Houston: The Next Great World City?
In 1960, Houston was the home of just one Fortune 500 company; as of 2007, the area has 23. An indicator of Houston’s international reach: it now ranks third among U.S. cities, behind Los Angeles and New York, in the number of consulates located there. And the city is well positioned to benefit from its important place in the energy industry, a sector of the global economy that is only going to grow in strategic importance in the early 21st century.
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Another reason for Houston's growth and potential?
Houston is the freest major city in America, with no zoning and only moderate government intrusions into how property owners use their land. This freedom has made Houston the most affordable major city in America, with housing costs that are less than half of most other major urban areas. This freedom has also created an innovative and growth-friendly environment that is creating tens of thousands of new jobs each year.
Update: The chart above shows employment in Houston vs. the U.S. from 2000-2007. Overall employment increased in Houston during this period by more than 16%, compared to an increase in employment nationally of only about 5.5%.