Quote:
Originally Posted by DCReid
Houston is still about 30-40% dependent on oil. That's why the first 5 years growth is much higher than the last 5 years (prices peaked around 2014 and have been down 50%). Faster growing cities have a high tech component - even NY.
Changing the subject a little to another city, why has Pittsburgh been such a laggard?
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About 30% down from about 50-60-% over the past 20-30 or so years which is why we weathered recent downturn in energy sector much better than the mid 80's. Still, it accounts for much of the wealth and high paying jobs so either way, it has a massive trickle down effect across the region. Our tech sector is pitifully small considering we are a leading medical/ research hub. They are working on that but Austin and Dallas are so far ahead of us at this point.
I think Pittsburgh is still transitioning from a largely blue collar town to a high tech/ knowledge economy. Which weeds out a lot of people in the work force. If you have a degree, you're probably good to go but no degree, you're probably exploring your options somewhere else. Like Texas..