Houston Economic Update April -2012

8/2/2019 Houston Economic Update April -2012

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April 2012 2012, Greater Houston Partnership Page 1

A publication of the Greater Houston Partnership Volume 21, Number 4April2012

11 Even Better Than First Thought Houston performed better last year thanfirst thought, finishing the year with 3,500 more jobs than the Bureau of Labor Sta-tistics (BLS) previously reported.

The upward bump in employment came from the annual benchmark revisions, areview process that starts each fall and ends with the release of the updated em-ployment data in March. The initial reports are based on a survey sample of area

employers. The revised job counts are based on data available from unemploymentinsurance accounts. In revising the data, BLS looks back over the previous 21months. Because the review dates back to March 10 and Houston first began re-porting job growth in February 10, the revisions provide a clearer picture of Hou-stons recovery. BLS revised several sectors downward, others upward, but thechanges did not significantly alter the Partnerships understanding of Houstons re-covery as reported in previous issues ofGlance:

The recovery began in early 10.

It accelerated in 11,

The region recouped all jobs lost by November 11, and

While employment exceeds pre-recession levels, several individual sectors con-tinue to struggle.

The revisions provide a firm date for when Houstoncompleted its recoveryNovember 11. Thatmonth, nonfarm payroll employment stood at2,642,900. The previous peak was 2,628,300 jobs in

December 08. Houston remains the first of the na-tions 20 largest metro areas to emerge from the re-cession. What follows is a brief description of theemployment revisions in each super sector.

Mining and Logging The recovery in this sector,which in Houston is predominantly oil and gas, be-gan in January 10. BLS revised employment in the

Revisions in a NutshellSignificantupward:finance;professionalandbusinessser

vices;

education

and

health;

leisureandhospitality

Minorupward:manufacturing;trade,transportationand

utilities

Minordownward:miningandlogging;otherservices

Significantdownward:construction,government


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HOUSTONTHE ECONOMY AT A GLANCE


sector down by 800 jobs. Even with the revisions, the sector added 9,100 jobs, a10.9 percent increase over the year, which made it the fastest growing super sector.

Mining and logging should continue adding jobs thisyear but not at the same pace as last year. While the

rig count remains above 2,000, the unusually warmwinter has curtailed demand for natural gas, which inturn has sent prices to their lowest level in 10 years.The lack of a winter draw down has kept inventorieshigh. Low prices and high inventories may curtaildrilling activity and well servicing opportunities inthe coming months and thus temper employmentgrowth in the energy sector.

Construction The construction industry first re-

ported jobs losses in December 07 and the bench-mark revisions show the job downturn was more se-vere than first thought, bottoming out at 45,700 lost

jobs by January 11. That equates to a loss of one inevery five construction jobs in the region.

Recovery has been tepid at best, adding only 1,000jobs of the 13,900 lost in building construction and 3,100 of the 9,600 jobs lost inheavy and civil work. The specialty trades sector (plumbing, electrical, welding,etc.) continues to report job losses.

There are faint signs of a turnaround. McGraw Hill reports that for the first twomonths of 11, building permits are up 11.8 percent compared to the same twomonths last year. The Houston Association of Realtors reports the number ofhomes listed for sale has decline 15.3 percent since February 11. If local housingdemand maintains it current pace there will be a need to increase the pace of homeconstruction later this year. And recent announcements by several chemical com-panies that they will soon break ground on a number of ethylene crackers in the re-gion should boost local employment in heavy construction.

Manufacturing

Employment in this sector peaked in November 08, bottomed

out in March 11, and has since recouped 13,000 of the 29,500 jobs lost in the re-cession. The boom in drilling activity has boosted the demand for durable goods(industrial and oil field equipment, machinery, computers and fabricated metalproducts) and the workers needed to produce them. The weak housing market hasreduced the demand for nondurables (in Houston, mainly chemicals and refinedproducts) and the need for workers to produce them. BLS revised employment in

Sectors Where Em-ployment ExceedsPre-

Recession LevelsAmbulatoryhealthcareBuildingsupplystoresClothingstoresComputersystemsdesignEducationalservicesEmploymentservicesFoodandbeveragestoresHealthcarestoresHospitalsMachinerymanufacturingOilandgasextractionPersonalservicesPipelinetransportationRestaurantsandbarsSecuritiestrading


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durables up by 2,400 jobs and in nondurables down by 1,800 jobs for a net gain of600 jobs.

Manufacturing employment should continue to grow. The Houston PurchasingManagers Index (PMI), a leading indicator of local production activity, has re-

mained above 50 for the past 29 months. Any reading above 50 signals continuedproduction gains in the near term. With the PMI at 59.6 in February, the outlookremains favorable for continued recovery in manufacturing.

Trade, Transportation and Utilities The sub-stantial job losses from the United-Continentalmerger were not apparent until the benchmark re-visions. Air transportation lost 4,500 jobs in 11,one in every six jobs in Houstons air transportsector. Retail trade grew faster than originally

thought, adding an additional 1,500 jobs to lastyears total. Trucking employed 1,100 more thanfirst estimated. Wholesale trade was revised up-ward by 200 jobs. In spite of the losses in airlineemployment, this sector has recovered two-thirdsof the jobs lost in the recession and is well on itsway to full recovery.

Information The information sector includes newspapers, magazines, radio,television, cable, movies, software and telecommunications. Even though BLS re-

vised employment up by 2,000 jobs it has yet to recover any jobs lost in the reces-sion and remains 4,800 below its December 08 level.

Financial Activities BLS revised year-end employment in this sector upward by2,600 jobs, 2,100 in finance and 500 in real estate. Banks are reporting a modestuptick in loan demand and energy lending remains robust. The increased demandfor residential, commercial and industrial properties translates into continued jobgrowth in this sector.

Professional and Business Services Revised estimates show architectural and

engineering services added 3,900 more jobs than originally thought, a direct resultof the increase in energy activity. Employment services added 10,700 more jobsthan first reported, an indicator that firms continue to rely on contract workers ra-ther than hiring full-time permanent employees. The sector as a whole has re-couped 94.6 percent of the jobs lost in the recession.

Educational and health services Not only did this sector never lose jobs duringthe recession, it performed better than first reported. BLS revised employment up

Sectors Where Less Than10% of Lost Jobs Have

Been RecoveredAirtransportationArts,entertainment,recreationBusinesswholesalingConstructionofbuildingsSpecialtytradescontractorsTelecommunicationsRealestateRefining


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by 6,300 jobs in this sector. Educational and health services now account for one inevery eight jobs in the region.

Leisure and Hospitality BLS revised leisure and hospitality upward by 2,700

jobs, the bulk of the revisions occurring in food services and dining places. Evi-

dently, Houstonians tired of eating at home and returning to dining out sooner thananticipated.

Other Services This sector includes repair and maintenance services, personalcare services, funeral services, dry cleaners, religious and nonprofit associationsand professional associations. Job growth was weaker here than previously stated,and this carried over into 11. The sector created 2,700 fewer jobs last year thanfirst estimated but still remains above its pre-recession peak.

Government Losses in government were much deeper than initially estimated.

Federal, state and local agencies lost 5,400 more jobs than originally reported. Lo-cal government was impacted the most, being revised downward by 6,900 jobsfrom original estimates.

Since the Benchmark Revisions Texas Workforce Commission (TWC) re-leased estimates showing that the Houston-Sugar Land-Baytown Metropolitan Sta-tistical Area led all other Texas metro areas in job growth during the 12 monthsending February 12. Houston created 93,400 jobs, a 3.7 percent annual increase.The Dallas-Fort Worth-Arlington MSA ranked second with 79,400 jobs, a 2.8 per-cent increase, and Austin-Round Rock-San Marcos ranked third with 25,800 jobs,

a 3.3 percent increase over the same time frame.

Houstons job growth would have been stronger if not for the current weakness inthe public sector. TWC reports Houstons private sector created 100,800 jobs overthe past 12 months while the public sector lost 7,400 jobs. Private sector jobgrowth was led by health care and social assistance, which added 22,800 jobs, pro-fessional and business services, which added 17,700 jobs, leisure and hospitality,which added 13,800 jobs; retail trade, which added 12,800 jobs, mining and log-ging (e.g., oil and gas), which added 9,100 jobs, and manufacturing, which added8,900 jobs. Several sectors continue to report job losses. Transportation, warehous-

ing and utilities lost 600 jobs and information lost 700 jobs. The bulk of public sec-tor decline occurred in local government, which lost 6,300 jobs.

Another Trade Record Set For the sixth consecutive month, the Houston-Galveston Customs District set a record in trade. As of January 12 the 12-monthtotal in trade value reached $269.7 billion. Prior to the recession, the 12-month to-tal trade value reached its peak in October 08 with $245.1 billion. Houston sur-passed that peak in August 11 with $250.4 billion and has continued to grow since


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then. Houston is the third largest district in the U.S. and the largest customs districtin Texas and along the Gulf Coast.

For the month, Houston handled cargo valued at $22.8 billion in January 12, up8.1 percent from $21.1 billion handled in January 11. Exports totaled $9.9 billion

in January, up 5.2percent from $9.4billion a year ago.Five commoditiesaccounted for 76.4percent of all ex-ports through thedistrict. Thesecommodities in-clude mineral fuel

and oil ($3.6 bil-lion), industrialmachinery ($1.6billion), organicchemicals ($1.4billion), plastics($539.0 million),and electric machi-nery ($432.6 mil-

lion).

Imports totaled $12.9 billion in January 12, up 10.4 percent from $11.7 billion ayear ago. Five commodities accounted for 82.0 percent of all imports through thedistrict. These commodities include mineral fuel and oil ($7.9 billion), industrialmachinery ($909.3 million), articles of iron and steel ($824.7 million), electric ma-chinery ($585.6 million), and organic chemicals ($368.9 million).

Trade with Asia is anticipated to increase beginning this summer as a new all-water service connecting Asia and Houston has been announced by COSCO Con-

tainer Lines America, Inc. This service, the Gulf of Mexico Express (GME), willtravel via the Panama Canal and be the first direct container liner service fromChina to the Port of Houston in nearly a decade. The addition of the GME resultsfrom a desire to meet the rising demands of the Houston regions fast-growingpopulation and strong economy, as well as the utilization of Houstons intermodalsystem to transport commodities throughout the U.S.

Auto Sales on the Rise The 10-county Houston metropolitan area experiencedstrong vehicle sales in February, totaling 24,774 new cars, trucks and SUVs, ac-

0

50

100

150

200

250

300

Jan08 Jan09 Jan10 Jan11 Jan12 Jan13

$B

illions

HoustonCustoms

District

Total

Trade

Value

(12monthtotal)

Exports12monthtotal Imports12monthtotal

Source:AdaptedfromWISERTrade:InternationalTradeDatabase,WISERLLC,Copyright2004.

NoClaimtoOriginalUnitedStatesGovernmentWorks.AllRightsReserved.


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cording to the latest TexAuto Facts Report, published by InfoNation, Inc. of SugarLand. This is 36.8 percent higher than the 18,110 vehicles sold in February 11and the highest sales for the month of February since 07. Over the previous 12months, Houston-area dealers sold 267,000 vehicles, the highest 12-month totalsince March 09. This also marks the fifth straight month of year-to-year gains.

The market share of truck/SUV monthly sales for the Houston region dropped to55.3 percent in February 11, its lowest point in eight months. Since June 11, themarket share of trucks and SUV monthly sales has not fallen below 56.8 percent.The decrease in truck sales coupled with an increase in sales of entry level andmid-range vehicles also led to a slight drop in the average retail sales price per ve-hicle from $33,699 in January to $33,324 in February.

The change in marketshare of truck sales

may be the first signof consumer responseto rising fuel prices.Despite the drop intruck sales in Febru-ary, the current shareof trucks remains rel-atively high com-pared to the spike infuel prices in 08.The average price ofregular gas in theGulf Coast shot up

from $2.94 per gallon in February 08 to $3.94 in July 08. During these sixmonths, the market share of trucks dropped from 58.7 percent to 49.4 percent. Inother words, a one dollar increase in gas prices over that period led to a 9.3 percen-tage point decrease in truck market share.

150

200

250

300

350

400

1/02 1/03 1/04 1/05 1/06 1/07 1/08 1/09 1/10 1/11 1/12

Vehicles(000s)

Source:InfoNation

VehicleSales,12MonthTotal,HoustonMetroArea,'02 '12


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Patrick Jankowski andJenny Hsu contributed to this issue ofHouston:The Economy at a Glance.

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Houston Economic Indicators

A Service of the Greater Houston Partnership

Most Year % Most Year

Month Recent Earlier Change Recent Earlier Cha

ENERGY

U.S. Active Rotary Rigs Feb '12 1,990 1,718 15.8 1,994 * 1,715 *

Spot Crude Oil Price ($/bbl, West Texas Intermediate) Feb '12 102.29 88.45 15.6 100.88 * 88.72 *

Spot Natural Gas ($/MMBtu, Henry Hub) Feb '12 2.55 4.01 -36.4 2.61 * 4.23 *

UTILITIES AND PRODUCTION

Houston Purchasing Managers Index Feb '12 59.6 59.6 0.0 59.7 * 58.9 *

Nonresidential Electric Current Sales (Mwh, CNP Service Area) Feb '12 3,860,890 3,838,333 0.6 3,937,512 3,945,169

CONSTRUCTION

Total Building Contracts ($, Houston MSA) Feb '12 809,205,000 674,433,000 20.0 1,519,389,000 1,359,380,000

Nonresidential Feb '12 373,899,000 276,518,000 35.2 632,922,000 669,063,000

Residential Feb '12 435,306,000 397,915,000 9.4 886,467,000 690,317,000

Building Permits ($, City of Houston) Feb '12 394,105,210 207,259,860 90.2 750,333,754 412,976,235

Nonresidential Feb '12 257,732,987 128,803,399 100.1 525,976,800 277,210,051

New Nonresidential Feb '12 84,117,845 34,408,046 144.5 170,136,276 93,223,153 8

Nonresidential Additions/Alterations/Conversions Feb '12 173,615,142 94,395,353 83.9 355,840,524 183,986,898 9

Residential Feb '12 136,372,223 78,456,461 73.8 224,356,954 135,766,184

New Residential Feb '12 120,545,595 64,890,112 85.8 192,923,902 108,217,370 7

Residential Additions/Alterations/Conversions Feb '12 15,826,628 13,566,349 16.7 31,433,052 27,548,814

Multiple Listing Service (MLS) Activity

Closings Feb '12 4,561 3,938 15.8 8,193 7,405Median Sales Price - SF Detached Feb '12 149,900 150,990 -0.7 144,900 * 144,845 *

Active Listings Feb '12 42,206 49,836 -15.3 42,137 * 49,680 * -

EMPLOYMENT (Houston-Sugar Land-Baytown MSA)

Nonfarm Payroll Employment Feb '12 2,637,100 2,543,700 3.7 2,611,400 * 2,535,800 *

Goods Producing (Natural Resources/Mining/Const/Mfg) Feb '12 494,800 474,500 4.3 492,300 * 471,500 *

Service Providing Feb '12 2,142,300 2,069,200 3.5 2,119,100 * 2,064,300 *

Unemployment Rate (%) - Not Seasonally Adjusted

Houston-Sugar Land-Baytown MSA Feb '12 7.2 8.4 7.4 * 8.6 *

Texas Feb '12 7.2 8.2 7.4 * 8.4 *

U.S. Feb '12 8.7 9.5 8.8 * 9.7 *

Unemployment Insurance Claims (Gulf Coast W DA)

Initial Claims Dec '11 17,037 19,879 -14.3 19,823 * 21,998 *

Continuing Claims Dec '11 76,104 90,517 -15.9 80,032 * 101,755 * -

TRANSPORTATION

Port of Houston Authority Shipments (Short Tons) Jan '12 3,574,745 3,479,539 2.7 3,574,745 3,479,539Air Passengers (Houston Airport System) Feb '12 3,665,391 3,363,656 9.0 6,839,596 6,571,606

Domestic Passengers Feb '12 3,040,237 2,753,033 10.4 6,156,829 5,889,450

International Passengers Feb '12 625,154 610,623 2.4 682,767 682,156

Landings and Takeoffs Feb '12 66,108 63,166 4.7 133,359 133,181

Air Freight (000 lb) Feb '12 69,927 73,170 -4.4 145,444 141,704

Enplaned Feb '12 36,008 34,048 5.8 75,975 69,518

Deplaned Feb '12 33,919 39,122 -13.3 69,469 72,186

CONSUMERS

New Car and Truck Sales (Units, Houston MSA) Feb '12 24,774 18,110 36.8 52,582 40,578

Cars Feb '12 11,076 7,720 43.5 22,620 17,232

Trucks, SUVs and Commercials Feb '12 13,698 10,390 31.8 29,962 23,346

Total Retail Sales ($000,000, Houston MSA, NAICS Basis) 3Q11 23,568 21,370 10.3 69,992 62,681

Consumer Price Index for All Urban Consumers ('82-'84=100)

Houston-Galveston-Brazoria CMSA Feb '12 204.291 197.224 3.6 203.338 * 196.358 *

United States Feb '12 227.663 221.309 2.9 227.164 * 220.766 *

Hotel Performance (Harris County)

Occupancy (%) 4Q11 58.5 53.0 60.0 * 55.2 *

Average Room Rate ($) 4Q11 89.77 87.25 2.9 90.91 * 88.66 *

Revenue Per Available Room ($) 4Q11 52.49 46.23 13.5 54.60 * 49.00 *

POSTINGS AND FORECLOSURES

Postings (Harris County) Mar '12 3,048 3,986 -23.5 9,734 12,602 -

Foreclosures (Harris County) Mar '12 767 878 -12.6 2,771 2,462

YEAR-TO-DATE

TOTAL OR YTD AVERAGE*MONTHLY DATA


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Sources

Rig Count Baker Hughes IncorporatedSpot WTI, Spot Natural Gas U.S. Energy Information AgencyHouston Purchasing Managers National Association ofIndex Purchasing Management

Houston, Inc.Electricity CenterPoint EnergyBuilding Construction Contracts McGraw-Hill Construction

City of Houston Building Permits Building Permit Department, Cityof Houston

MLS Data Houston Association of RealtorsEmployment, Unemployment Texas Workforce Commission

Port Shipments Port of Houston AuthorityAviation Aviation Department, City of

HoustonCar and Truck Sales TexAuto Facts Report,

InfoNation, Inc., Sugar Land TXRetail Sales Texas Comptrollers OfficeConsumer Price Index U.S. Bureau of Labor Statistics

Hotels PKF Consulting/Hospitality AssetAdvisors InternationalPostings, Foreclosures Foreclosure Information & Listing

Service


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HOUSTON MSA NONFARM PAYROLL EMPLOYMENT (000)Change from % Change from

Feb '12 Jan '12 Feb '11 Jan '12 Feb '11 Jan '12 Feb '11

Total Nonfarm Payroll Jobs 2,637.1 2,622.4 2,543.7 14.7 93.4 0.6 3.7

Total Private 2,262.8 2,253.2 2,162.0 9.6 100.8 0.4 4.7

Goods Producing 494.8 489.7 474.5 5.1 20.3 1.0 4.3

Service Providing 2,142.3 2,132.7 2,069.2 9.6 73.1 0.5 3.5Private Service Providing 1,768.0 1,763.5 1,687.5 4.5 80.5 0.3 4.8

Mining and Logging 93.6 93.3 84.5 0.3 9.1 0.3 10.8

Oil & Gas Extraction 51.4 51.1 47.3 0.3 4.1 0.6 8.7

Support Activities for Mining 39.7 39.8 36.1 -0.1 3.6 -0.3 10.0

Construction 170.4 168.1 168.1 2.3 2.3 1.4 1.4

Manufacturing 230.8 228.3 221.9 2.5 8.9 1.1 4.0

Durable Goods Manufacturing 154.2 151.7 145.6 2.5 8.6 1.6 5.9

Nondurable Goods Manufacturing 76.6 76.6 76.3 0.0 0.3 0.0 0.4

Wholesale Trade 137.9 136.2 132.9 1.7 5.0 1.2 3.8

Retail Trade 274.6 275.6 261.8 -1.0 12.8 -0.4 4.9

Transportation, Warehousing and Utilities 122.7 123.9 123.3 -1.2 -0.6 -1.0 -0.5Utilities 16.8 16.5 16.0 0.3 0.8 1.8 5.0

Air Transportation 19.7 19.8 23.1 -0.1 -3.4 -0.5 -14.7

Truck Transportation 22.2 22.3 21.2 -0.1 1.0 -0.4 4.7

Pipeline Transportation 10.7 10.7 10.3 0.0 0.4 0.0 3.9

Information 31.1 31.1 31.8 0.0 -0.7 0.0 -2.2

Telecommunications 15.7 15.7 16.2 0.0 -0.5 0.0 -3.1

Finance & Insurance 90.1 90.6 88.0 -0.5 2.1 -0.6 2.4

Real Estate & Rental and Leasing 48.1 48.1 48.0 0.0 0.1 0.0 0.2

Professional & Business Services 385.9 386.0 368.2 -0.1 17.7 0.0 4.8

Professional, Scientific & Technical Services 187.1 188.0 180.3 -0.9 6.8 -0.5 3.8Legal Services 23.0 23.1 22.8 -0.1 0.2 -0.4 0.9

Accounting, Tax Preparation, Bookkeeping 19.3 18.7 20.4 0.6 -1.1 3.2 -5.4 Architectural, Engineering & Related Services 61.4 62.3 59.3 -0.9 2.1 -1.4 3.5

Computer Systems Design & Related Services 25.9 25.8 24.4 0.1 1.5 0.4 6.1

Admin & Support/Waste Mgt & Remediation 177.8 176.8 167.6 1.0 10.2 0.6 6.1Administrative & Support Services 167.7 166.7 159.6 1.0 8.1 0.6 5.1

Employment Services 71.6 70.0 59.0 1.6 12.6 2.3 21.4

Educational Services 44.6 43.7 42.9 0.9 1.7 2.1 4.0

Health Care & Social Assistance 290.9 286.9 268.1 4.0 22.8 1.4 8.5

Arts, Entertainment & Recreation 24.6 24.3 24.4 0.3 0.2 1.2 0.8

Accommodation & Food Services 221.5 221.0 207.9 0.5 13.6 0.2 6.5

Other Services 96.0 96.1 90.2 -0.1 5.8 -0.1 6.4

Government 374.3 369.2 381.7 5.1 -7.4 1.4 -1.9Federal Government 27.3 27.3 27.8 0.0 -0.5 0.0 -1.8

State Government 73.0 72.1 73.6 0.9 -0.6 1.2 -0.8State Government Educational Services 39.8 38.8 40.3 1.0 -0.5 2.6 -1.2

Local Government 274.0 269.8 280.3 4.2 -6.3 1.6 -2.2Local Government Educational Services 193.4 187.7 198.0 5.7 -4.6 3.0 -2.3

SOURCE: Texas Workforce Commission


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-120

-100

-80

-60

-40

-20

0

20

40

60

80

100

120

140

160

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

2,700

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

12-MONTH

CHANGE

(000)

NONFARM

PAYROLL

EMPLOYMENT

(000)

HOUSTON MSA EMPLOYMENT2002-2012

12-MONTH CHANGE JOBS

Source: National Association for Purchasing Management - Houston, Inc.

Source: Texas Workforce Commission

30

35

40

45

50

55

60

65

70

J an-02 Jan-03 Jan-04 Jan-05 J an-06 Jan-07 J an-08 Jan-09 Jan-10 Jan-11 J an-12 Jan-13

PURCHASING MANAGERS INDEXHOUSTON & U.S. 2002-2012

HOUSTON U.S.


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1,600

1,650

1,700

1,750

1,800

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,250

430

440

450

460

470

480

490

500

510

520

530

540

550


SERVICE-PROVIDING

(000)

GOODS-PRODUCING

(000)

GOODS-PRODUCING AND SERVICE-PROVIDING EMPLOYMENTHOUSTON MSA 2002-2012

GOODS-PRODUCING JOBS SERVICE-PROVIDING JOBS

0

1

2

3

4

5

6

7

8

9

10

11


PERCENTOFLABORFORCE

UNEMPLOYMENT RATEHOUSTON & U.S. 2002-2012

HOUSTON U.S.


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Source:U.S. Energy Information Administration

Source: U.S. Bureau of Labor Statistics

0

4

8

12

16

20

24

28

0

20

40

60

80

100

120

140


HENRYHUBNATURALGAS($/MMBTU)

WESTTEXASINTERMEDIATE($/BBL)

SPOT MARKET ENERGY PRICES2002 - 2012

WTI MONTHLY WTI 12-MO AVG GAS MONTHLY GAS 12-MO AVG

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


INFLATION: 12-MONTH CHANGE2002-2012

HOUSTON CPI-U U.S. CPI-U

Documents

Houston Economic Update April -2012