BY ANGELA BONILLA & VANESSA HOLT
Major takeaways
What’s next
The Woodlands previously lost several major employers in the past due to acquisition, such as energy company Anadarko, said Brad Bailey, chair of The Woodlands Township board of directors. He said because so much of the township’s rev- enue is tied to business in the area, it is import- ant to continue to cultivate those relationships. “Anadarko was a huge part of our local econ- omy,” Bailey said. “We need to learn from that and make sure we are constantly trying to recruit those businesses.” Gibb said The Woodlands area also continues to have a strong showing in commercial and office real estate markets. “The Woodlands continues to outperform,” he said. “Our vacancy rates are really low, 12% to 14%, depending on whose numbers you use. That’s significantly less than downtown Hous- ton. ... The central business district or CBD, is at about 26% vacancy.”
The Houston area overall can expect about 1.2% job growth in the coming year, said Jesse B. Thompson, senior business economist for the Federal Reserve Bank of Dallas. Several new businesses will be announced for The Woodlands area this year, Gibb said, such as a European manufacturer coming to The Woodlands, as well as five smaller companies. “I think folks remain optimistic, but cautiously optimistic,” chamber President and CEO Aaron Cox said at the panel he moderated with Gibb and Bailey. Gibb said the area has enough commercial land available to add 4 million square feet of additional office and commercial space, or 15,000 to 20,000 jobs, in the future. “Right now, because interest rates are high and uncertainty is there, businesses are sitting on the sidelines,” he said.
Major employers in The Woodlands area
Conroe Independent School District 4,964
Memorial Hermann The Woodlands Medical Center 2,936 Houston Methodist The Woodlands Hospital 3,108
Texas Children’s 1,649 St. Luke’s Health 2,400 Lone Star College 1,388
Occidental Petroleum Corporation 1,101
Entergy Texas 1,093
SOURCE: THE WOODLANDS AREA ECONOMIC DEVELOPMENT PARTNERSHIP/ COMMUNITY IMPACT
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THE WOODLANDS EDITION
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