Texas

Houston was ranked number one in the stock market in 2022 by CNBC.

During a Friday interview with CNBC Energy Lunch Along with hosts Brian Sullivan and Kelly Evans, Mayor Sylvester Turner literally applauded the city’s accomplishments as the show ranked Houston first on its “Power City Index” for leading the nation in stock market performance throughout 2022.

“I’m very proud of where the city is, but even more proud of where it’s going,” Turner said, referring to a number of Fortune 500 companies moving to Houston. “Over the past 20 years, we have diversified our economy.”

The CNBC show reported that Houston companies posted a 12.3% year-over-year stock market gain, mainly due to a sharp rise in stock prices of major oil and gas companies, including Occidental Petroleum, which is up 119% in 2022, and Exxon Mobil, which is up more than 79 percent this year. Although Turner touted Houston as the energy capital of the world, he said the city is now focused on making an “energy transition.”


“We are not demonizing our energy sector, we are working with them in partnership,” Turner said, drawing attention to the Resilient Houston Plan, which was announced in 2020. in the city, working with the Greentown labs… We are focused on pure hydrogen. We are focused on the use and storage of carbon capital, thermal energy.”

Greentown Labs, which Turner says has “exceeded their expectations” since it expanded to Houston from the east coast, advertises itself on its website as “North America’s largest climate technology startup incubator” with the goal of “solving the climate crisis through entrepreneurship and cooperation”.

In addition to energy companies, Turner explained how the healthcare market will continue to bolster Houston’s economic strength. Already the largest medical complex in the world, Texas Medical Center plans to expand by “20 to 25 percent” in the coming years, Turner said.

The mayor also cited the space industry and trade at the Port of Houston, Texas’ largest port, as another boost to Bayou City’s profits.

Thanks to the success of the industries and companies that have fueled Houston’s economy for decades, Turner says more people seem to flock to the city every year. “We have been very successful in encouraging companies to come to the city to change their main headquarters,” including NRG, Hewlett Packard and Axion. “All these companies have decided that Houston is the best company for them as we move into the future.”

According to Power Lunch, its Power City index is based on adding the top 11-12 companies from 37 US cities, weighting all stocks equally, and averaging stock performance year-to-date.



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