Houston’s economy continued to lose steam in 2016, placing it last for economic growth among the 20 largest metro areas in 2016, according to an analysis of recently released economic data conducted by SpareFoot. In the process, it fell from the 5th largest metro economy to the 6th.
In 2015, the Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area generated a gross GDP dollar value of $456 billion, making it the 5th largest metropolitan economy in the country. In 2016, the metro’s total economic output fell to $442 billion, a 3 percent percent drop. None of the other top 20 metro economies saw a decline that year.
The analysis was based on data released last week by the Bureau of Economic Analysis.
According to the BEA data, most of Houston’s GDP loss came from the natural resources and mining sector, which itself dragged the overall economy down by 1.44 percent. The durable goods manufacturing and finance, insurance, and real estate sectors also saw a large decline, as did construction, business services, and trade — all of which are tied to oil prices. Education, nondurable goods manufacturing, and government all saw year-over-year growth.
Here are the complete 2016 GDP rankings for the top 100 US Metro Areas: