City expected to buck trend in 2013
While many experts are worried about the country’s economic future because of the looming fiscal cliff, the city of Houston should be able to buck what could be a national trend. University of Houston economics professor Steven Craig told KTRH Houston will be better off than many other cities.
“We’re going to continue to out-perform most of the rest of the country,” Craig said. “Our problems aren’t as big as in many other places.”
Houston financial planner Michael Parmet agrees with Craig. He told KTRH construction has a lot to do with it.
“Construction companies are starting to build again. They’re building in the far west side of town. They’re starting to build on the east side of downtown. That’s a great place to renovate our city,” Parmet said.
There are some that believe the city is recession proof. Parmet agrees, to a point.
“Energy insulates us from recession issues right now,” Parmet said.
Parmet did also say that the city has been affected by past recessions, such as the fiscal crisis of 2008, but also believes the energy industry prevents the city from falling as low as many other cities did in 2008, and Craig concurs.
“We’re very fortunate. We’re benefiting from the changes that have affected the oil and gas industry for sure,” Craig explained.
Parmet is among those that think the country won't wind up going over the fiscal cliff, which should help us as well.