For every 1 job lost at a major employer, there’s what’s called the multiplier effect. Meaning 2 or 3 additional jobs will be lost in the service sector by those who take care of the needs of the person who lost the major employer job.
So conservatively we can quadruple that number to 84,000 out of work in Houston.
And it's typically service workers who rent apartments.
I suspect beer sales will go up in the effected neighborhoods as people find themselves with more time on their hands.
25% of Houston's 7 million population is foreign born, and they are one of the youngest populations of any city in the world.
Houston has a diverse economy. I suspect these people will find some kind of gainful employment soon.
@Danny Webber Houston has long way to go for this recession ..its deeper compare to 2013 which temporary. With COVID we mostly lost service jobs will be back within a year or so and with Oil and Gas we are loosing high paying jobs as its impacting upstream companies the most ..FC may not happen as most technical folks may have some savings to go through downturn.
@Scott Mac majority of MF growth happened on I-10 corridor by energy companies, they are taking a beating for sure including class C on East side.. Houston may be diverse but She is still O&G dependent ..
We just need to be cautious with buying for next 12-16 months...