HOUSTON — (Commentary by Ralph Bivins, Realty News Report) — Houston is still reeling from Hurricane Harvey. Roughly 100,000 single-family homes were flooded and about 300,000 vehicles were damaged. Hundreds of small businesses, merchants and restaurants suffered heavy, potentially devastating losses to their enterprises.
The emergency phase has passed, and residents have moved into recovery. As people begin to assess the damage, the full economic impact remains unclear. Communities are taking stock of destroyed property, ruined possessions and the difficult road ahead.
Many homeowners discovered they were unprotected: fewer than 20 percent carried flood insurance. For those families, a home is not only shelter but also their primary source of personal wealth — and for many, much of that value was wiped away. Still, amid the loss and fear, people cling to hope and the determination to rebuild.
In optimistic fantasies, a single large economic boost could change everything. Picture this: Jeff Bezos, who once lived in Houston, decides to reward the city and chooses it for Amazon’s second headquarters. Such a decision would be a multi-billion dollar infusion—imagine 50,000 new jobs and 8 million square feet of office space revitalizing the local economy. For a city that needs momentum after a disaster, that would be a dramatic turnaround.
Every major city would covet Amazon’s HQ2. The national competition is intense, and Houston faces criticism: some say its tech talent pool is too small and its mass transit infrastructure is inadequate. Those assessments have placed Houston behind cities touted as more attractive for a project of that scale.
Still, there is always a chance an underdog can prevail. Perhaps Houston could beat out Denver, Austin, Atlanta and other finalists to land the project. The idea of a surprise victory fires the imagination the way an unlikely sports upset or a Hollywood underdog story does, and it would be celebrated across the region.
In reality, however, underdogs more often lose than win. It’s unlikely Amazon will select Houston for HQ2, and the city cannot count on one corporate decision to reverse deep economic wounds left by the hurricane. Storybook endings are rare and should not be relied upon as a recovery strategy.
If Houston is not chosen, the setback should prompt serious reflection. What must the city do to be competitive when the next major economic opportunity arises? Which long-standing issues need addressing to ensure Houston can win big instead of settling for modest gains?
Houston needs significant victories in economic development. The region has experienced successes, but what it needs now are transformative projects that create widespread, lasting benefits. Incremental gains help, but the city should aim for game-changing outcomes rather than singles and bunts.
Commentary by Realty News Report editor Ralph Bivins, former president of the National Association of Real Estate Editors.