Dan Seal speaks at monthly WEDC networking breakfast

April 20, 2004

Dan Seal of the Greater Houston Partnership was the guest speaker for the monthly networking breakfast hosted by the Waller Economic Development Corporation on April 20, 2004.

Seal described the function of the GHP economic development division in both retaining current larger employers within the Houston metropolitan area and attracting prospective employers to relocate or expand into our area. Noting that the Houston metro population was predicted to grow from the current 4.8 million to an estimated 8 million by 2030, he said that Waller would play an increasingly important role in employment growth within the GHP area, and pointed to the importance of having a WEDC director as an indicator that the Waller community was serious about maximizing the quality of the growth that occurs locally.

Since Houston’s economy is the largest influence on Waller, Seal shared the trends of several current strength indicators in the Houston economy. He noted that the three largest drivers of the Houston economy were: 1) health of the nation economy, 2) energy prices, and 3) the value of the dollar trading against major foreign currencies.

The U.S. economy is in a solidly expansionary mode with consistent predictions that the real GDP growth in 2004 will exceed 4%. Energy prices have been at relatively high levels throughout 2003, recently closing at the highest prices since the first Gulf War. While painful at the gas pumps, that creates great strength in the overall local economy. The value of the dollar against major foreign currencies has fallen 20% since the peak in February 2002, increases the potential for Houston exports of goods and services, with manufacturing products now selling cheaper overseas. All three trends indicate strong growth in coming months and manufacturing expansion, with job growth predicted at 1.5% or 31,000 new jobs for the area in 2004.

GHP is currently working with 57 prospect companies who have stated that they will make an expansion or relocation decision within the next 2 years. Seal discussed the potential CITGO headquarters relocation from Tulsa to Houston that he had been working with over the last year. In the week after his visit to Waller, CITGO announced they were going to relocate to Houston.

Seal, a Texas A&M grad, is vice-president of marketing for the Greater Houston Partnership. Over the last five years, the GHP has assisted companies in creating more than 41,000 new jobs worth an estimated annual economic impact of $5.3 million.

The next WEDC networking breakfast will be on May 18 at 7:30 a.m. in the Waller ISD board room, 2114 Waller St. If you would like to attend, please RSVP to John Isom, WEDC director, at jisom@WallerEDC.org or 936-931-5151.