02/18/2023
On Thursday, Rubio Investors attended the Houston Apartment Association (HAA) State of the Industry Breakfast, with awesome insight for 2023 on the national and local economy, with the perspective of our industry, by Patrick Jankowski (Greater Houston Partnership), Joe Melton (Morgan Group), Clay Hicks (TDC Management), and the great Bruce McClenny (ApartmentData.com).
Houston continues to be one of the leaders in population growth, the oil industry is making the largest profits ever, and the Port of Houston is seeing more containers than ever. Employment recovered amazingly after 2020. The forecast for best-performing sectors in 2023 includes Healthcare, Government, Construction, Professional/Science/Tech Services, restaurants/Bars, Admin Support, Manufacturing, and Energy (not coincidentally, the top demographics in our properties).
It will all depend on how far the FOMC keeps on pushing interest rates (to tame inflation by making 3 million people lose their jobs). Whatever happens (mild recession, near miss, something deeper) Houston is positioned well better than many other markets to "endure and survive".