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Houston Economy Poised for 2003 Growth

HOUSTON-Dr. Barton Smith is "bullish" on the economic indicators that point toward Houston's recovery by 2004. That doesn't mean 2003 won't be bringing some marginal growth. Real estate investors, who left in the 1980s, are back to spend their cash.

By Jennifer Brenner Andrade | Updated on November 06, 2002

HOUSTON-Before a crowd of more than 1,000, Dr. Barton Smith, the region’s most formidable economist, predicts 30,000 jobs will come to town next year. In line with the good news, he is “bullish” about all economic indicators that point Houston in the direction of a recovery by 2004.

The bi-annual symposium by the University of Houston’s Institute for Regional Forecasting, held at the Radisson Astrodome Hotel, offered a rosy outlook for commercial real estate from an investment and occupancy standpoint. Part of the optimism is tied to the return of investors who left town in the 1980s. They are back with their capital as they seek stable returns in a familiar environment and a guaranteed safe resting ground from the beleaguered stock market.

Smith, an economics professor and the institute’s director, tells GlobeSt.com that commercial real estate and stock will be the primary make-up of a successful portfolio as long as the national economy doesn’t tailspin into a double dip recession. And that, he adds is highly unlikely.

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