Leading Indicators: Houston Energizes Economy
Published February 14, 2014 7:15 PM
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Updated March 31, 2017 2:22 PM
1 Min Read
With more than $10 billion of publicly financed projects in the works or on the boards, Houston is hosting its second annual investor conference March 3-4. While the nations fourth most-populous city continues to sprawl with new highway projects on its outer fringes, leaders are seeking to enliven downtown with a variety of projects such as Discovery Green, a park that opened in 2008 and hosts a variety of entertainment events. [Image: HFC] See the full story: Houston Courts Investors With Deals Afoot
To manage the George R. Brown Convention Center and the adjoining Hilton Americas convention center hotel, Houston combined agencies into the Houston First Corp. The hotel was added as part of a $165 million project launched in 2001 that included renovation of the convention center, which opened in 1987. The hotel was updated in 2011 under an $11 million project. Now, Houston First is preparing to break ground on a second hotel at the north end of the convention center. [Image: George R. Brown Convention Center].
Houstons first investor conference in 2013 attracted more than 100 representatives of the municipal bond and investment community. After the first conference, Houston Controller Ronald Green launched a new investor relations Web site offering a variety of news and reports on the citys debt and finances. The second investor conference is scheduled March 3-4 at the George R. Brown Convention Center. (Image: City of Houston)
Houston controller Ronald Green, left, with Rice University professor Stephen Klineberg, co-director of the Kinder Center for Urban Research. Green and Klineberg are both scheduled to address the Houston Investor Conference. In March 1982, Klineberg and his students began the annual Houston Area Survey, now in its 29th year of tracking the changes in the demographic patterns, life experiences, attitudes, and beliefs of Harris County residents. No other city in America has been the focus of a long-term longitudinal research program of this scope, according to researchers. (Image: Houston Controller
Houston Mayor Annise Parker speaks at news conference on Sept. 30, 2013 after groundbreaking for new Southwest Airlines international gates at Hobby Airport. The $156 million expansion at the smaller of Houstons two airports is financed by Southwest, with Houston providing $55 million for parking and other facilities. The expansion was strongly opposed by Houstons dominant carrier United Airlines, which flies from the larger Bush Intercontinental Airport. (Image: City of Houston)
At George Bush Intercontinental Airport, Houstons dominant carrier United Airlines is financing a $1 billion remodeling program at Terminal B, with a $350 million contribution from the city. The first phase of the seven-year project was completed in 2013. Future phases will include adding customs and immigrations facilities so the terminal can handle international flights. The airport has already been equipped to handle the Airbus A380 double-decker jumbo jet flown by Lufthansa Airlines. (IMAGE: Houston Airport System).
Reliant Stadium, built for $352 million in 2002, hosted the National Football Leagues 2004 Super Bowl and has been selected for the 2017 Super Bowl. The stadium, built by the Harris County Houston Sports Authority, saw its debt ensnared in the collapse of the financial markets in 2008 as its bond insurance rating fell. The authority had to make accelerated payments of debt service. Next door to the stadium is the abandoned Astrodome, which could face the wrecking ball after voters rejected a bond issue to restore the landmark. (Image: Harris County Houston Sports Authority)
Houstons first 7.5-mile light-rail line known as Metro Rail began operating n 2004 in time for the citys first Super Bowl. The city is celebrating the 10th anniversary of line, which has grown to 12.8 miles and is the 14th most heavily traveled in the United States. The Metropolitan Transit Authority of Harris County is planning to expand the system with a $900 million federal grant. (Image: Metro Rail).
The Port of Houston is planning $2 billion of improvements to accommodate increased traffic and larger ships expected to traverse the Panama Canal in 2015. The Port is ranked first in the United States in foreign waterborne tonnage, first in U.S. imports, first in U.S. export tonnage, and second in the U.S. in total tonnage. (Image: Port of Houston)
After slumping in 2009 and falling in 2010 and 2011, the city of Houstons general fund revenues rebounded in 2012. Controller Ronald Green said the city experienced the recession as LIFO last in, first out. Rising home sales throughout Greater Houston in 2013 were driven by the addition of more than 86,000 jobs that drew buyers and renters from all around the country and world, according to the Multiple Listing Service. December marked the 31st straight month of positive home sales and housing inventory shrunk to new record lows.
The Houston First Corp., which manages the convention center and the Hilton Americas convention center hotel, is planning a second hotel to break ground in April. The 1,000-room Marriott Marquis on the north end of the convention center is expected to open in 2016. Houston-based Rida Development Corp. and Los Angeles-based Ares Management LLC said they have financing for the $335 million hotel project from a six-bank consortium. Houston First acquired the hotel site and is building a parking garage.
