The pandemic has hit everyone hard, but Houston’s economy has been hit particularly hard. Houston was one of the last major U.S. metropolitan areas in terms of GDP growth in 2021, according to a study by the U.S. Bureau of Economic Analysis, as the downturn in Bayou’s oil and gas industry led to a decline in overall growth.
Houston ranked 335th out of 384 U.S. metropolitan areas in 2021, recording a GDP growth of just 1.9% for the year.
“GDP for oil, gas and mining in Houston fell 51%,” Ted Ballantyne, director of CivMetrics, a nonprofit organization that analyzed the BEA data, told Houston Public Media. The pandemic caused most of the downturn in the oil and gas sector, Ballantine said: “So it was worth about $40 billion, and then at the end of the year it was about $20 billion.”