|It is impossible to overstate the positive impact of real estate growth on employment in Texas. Below, we look at some positive news stories that chronicle the effect on the job market, brought about by the growth of the industry. If you are in need of employment or are looking for a new challenge, the following stories should prove to be a boon.|
Toshiba Expansion Helps Manufacturing Industry
Toshiba International Group has announced that over 100,000 square feet has been added to its existing 55-acre Houston facility. Not only will this result in more employment, the $20 million expansion will result in 100 new job openings. The company hopes to double its existing production capacity and this will have an effect on the power distribution, health care, mining, oil and gas, plus transmission markets.
According to the business unit manager of the Houston complex, Mark Laber, Toshiba's customers are delighted with the existing medium-voltage drive products, which have led to a 'phenomenal' growth in the product line. He expects full production to reduce lead times and increase capacity. Toshiba are known for expanding their operations in Houston and has 1,500 employees in its facility in the city. The latest news is yet another boost to the city's economy.
Construction Work is the Hottest Ticket in Texas
According to the June 2013 Monthly Review of the Texas Economy report, the state gained almost 300,000 non-agricultural jobs with an annual growth rate of 1 percent above the national average. The unemployment rate in Texas is also over 1 percent lower than the national average, when seasonally adjusted.
Virtually all of the state's industries saw a fall in unemployment barring a couple of exceptions and the construction industry is the largest job creator in Texas. The Midland area of the state was the top job producer, closely followed by Odessa and these two areas also have the lowest unemployment rate in the state.
Chevron to Create 50-story Office Tower
Chevron is a multinational corporation that has revenue of over $230 billion per annum, so it knows a thing or two about investment potential. This is why the global energy giant is building a massive 50-story office tower in Houston - a city that many believe is the 'epicenter' of global energy. Chevron has needed to take this action as the vacancy rate of 'Class A' space in Downtown Houston is less than 8%. As a result, the company is getting ready to build a 1.7 million square-foot skyscraper that will solidify the organization's position in the city. It is expected to create over 2,100 jobs in total.
At present, Chevron has a huge presence in the city, hiring over 9,000 employees and contractors. There have even been rumblings that Chevron would switch its headquarters from San Ramon to Houston, such is the array of talent in the area. However, this rumor has been quashed by the company's top executives. At present, Chevron hopes to occupy the building by the end of 2016.
Hello, my name is Linda and I enjoy sharing Montgomery County commercial real estate resources for those seeking to either rent or buy property for business or personal use.