File photo
File photo
A forecast released by the Greater Houston Partnership shows the Houston metro area will create between 35,000 and 52,000 new jobs in 2021, signaling an ongoing recovery following the economic devastation of the COVID-19 pandemic.
The additional jobs are expected to materialize in the second half of 2021 as America bounces back from over a year's worth of lockdowns, job cuts and budget crises at the state and federal level.
Greater Houston expects the majority of jobs to be created in administrative support services, health care and social assistance, manufacturing, and professional services. Energy and retail are expected to be the slowest growers during the recovery period.
Job creation will be dependent on a series of factors including oil prices of $50 per barrel, coronavirus infection rates below 40,000 per day, and real GDP growth at 4.5% or higher.
The Partnership's senior vice president of research Patrick Jankowski believes 2021 will be a two-part recovery with sluggish growth during the first half of the year and a surge in demand during Q3 and Q4.
“As the pandemic subsides, a wave of pent-up demand will be unleashed," Jankowski said. "Businesses will restart projects suspended the year before. Consumers, not wanting to forgo another vacation, will book flights or load up their SUVs. Energy consumption will grow, oil prices will rise, and drilling activity will pick up."
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