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Houston Poised for Seven-Year Upswing

HOUSTON-The first relief will come next year and then it just gets better and better, says the CEO for Delta Associates. Over the next two years, the region will add 36,600 jobs annually and return to the norm for a solid run through 2010.

By Jennifer Brenner Andrade | Updated on November 16, 2003

HOUSTON-Next year will be better and so will the years that follow as Houston edges closer to the start of a seven-year cycle for a significantly stronger commercial real estate market.

Gregory H. Leisch, CEO of Alexandria, VA-based Delta Associates, told 200 area brokers at a forecast session that Houston’s economic downturn has been “a very shallow recession by national standards.” Leisch was the featured speaker at Transwestern Commercial Services’ unveiling of its third quarter numbers held at the Houstonian Hotel in the Galleria.

Leisch’s research shows the Houston market will add 36,600 jobs annually from 2004 through 2006, the final hurdle to clear for a return to the norm of 45,000 jobs. Through 2010, the region should meet or exceed its average job growth. Between 2002 and 2003, the region lost 18,000 jobs in comparison to 45,000 created each year from 1988 through 2001. Still, it’s better than Dallas, which was down 80,000 jobs in 2002-03 and San Francisco, down 277,000, he says.

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