Industry News and Updates:
Let me just jump right in and address the question that is going through everyone’s mind: What is going on in the Houston job market? I get this one daily and I must admit it is not an easy question to answer. I would like to share some data that I learned about at a recent forum (Bauer College of Business – Institute for Regional Forecasting) I attended and then share my thoughts at the end. The title of the Forum was: Houston’s Job Growth Stumbles As Oil Markets Swoon: Where Now? That doesn’t really set the tone for a positive outlook, does it? Here are some of the highlights:
- It’s all about oil! Price is down by 50%. Eventually this trickles down and impacts all sectors; even retail! BUT construction, education, healthcare, and home building are still doing well.
- In 2015, we virtually had 0% employment growth in Houston.
- This is NOT 1982! But we do have a supply / demand issue and that is what is pushing the price of oil down.
- The greatest oil boom is over for now.
- The professional and business services sector have not been impacted yet.
- One operating rig actually creates 227 jobs (direct and indirect)!!!!!!!
- Houston is undergoing a mild recession. Best case scenario we come out in mid-2016, but it looks like 2017 is more likely. Worst case scenario this drags out until 2018.
That is what I learned and here is MY opinion… I think there are many sectors in Houston that will be hiring. Our office is seeing demand in a lot of different industries and at a variety of levels. Is this the summer of 2014? No, and it will not be for a while. The Houston economy goes through business cycles just like everyone else. While most of the US was still in the midst of the Great Recession, Houston was booming. Well, it’s not a BUST for Houston for now, but we will be hurting a little bit in the near future. Companies are going to try and get by with less overhead. They are going to consolidate positions and they are going to have to lay off, unfortunately. The good news for you is that you are an accountant! There is always a need for accountants!!!!! Also, Houston is still at a 4.8% unemployment rate (September 4.4, October 4.6). We are still at full employment and there are plenty of people nearing retirement age. The jobs are still out there, however, they are not as easy to find and you may have to be a little bit more flexible with what you are looking for. So, my verdict? I am cautiously optimistic about 2016, but I am really looking forward to 2017!!!!!!
See you again in February 2016!
- National / Houston Unemployment rate: 4.8/4.8
- Price of Oil:$38ish (last year $75)
- Oil Rig Count:760 (last year 1925)
- Industries hiring: Manufacturing, Construction, Consumer Products related companies, Real Estate, Public Accounting Firms!!!!
- Positions in demand: Tax, Auditors, Financial Analysts, Staff and Senior Accountants
- How your desk evolved in the past 35 years: http://wp.me/puDjI-Zv
- How to beat interview nerves: http://wp.me/puDjI-Z9
- 15 ways to make sure I do not hire you: http://wp.me/puDjI-WD
- Manager of Statutory Reporting – International
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- ONRR Manager – want to work for one of Houston’s best?
- Sales & Use Tax Accountant – huge global company!
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Diane Delgado LeMaire
Senior Managing Director, Executive Search & Branch Manager
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