Houston Economy at a Glance December 2012

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December 2012 2012, Greater Houston Partnership Page 1

A publication of the Greater Houston Partnership Volume 21, Number 12 December2012

GHP to Host Economic Outlook Whats the prognosis for Houstonseconomy next year? Will the regioncontinue its robust pace of job growth orbegin to slow? If oil prices slide, the na-tion falls off the fiscal cliff, or China'seconomy grows at a slower rate than fo-recasted, how will that impact Houston? Attend GHPs upcoming 2013 Houston RegionEconomic Outlook to find out.

The 2013 Economic Outlook, a half-day event, will be held on Wednesday, December 12at The Houstonian Hotel, 111 N. Post Oak Lane. The event kicks off at 10 a.m. with PaulHobby, Chairman of the Federal Reserve Bank of DallasHouston Branch, providing anoverview of current economic trends. Next, a panel of local experts in a meet-the-pressformat will share their insights into whats in store. These experts and their industries in-clude:

Energy: Stephen M. Trauber, Vice Chairman and Global Head of Energy, Citigroup

Health Care: Paul Klotman, President, Baylor College of Medicine

Real Estate: Daniel G. Bellow, President, Houston, Jones Lang LaSalle Americas

Small Business: Massey Villarreal, President & CEO, Precision Task Group

Technology: Shelley Stern Grach, Central Region Citizenship & Public Affairs Direc-tor, Microsoft

The audience will have the opportunity to question the panelists in the second half of thesession. At lunch, Chad Moutray, chief economist for the National Association for Manu-

facturing, will present the 2013 U.S. economic outlook. Patrick Jankowski, GHPs VicePresident of Research, will also present GHPs local employment forecast.

Those attending the lunch will receive a copy ofGHPs forecast. Those attending lunchand the morning session will receive the forecast plus a copy ofHoustonEconomic High-lights, a 40-page compendium of insights into Houston's economy over the past decade.Full admission is $150 for Members and $180 for non-members. Admission to the lun-cheon-only portion is $75 for Members and $100 for non-members. For additional infor-mation about the event,clickhere.
http://events.houston.org/?id=247&eid=325&Mode=ViewDetailshttp://events.houston.org/?id=247&eid=325&Mode=ViewDetailshttp://events.houston.org/?id=247&eid=325&Mode=ViewDetailshttp://events.houston.org/?id=247&eid=325&Mode=ViewDetails


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HOUSTONTHE ECONOMY AT A GLANCE


No Champagne This TimeDecember marks the fifth anniversary of the GreatRecession. The National Bureau of Economic Research (NBER), the organizationthat dates U.S. business cycles, places the start in December 07 and the end inJune 09. As reported in earlier issues ofGlance, Houston fared better than mostmetros, entering the recession late (September08), leaving early (January 10), and

losing a smaller share of jobs (4.5 percent) compared to others. Houston is also oneof only three major metros that have recouped all jobs lost in the recession. Severalmetros are more than halfway there (e.g., New York, Boston, and Seattle), butmany continue to struggle (e.g., Riverside, Detroit, and Miami). The table belowprovides a quickrecap of where the nations largest metros are in their recoveries.

Employment Losses and Gains Recession and Recovery20 Largest U.S. Metro Areas1

Metro Area Jobs Lost2

Jobs Recouped2

Jobs toFull Re-covery

Jobs add-ed SinceOct 11

AnnualGrowth

Rate

New York 392,400 4.5% 269,800 68.8% 122,600 127,900 1.5%

Los Angeles 550,500 9.7% 167,100 30.4% 383,400 76,900 1.5%

Chicago 338,100 7.4% 104,200 30.8% 233,900 28,700 0.7%

Dallas 155,200 5.2% 167,400 107.9% Completed 66,300 2.3%

Houston 116,900 4.5% 213,500 182.6% Completed 95,800 3.7%

Philadelphia 142,800 5.1% 38,500 27.0% 104,300 12,600 0.5%

Miami 246,500 10.2% 58,400 23.7% 188,100 700 0.0%

DC 98,900 3.3% 129,100 130.5% Completed 37,000 1.2%

Atlanta 200,600 8.1% 81,400 40.6% 119,200 33,600 1.5%

Boston 102,600 4.1% 87,400 85.2% 15,200 46,500 1.9%

Detroit 495,900 22.4% 75,200 15.2% 420,700 7,400 0.4%

Phoenix 245,900 12.8% 81,600 33.2% 164,300 40,100 2.3%

San Francisco 170,700 8.3% 79,500 46.6% 91,200 51,700 2.7%

Riverside 159,800 12.5% 24,300 15.2% 135,500 7,200 0.6%

Seattle 137,500 7.8% 94,900 69.0% 42,600 51,800 3.1%

Minneapolis 116,500 6.5% 66,400 57.0% 50,100 18,800 1.1%

San Diego 103,300 7.9% 48,900 47.3% 54,400 23,500 1.9%

St. Louis 84,000 6.2% 28,700 34.2% 55,300 15,100 1.2%

Tampa 138,400 11.1% 57,000 41.2% 81,400 19,300 1.7%

Baltimore 72,300 5.5% 57,600 79.7% 14,700 11,200 0.9%

1Employment data are seasonally adjusted.

2Each metro entered and left the recession in different months; losses and gains are calculated

based on the month each metro began to report losses and gains. For a more detailed discussion,see Houston: The Economy at A Glance, May 2011.Source: U.S. Bureau of Labor Statistics


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Another Strong ReportThe Houston Metro Area1 added 95,800 net new jobs, a 3.6percent annual increase, in the 12 months ending October 12, according to the TexasWorkforce Commission. The private sector added 96,300 jobs, a 4.3 percent annual in-crease, during the same time frame.

Every sector but government reported job gains over the past year, with the strongest jobgrowth in construction (17,400 jobs, 10.1 percent), leisure and hospitality (22,300 jobs,9.2 percent), and education and health services (18,400 jobs, 5.6 percent). Construction,which has been the laggard throughout the recovery, now leads Houstons economy withthe strongest job growth of any sector.

The information sector, which includes telecommunications, print and broadcast media,posted a 500 job gain in October and a 100 job gain over the past 12 months. While thatmay seem insignificant, information has been losing jobs since the beginning of the lastdecade, so even a slight uptick gives pause for hope.

Houston continues to lead thestates economy, with no othermetro adding as many jobs.Houstons job growth exceeds

the combined job growth of Dal-las and Austin. Houston, whichaccounts for 23.7 percent ofTexas population, accounted for34.7 percent of the 276,400 jobs

created in the state during thepast 12 months.

Houston's October unemploy-ment rate was 6.2 percent, downfrom 6.3 percent in Septemberand 7.7 percent in October 11.Texas rate was 6.3 percent, un-changed from September anddown from 7.6 percent in Octo-ber 11. The U.S. rate was 7.5percent, down from 7.6 percentin September and 8.5 percent inOctober 11. Rates are not sea-sonally adjusted.

1 The Houston metro area consists of Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacin-to and Waller Counties.

Job Growth, Top Texas MetrosOct 11 Oct 12

Metro Area Jobs %

State of Texas 276,400 2.6

Houston-Sugar Land-Baytown 95,800 3.6

Dallas-Fort Worth-Arlington 66,500 2.3

Austin-Round Rock-San Marcos 28,200 3.5

San Antonio-New Braunfels 23,400 2.7

El Paso 4,600 1.6

Corpus Christi 4,000 2.2Midland 2,700 3.6

Abilene 2,500 3.9

Amarillo 2,300 2.0

Tyler 2,300 2.4

Longview 2,200 2.3

Waco 1,900 1.8

Beaumont-Port Arthur 1,500 0.9

Killeen-Temple-Fort Hood 1,400 1.1

Laredo 300 0.3

Wichita Falls 200 0.3

McAllen-Edinburg-Mission 100 0.0

College Station-Bryan -400 -0.4

Lubbock -900 -0.7

Brownsville-Harlingen -2,100 -1.6Source: Texas Workforce CommissionNote: Employment data not seasonally adjusted


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Aviation UpdateThe Houston Airport System (HAS) handled 50.4 million passen-gers during the 12 months ending October 12, up 0.9 percent from 49.9 million passen-gers handled over the same period last year.

Domestic traffic totaled 41.6 million passengers in the 12 months ending October 12,

up 0.9 percent from 41.3 million the same period last year.

International traffic totaled 8.7 million international passengers, up 0.9 percent from8.6 million during the same period in 11.

Passenger traffic continues to grow, albeit slowly, from the doldrums of the recession.During the 12 months ending August 09, which was the bottom of the recession for pas-senger traffic, HAS handled 47.6 million passengers. Traffic for the most recent compa-rable period, the 12-months ending October 12, represents an increase of 2.7 millionpassengers, or 5.7 percent, from the recessions bottom.

Trade UpdateMore than $208.4 billion in trade passed through the Houston-Galveston Customs District during the first nine months of this year, a 5.1 percentincrease over the $198.4 billion handled through September of last year.

Exports totaled $94.0 billion through the first nine months, a 7.8 percent increase from$87.1 billion handled over the same period last year.

Imports totaled $114.4 billion through September 12, a 2.9 percent increase over the$111.2 billion handled over the same period last year.

Houston continues to rank as the nations third busiest customs district, behind LosAngeles, which reported $300.7 billion in trade through the first nine months ofthis year, and New York, which reported $290.9 billion over the same period.

A Market to Watch The Urban Land Institute and the accounting/consultingfirm PwC ranked the Houston real estate market among the top five U.S. marketsto watch. The ranking is part of the report, 2013 Emerging Trends in Real Estate,released recently. ULI cited Houstons energy-related employment among themany forces driving real estate demand. The study ranked Houston high for in-vestment, development and homebuilding activity.

The report stated that while investors remain strongly interested in the primarycoastal markets (i.e., San Francisco, New York City, Boston, and Washington,D.C.), inflated prices in these markets have pushed investors to adjust their invest-ment strategies to include secondary markets that provided price and yield advan-tages (i.e., Houston, Austin, Seattle, Dallas, and Orange County).


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TOP REAL ESTATE MARKETS TO WATCH BY RANKING

Market Overall Investment Development Homebuilding

San Francisco 1 1 1 1

New York City 2 2 2 3

San Jose 3 3 3 2

Austin 4 7 4 5

Houston 5 5 5 6

Boston 6 4 6 8

Seattle 7 6 8 7

Washington, D.C. 8 12 9 4

Dallas/Ft Worth 9 10 7 10

Orange County 10 9 19 9

Source: ULI and PwCs 2013 Emerging Trends in Real Estate

Half of the investors surveyed emphasized that the main buying opportunities inHouston exist in the industrial sector. CBREs third quarter MarketView reportechoes the strength of Houstons industrial market. There are currently 56 projectstotaling 3.8 million square feet under construction and 26 projects that completedconstruction in Q3/12 delivering 1.8 million square feet. Additionally, positive ab-sorption has occurred in every quarter since Q3/09 with the exception of negativeabsorption of 26,000 square feet in Q1/11. Vacancy rates have dropped from 5.9

percent in Q3/11 to 5.2 percent in Q3/12. As a result of higher absorption levelsand lower vacancy rates, average gross monthly rental rates have increased to$0.53 per square foot in the third quarter, up slightly from $0.48 per square foot ayear ago.

Patrick Jankowski, Jenny Philip and Pooja Patelcontributed to this issue of

Houston:The Economy at a Glance


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STAY UP TO DATE!

Are you a Partnership Member? If so, log in to your account hereand access archived issues ofGlance available only to members. You can also sign-up RSS feeds to receive Houstons latesteconomic data throughout the month.

If you are a non-member and would like to receive this electronic publication on the first working dayof each month, please email your request for Economy at a Glance to [email protected] your name, title and phone number and your companys name and address. For informationabout joining the Greater Houston Partnership and gaining access to this powerful resource, callMember Services at 713-844-3683.

The Key Economic Indicators table is updated whenever any data change typically, 11 or sotimes per month. If you would like to receive those updates by e-mail, usually accompanied bycommentary, please email your request forKey Economic Indicators to [email protected] the same identifying information.

You may request Glanceand Indicatorsin the same email.
http://www.houston.org/GHP_Secure/LogIn/index.asp?edit=0&act=mbrshttp://www.houston.org/GHP_Secure/LogIn/index.asp?edit=0&act=mbrsmailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.houston.org/GHP_Secure/LogIn/index.asp?edit=0&act=mbrs


7/12



Houston Economic Indicators

A Service of the Greater Houston Partnership

Most Year % Most Year

Month Recent Earlier Change Recent Earlier Chan

ENERGY

U.S. Active Rotary Rigs Oct '12 1,834 2,012 -8.8 1,930 * 1,847 *

Spot Crude Oil Price ($/bbl, West Texas Intermediate) Oct '12 89.39 86.38 3.5 93.99 * 94.29 * -Spot Natural Gas ($/MMBtu, Henry Hub) Oct '12 3.36 3.35 0.3 3.03 * 4.11 * -2

UTILITIES AND PRODUCTION

Houston Purchasing Managers Index Oct '12 57.7 61.3 -5.9 59.3 * 60.2 * -

Nonresidential Electric Current Sales (Mwh, CNP Service Area) Oct '12 4,475,252 4,663,194 -4.0 42,990,598 43,426,998 -

CONSTRUCTION

Total Building Contracts ($, Houston MSA) Sept '12 913,624,000 802,213,000 13.9 8,042,475,000 6,866,218,000 1

Nonresidential Sept '12 311,853,000 347,893,000 -10.4 2,687,663,000 2,895,656,000 -

Residential Sept '12 601,771,000 454,320,000 32.5 5,354,812,000 3,970,562,000 3

Building Permits ($, City of Houston) Oct '12 434,667,104 415,183,640 4.7 4,005,475,213 3,010,787,655 3

Nonresidential Oct '12 280,668,188 269,949,611 4.0 2,599,110,666 1,995,216,298 3

New Nonresidential Oct '12 126,282,500 180,196,886 -29.9 1,103,247,977 861,738,011 2

Nonresidential Additions/Alterations/Conversions Oct '12 154,385,688 89,752,725 72.0 1,495,862,689 1,133,478,287 3

Residential Oct '12 153,998,916 145,234,029 6.0 1,406,364,547 1,015,571,357 3

New Residential Oct '12 134,867,494 123,954,325 8.8 1,200,187,910 837,544,526 4

Residential Additions/Alterations/Conversions Oct '12 19,131,422 21,279,704 -10.1 206,176,637 178,026,831 1Multiple Listing Service (MLS) Activity

Closings Oct '12 6,457 4,781 35.1 62,736 53,618 1

Median Sales Price - SF Detached Oct '12 163,000 149,900 8.7 161,380 * 152,892 *

Active Listings Oct '12 37,909 46,674 -18.8 41,587 * 49,841 * -1

EMPLOYMENT (Houston-Sugar Land-Baytown MSA)

Nonfarm Payroll Employment Oct '12 2,720,800 2,625,000 3.6 2,672,960 * 2,582,810 *

Goods Producing (Natural Resources/Mining/Const/Mfg) Oct '12 521,900 493,100 5.8 506,670 * 484,950 *

Service Providing Oct '12 2,198,900 2,131,900 3.1 2,166,290 * 2,097,860 *

Unemployment Rate (%) - Not Seasonally Adjusted

Houston-Sugar Land-Baytown MSA Oct '12 6.2 7.7 7.0 * 8.5 *

Texas Oct '12 6.3 7.6 7.0 * 8.3 *

U.S. Oct '12 7.5 8.5 8.2 * 9.1 *

FOREIGN TRADE (Houston-Galveston Customs District)

Port of Houston Authority Shipments (Short Tons) Oct '12 3,625,181 3,451,860 5.0 36,750,261 35,546,349

Air Passengers (Houston Airport System) Oct '12 4,102,131 4,099,729 0.1 42,118,303 41,654,937Domestic Passengers Oct '12 3,472,788 3,493,338 -0.6 34,752,066 34,420,921

International Passengers Oct '12 629,343 606,391 3.8 7,366,237 7,234,016

Landings and Takeoffs Oct '12 68,665 70,683 -2.9 684,044 716,673 -

Air Freight (metric tons) Oct '12 36,537 36,277 0.7 348,327 351,278 -

Enplaned Oct '12 18,881 18,508 2.0 180,695 180,517

Deplaned Oct '12 17,656 17,769 -0.6 167,632 170,761 -

CONSUMERS

New Car and Truck Sales (Units, Houston MSA) Oct '12 31,779 25,233 25.9 280,872 214,341 3

Cars Oct '12 14,048 9,804 43.3 124,210 91,129 3

Trucks, SUVs and Commercials Oct '12 17,731 15,429 14.9 156,662 123,212 2

Total Retail Sales ($000,000, Houston MSA, NAICS Basis) 1Q12 24,034 22,118 8.7 102,651 92,795 1

Consumer Price Index for All Urban Consumers ('82-'84=100)

Houston-Galveston-Brazoria CMSA Oct '12 204.139 201.398 1.4 204.478 * 200.454 *

United States Oct '12 231.317 226.421 2.2 229.531 * 224.737 *

Hotel Performance (Harris County)Occupancy (%) 1Q12 66.7 60.5 66.7 * 60.5 *

Average Room Rate ($) 1Q12 95.35 91.97 3.7 95.35 * 91.97 *

Revenue Per Available Room ($) 1Q12 63.57 55.60 14.3 63.57 * 55.60 * 1

POSTINGS AND FORECLOSURES

Postings (Harris County) Oct '12 2,570 3,221 -20.2 29,783 36,122 -1

Foreclosures (Harris County) Oct '12 759 883 -14.0 8,365 8,851 -

YEAR-TO-DATE TOTAL or

YTD AVERAGE*MONTHLY DATA


8/12



SourcesRig Count Baker Hughes IncorporatedSpot WTI, Spot Natural Gas U.S. Energy Information AgencyHouston Purchasing Managers National Association ofIndex Purchasing Management

Houston, Inc.Electricity CenterPoint EnergyBuilding Construction Contracts McGraw-Hill Construction

City of Houston Building Permits Building Permit Department, Cityof Houston

MLS Data Houston Association of RealtorsEmployment, Unemployment Texas Workforce Commission

Port Shipments Port of Houston AuthorityAviation Aviation Department, City of

HoustonCar and Truck Sales TexAuto Facts Report,

InfoNation, Inc., Sugar Land TXRetail Sales Texas Comptrollers OfficeConsumer Price Index U.S. Bureau of Labor Statistics

Hotels PKF Consulting/Hospitality AssetAdvisors InternationalPostings, Foreclosures Foreclosure Information & Listing

Service


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HOUSTON MSA NONFARM PAYROLL EMPLOYMENT (000)Change from % Change from

Oct '12 Sept '12 Oct '11 Sept '12 Oct '11 Sept '12 Oct '1

Total Nonfarm Payroll Jobs 2,720.8 2,697.2 2,625.0 23.6 95.8 0.9 3.6

Total Private 2,345.7 2,334.0 2,249.4 11.7 96.3 0.5 4.3

Goods Producing 521.9 517.8 493.1 4.1 28.8 0.8 5.8

Service Providing 2,198.9 2,179.4 2,131.9 19.5 67.0 0.9 3.

Private Service Providing 1,823.8 1,816.2 1,756.3 7.6 67.5 0.4 3.8

Mining and Logging 95.9 96.2 91.5 -0.3 4.4 -0.3 4.Oil & Gas Extraction 53.0 52.8 49.9 0.2 3.1 0.4 6.Support Activities for Mining 40.6 40.2 39.5 0.4 1.1 1.0 2.

Construction 189.5 186.0 172.1 3.5 17.4 1.9 10.

Manufacturing 236.5 235.6 229.5 0.9 7.0 0.4 3.Durable Goods Manufacturing 159.4 158.9 151.9 0.5 7.5 0.3 4.Nondurable Goods Manufacturing 77.1 76.7 77.6 0.4 -0.5 0.5 -0.

Wholesale Trade 142.0 140.5 137.3 1.5 4.7 1.1 3.

Retail Trade 278.2 279.0 272.5 -0.8 5.7 -0.3 2.

Transportation, Warehousing and Utilities 127.0 126.4 120.5 0.6 6.5 0.5 5.Utilities 17.5 17.4 16.3 0.1 1.2 0.6 7.

Air Transportation 19.2 19.3 19.7 -0.1 -0.5 -0.5 -2.Truck Transportation 23.7 23.6 22.6 0.1 1.1 0.4 4.Pipeline Transportation 10.7 10.7 10.4 0.0 0.3 0.0 2.

Information 31.4 30.9 31.3 0.5 0.1 1.6 0.Telecommunications 15.6 15.2 15.8 0.4 -0.2 2.6 -1.

Finance & Insurance 93.3 91.1 89.8 2.2 3.5 2.4 3.

Real Estate & Rental and Leasing 48.8 49.0 48.8 -0.2 0.0 -0.4 0.

Professional & Business Services 387.6 392.3 386.6 -4.7 1.0 -1.2 0.Professional, Scientific & Technical Services 185.3 183.5 185.4 1.8 -0.1 1.0 -0.

Legal Services 23.4 23.2 23.2 0.2 0.2 0.9 0.9Accounting, Tax Preparation, Bookkeeping 16.9 16.9 17.3 0.0 -0.4 0.0 -2.3

Architectural, Engineering & Related Services 60.7 59.9 62.8 0.8 -2.1 1.3 -3.3

Computer Systems Design & Related Services 27.1 26.9 25.8 0.2 1.3 0.7 5.0

Admin & Support/Waste Mgt & Remediation 181.0 187.5 180.2 -6.5 0.8 -3.5 0.Administrative & Support Services 170.2 177.3 170.6 -7.1 -0.4 -4.0 -0.2

Employment Services 78.0 78.4 72.5 -0.4 5.5 -0.5 7.6

Educational Services 44.6 44.2 44.3 0.4 0.3 0.9 0.

Health Care & Social Assistance 304.5 299.8 286.4 4.7 18.1 1.6 6.

Arts, Entertainment & Recreation 27.5 27.9 26.0 -0.4 1.5 -1.4 5.

Accommodation & Food Services 238.4 234.4 217.6 4.0 20.8 1.7 9.

Other Services 100.5 100.7 95.2 -0.2 5.3 -0.2 5.

Government 375.1 363.2 375.6 11.9 -0.5 3.3 -0.Federal Government 27.4 27.4 27.8 0.0 -0.4 0.0 -1.State Government 73.7 72.4 72.6 1.3 1.1 1.8 1.State Government Educational Services 39.9 39.3 39.6 0.6 0.3 1.5 0.8

Local Government 274.0 263.4 275.2 10.6 -1.2 4.0 -0.Local Government Educational Services 191.9 182.8 191.6 9.1 0.3 5.0 0.2

SOURCE: Texas Workforce Commission


10/12



Source: National Association for Purchasing Management - Houston, Inc.

Source: Texas Workforce Commission

30

35

40

45

50

55

60

65

70

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

PURCHASING MANAGERS INDEXHOUSTON & U.S. 2002-2012

HOUSTON U.S.

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100

120

140

160

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

2,700

2,750

2,800

Jan-02 Jan-03 Jan-04 Jan-05 J an-06 J an-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

12-M

ONTHCHANGE(000)

NONF

ARM

PAYROLLEMPLOYMENT(000)

HOUSTON MSA EMPLOYMENT2002-2012

12-MONTH CHANGE JOBS


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1,600

1,650

1,700

1,750

1,800

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,250

430

440

450

460

470

480

490

500

510

520

530

540

550


SERVICE-PROVIDING

(000)

GOODS-PRODUCING

(000)

GOODS-PRODUCING AND SERVICE-PROVIDING EMPLOYMENTHOUSTON MSA 2002-2012

GOODS-PRODUCING JOBS SERVICE-PROVIDING JOBS

0

1

2

3

4

5

6

7

8

9

10

11


PERCENTOFLABORFORCE

UNEMPLOYMENT RATEHOUSTON & U.S. 2002-2012

HOUSTON U.S.


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Source:U.S. Energy Information Administration

Source: U.S. Bureau of Labor Statistics

0

4

8

12

16

20

24

28

0

20

40

60

80

100

120

140

Jan-02 J an-03 Jan-04 J an-05 Jan-06 Jan-07 Jan-08 Jan-09 J an-10 J an-11 J an-12 Jan-13

HENRYHUBNATURALGAS($/MMBTU)

WESTTEXASINTERMEDIATE($/BBL)

SPOT MARKET ENERGY PRICES2002-2012

WTI Monthly WTI 12-MO AVG GAS MONTHLY GAS 12-MO AVG

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


INFLATION: 12-MONTH CHANGE2002-2012

HOUSTON CPI-U U.S. CPI-U

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Houston Economy at a Glance December 2012

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