Expert: Greater Houston economy set to grow significantly during next 25 years

One economist believes Houston's economy will more than double during the next quarter century.According to economist Ray Perryman, the Greater Houston economy is set to record significant growth during the next quarter century.Due in part to its energy, healthcare and international trade industries, the Houston economy has been outperforming most of the country currently. However, as these sectors increase and cuts to government spending occur, the Greater Houston economy could more than double during the next 25 years.While this forecast is for the long-term, Perryman believes that a loss of public sector jobs may offset some of the region's gains in the interim.”At this stage in an economic recovery, typically, the government would be playing a pretty highly stimulatory role in the economy, and you would be seeing every month big gains in public sector jobs around the country, and in fact you’re seeing the opposite of that because of the fiscal situation confronting both the federal government and state and local governments,” Perryman stated.Since the beginning of January 2010, the Houston metro area has regained close to three-fourths of its jobs lost during the recession. However, while the healthcare, food and hotel services industries have passed their pre-recession highs, the Houston real estate, IT and construction markets are still down more than 80 percent.Yet, if Perryman's forecast comes to fruition, all of these sectors could be performing much better in the future.Courtesy of 2M Realty News

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