With only 20 percent of Houston's office space in the central business district and most of it spread across the city's freeways and interchanges, suburbs like Fort Bend have become significant white-collar employers. Companies such as Fluor Daniel, Prudential Insurance, Schlumberger, Unocal and MCI continue to move large numbers of professional and managerial employees into Fort Bend County. Combining this white-collar employment with a growing contingent of clean, light industry in electronics, valves and oil equipment, Fort Bend is slowly developing a local economic base apart from its commuters. Its dependence on the city of Houston and Harris County remains high, however, not just for commuter income but for the social, cultural and sporting amenities the suburbs cannot provide. Economic expansion remains moderate in Houston, with a notable slowdown in the local construction in recent months.
Early results indicate a good holiday season ahead for retailers.
Oil machinery and durable manufacturing employment continue to grow in response to higher energy prices. After good fall sales, local retailers are looking forward to a great holiday season. Some, however, are concerned about its shortness this year. Heavy seasonal promotions began well before Thanksgiving, and early results indicate excellent sales. Heating oil inventories are still 16 percent under last year's levels, and efforts to rebuild stocks have cut gasoline production and inventories and pulled gasoline stocks to the lowest levels in 25 years.