On Bauer Business Focus — A conversation on Houston’s economic outlook with Andrew Schneider, business reporter for KUHF 88.7 FM.
Since the financial crisis in 2008, the city of Houston has fared well compared to the rest of the nation. As residents look to 2013, economic experts are forecasting a year driven by energy.
Bill Gilmer, director of the Institute of Regional Forecasting at the C. T. Bauer College of Business, stopped by Bauer Business Focus recently to discuss the economic outlook for the coming year in the city of Houston.
“Houston came out of this recovery doing extraordinarily well, much like the rest of the Texas economy,” Gilmer said. “Energy has done extremely well in the global markets and demand from other countries, so Houston has done well by ignoring the U.S. economy and tapping into other markets.”
Even so, there are uncertainties looming in 2013 that could have impact on the local economy, Gilmer said.
“The congressional budget office has forecast a moderate recession if we don’t increase taxes across the board or cut spending as drastically as proposed. With Europe already in recession, I’m sure that’s going to put a lot of downward pressure on oil prices meaning at best, a big slow down for Houston if not an actual decline.”
Click here to hear the full interview.