Diversified Economy Will Help Katy Weather the Oil Slump

200-katyThe Katy Area Economic Development Council recently announced that Katy is well positioned to thrive due to strong economic diversification as the oil industry continues to contract.

“Katy has kept pace with the Greater Houston metro in terms of economic diversification,” said Lance LaCour, president and CEO of the Katy Area Economic Development Council. Between 2013 and 2014, the Katy area added nearly 5,000 new jobs in the engineering, accounting and research industries. Coupled with strong growth in the services industry over the same time period and attractive, new Class A office space coming online this year for prospective employers, the overall outlook is far from bleak.

The Katy Ranch project, a six-story, 151,000 square-foot office building situated along the Katy Freeway, and the three-story, 128,000 square-foot Mason Office Creek II provide impressive options for employers in the tech and financial services space and other thriving industries. U.S. Silica, one of the largest domestic producers of commercial silica, recently leased 17,464 square feet at the Katy Ranch Phase I office building. Michael Baker International, a survey and civil engineering firm, also recently committed to the Katy area.

“Our community has put in tremendous effort over the past several decades to both diversify our economy in a way that is complementary but not dependent on the oil and gas industry, as well as create incentives through low taxes, affordable business space and the highest quality of life in the United States today, which has resulted in our region becoming an absolute magnet for employers,” said LaCour.

For more information, visit www.katyedc.org.