A History of Houston Historic Wards of Houston Historic Wards Map Houston Facts Houston's location was selected in 1836 by real estate developers A. C. and J. K. Allen with the anticipation that the city would serve as the principal marketing and distribution center for the agricultural colonies in central Texas. The local economy continued to grow in the 1870s as a proliferation of railroads allowed Houston to transport East Texas lumber to a fast-growing wood products industry. The establishment of petroleum refining plants in Houston following the 1901 Spindletop oil discovery and the subsequent opening of the Houston Ship Channel contributed to the growth of the city's economy. During World War II, additional petrochemical manufacturers were attracted to Houston because of the access to the Houston Ship Channel and the existing refining capacity.
Space exploration continues to spark our local economy.
Over the last twenty years, Houston has emerged as a major corporate center with over 200 national firms establishing headquarters, subsidiaries, or divisions here. Recent economic development has primarily come from multinational firms. Over 600 foreign firms maintain offices in Houston, and Houston leads the South and Southwest with 53 consular offices. Today, Houston is experiencing moderate economic growth. Much of this growth has been attributed to the economic diversification that has occurred over the last several years.