Houston’s economy can take a punch – or two. By several measures, the oil bust that began three years ago and ended late last year was the worst downturn of its kind in history. Yet Houston’s economy only suffered a mild recession; the region face nothing like the kind of ruinous depression that followed the collapse of oil prices in the mid-1980s. The historic flood waters of Hurricane Harvey cost Houston thousands of jobs, left an $87 billion hole in balance sheets, severely damaged 39,000 homes and totaled 300,000 vehicles. But it will also spur a small boost of economic activity that will replace those jobs and spur a $2.6 billion surge in retail sales as people buy vehicles, furniture, and construction supplies to rebuild damaged homes.
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Written by Collin Eaton at The Houston Chronicle