HOUSTON – (By Michelle Leigh Smith) – Houston has proven to be resilient and determined in the face of adversity, according to economist Dr. Mark G. Dotzour.
Dotzour, the keynote speaker at NAI Partners’ recent Texas Economic Outlook event, lauded the city’s ability to rebound and compete on the global stage.
“This city can still compete mano y mano, head to head with Korea, China, Europe, and South America. They don’t take no for an answer,” Dotzour said. He recently wrote an article titled “Houston is a Beast.”
Dotzour, a real estate economist who served 18 years as Chief Economist at the Real Estate Center at Texas A&M University, reviewed the nation’s economic cycles and compared the overheated conditions of 2006 to a hot rod engine ready to blow.
Following some recovery, and prior to last November’s presidential election, the U.S. economy was expanding at roughly a 2 percent rate. Since then, Dotzour observed, the economy has strengthened significantly. “Now, this country is on fire,” he said.
He pointed to strong job availability and demand from employers as indicators of a healthy economy. According to the Bureau of Labor Statistics, there were recently 6,163,000 job openings nationwide, including about 75,000 in government, 388,000 in manufacturing, 225,000 in construction, 1,208,000 in professional and business services, and 1,040,000 in trade, transportation and utilities.
Jon Silberman, Managing Partner of NAI Partners, welcomed attendees to the Houston Country Club and shared an optimistic outlook that echoed the mood in the room after the region recovered from one of its most devastating storms.
“It’s been an interesting couple of years and I think Houston is on a great track,” Silberman said. “We closed $30 million in acquisitions in 2017 and we’re looking to do much more.” He thanked the firm’s clients and event sponsor Q10 KDH Kinghorn Driver Hough & Co.
Dotzour has delivered more than 1,450 presentations over his career. In 2015 he stepped down from his role at the Real Estate Center to concentrate on analyzing current economic conditions and sharing his insights. He earned a PhD in finance and real estate from the University of Texas at Austin in 1987 and served as a tenured professor of real estate and finance at Wichita State University in Kansas for a decade.
NAI Partners is one of the largest commercial real estate firms in the Houston area, with offices in Houston, San Antonio, and Austin.