Retail

Houston will be among the nation’s leaders in retail property deliveries in 2016 as nearly 3 million square feet of space is scheduled for completion this year. The new construction will increase retail property supply by 1 percent, the fifth-largest rate of growth for retail space for major markets in the nation. Historically, Houston has had several growth spurts — and some economic recessions — related to the energy industry. The Houston metro area, known as a world capital in the oil and gas industry, has some obstacles to overcome as the upstream oil sector is losing a significant number of jobs. Yet other area employers have gained momentum, keeping job growth positive. Since the Great Recession, Houston’s annual job growth of 2.9 percent has outpaced the national rate of expansion by approximately 130 basis points. However, energy-related layoffs have caused the market to trail national employment growth by the same spread in the last year. Similar to 2015, between 15,000 to 20,000 jobs are forecast to be created this year, maintaining the metro’s positive job outlook. Growth in other sectors of the Houston area’s economy, like health care and downstream oil-and-gas operations, is positively influencing the market and keeping …