Houston’s prospering economy no longer relies on a strong energy base and it has diversified into various other sectors. Among the city’s thriving industries include the high-tech sector, professional services, healthcare, and medical research. Beyond these, numerous other industries back Houston’s economy, including oil and gas exploration, petrochemical production, education, agriculture, film and media, banking and finance, and so on.
Besides, Houston has a tremendous corporate environment, offering incredible opportunities to entrepreneurs and startups. It has several startups and is home to more than 12 Fortune 500 companies. Also, the city attracts foreign travelers and firms, many of which have established their facilities in the city to benefit from its outstanding distribution facilities.
When it comes to thriving business centers like Houston, fleet management automatically comes into play. Fleet management is an ongoing requirement for businesses, whether it’s a construction firm, a pipeline business or any other construction project looking for a truck rental. If you’re based in Houston, Summit Fleet offers the best truck rentals in Houston to cater to all your transportation needs.
More About Houston Economy
Since the discovery of oil in Houston in 1901, the city’s economy is dominated by the energy sector. Around 3,600 energy businesses are currently located in the region, including 600 manufacturing and exploration companies and 170 pipeline firms. The presence of these businesses, coupled with the highly experienced and trained workforce in the city, will retain the city’s position as the center of the US energy sector.
However, the city’s heavy reliance on the energy sector made it susceptible to any significant changes in energy prices, fluctuations in dollar value against foreign currencies, and the national economy that caused economic downturns. To protect the economy, the city began to diversify into other industries.
Besides, Houston is also known for its long-standing space exploration efforts. It hosts the hub of the US manned space flight program known as the Johnson Space Center of the National Aeronautics and Space Administration (NASA). Operating since 1962, the facility employs around 17,000 scientists, administrative personnel, and engineers. Ever since it opened, it has made insightful space discoveries by researching, developing, designing, and testing space shuttles, training astronauts, and controlling manned space flights.
Undoubtedly, the financial sector makes a critical component of any economy. Houston’s business environment attracts financial institutes from all over the US. Among the most popular financial institutions located in Houston include the American National Insurance Co., AIG Retirement Services, and the real estate giant Century Development.
Apart from that, Houston is the heart of the US’s agribusiness concentrating on marketing, packaging, process, and distribution of agricultural products. On top of that, the city’s strong presence in computer software, engineering, nanotechnology, and electronics can’t be ignored.
Development Projects
During the early 2000s, two major projects were initiated to resolve traffic issues and improve people’s quality of life in the city. The Project Houston Hope took measures to eliminate the city’s abandoned property, build affordable housing, combat crime, collect unpaid taxes, improve transport infrastructure and educational services, and upgrade water and sewer across the city.
To enhance the trade infrastructure, the Union Pacific Corporation allocated $1.5 billion for the up-gradation of railways in the Houston-Gulf coast region. The construction of Interstate 69 can’t be forgotten that connects the city to the Northeastern US and Canada.
Commercial Shipping
As the sixth-largest port in the world, the Port of Houston is a 25-mile long complex run by the port authority and over 150 other companies. It is one of those international trade ports where foreign products can be temporarily processed or stored without an import duty, being recognized as Foreign Trade Zone # 84. The port is linked to the rest of the US, Mexico, and Canada through 150 trucking lines and two major railroads. Petroleum and petroleum products, chemicals, iron and steel, motor vehicles, and machinery are a few major commodities traded at the port. Many projects to upgrade the capacity of the port have been completed, while several others are underway.
The George Bush Intercontinental Airport, the 11th largest air cargo facility in the US, provides the city with an international gateway to the rest of the world. Plus, the William P. Hobby Airport operates as a domestic passenger airport, which is also commonly used as n air cargo gateway.
With over 700,000 rail cars operating through the system, Houston is one of the largest rail centers in the United States. The rail system is not only linked with all the three airports, the local highways, and the Port of Houston but also with the vast trucking industry with over 1,100 trucking firms.
Employment and Labor
The concentration of college graduates in Houston exceeds that of the US overall. According to the 2000 consensus, the college graduate concentration in the city was 26.6% compared to the national rate of 24.4%. Across the Gulf Coast, 87% of the job growth was reported in the service industry from 1990 to 2005, with computer systems design, education, healthcare, engineering and architecture, and entertainment being the fastest growing sectors.
Based on the latest research, the employment prospects are positive for prospective graduates, particularly in the high-tech, service-oriented, and financial sectors.
Summit Fleet and Houston
The economy of Houston certainly ranks among the most vibrant business centers around the world. Hosting numerous tech giants, energy corporations and other major business entities, it is certainly an ideal place to conduct business, which is why it houses more than 1,100 trucking companies. With so many fleet management companies, it can be difficult to choose the right trucking solution for your business.
Summit Fleet, one of the most reputable players in the trucking industry, is the perfect choice to address your transportation needs. Having been in the business for several decades, it has been able to discover the secrets of effective fleet management, offering unprecedented flexibility with its 4×4 light to medium-duty trucks. Thus, when considering truck rentals in Houston, Summit Fleet should be at the top of your mind.
