populous metro areas. Houston’s living costs are 34.1 percent below the average of those 20 metro areas, and our overall living costs are 7.9 percent below the U.S. average. Housing costs also remain low with the region 89 percent below the average for the nation’s most populous metro areas and 17.9 percent below the average for all U.S. metros. 

Energy Transition Investment
As the region positions itself as the leader in the global energy transition, Houston has seen constant growth in annual energy transition investments over the last five years. Houston-based energy transition startups, businesses, and companies secured $6.1 billion in financing from private market investments in 2022, showing a 61.9 percent increase compared to the previous year.

Learn more about the Economy Series on August 2 to delve deeper into the insights of the 2023 Houston Facts publication, presented by Fifth Third Bank.

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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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