Houston ranked fastest-growing city

Updated: 2012-01-19 09:20

(Xinhua)

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HOUSTON - The Houston regional economy grew faster than any other in north America last year, thank to its booming energy businesses, according to a report released Wednesday by the Brookings Institution.

Houston and another Texas city, Dallas, were the only two major metropolitan economies in north America to be listed among the world's most robust economies in 2010-2011 by the Brookings Institution report. Houston ranked No. 19 globally in terms of growth and Dallas No.36.

Houston's 311-billion-US-dollar economy largely benefited from high oil and gas prices and a relatively strong housing market, said Alan Berube, co-author of the report.

The report also revealed a shift away from traditional power centers to Asia, Latin America and Eastern Europe.

Ninety percent of the fastest-growing metropolitan economies among the 200 largest worldwide were located outside North America and Western Europe, according to the report.

By contrast, 95 percent of the slowest-growing metro economies were in the United States, Western Europe, and earthquake-damaged Japan, the report said.

"We are in a uneven recovery, and this report illustrates the need for developing new trading and investment partners, so as to position our metros to meet the demands of the global market," said Berube.

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