At their first monthly meeting for 2017, held at Maggiano’s restaurant, Houston Mortgage Bankers Association members heard an upbeat economic forecast from featured speaker Patrick Jankowski, regional economist and vice president of research for the Greater Houston Partnership.
The audience of mortgage bankers, realtors and other real estate-industry professionals listened as Jankowski likened the recent fall in oil prices to a hurricane. “The closer a business was to the eye [of the storm], such as an oil company or a supply company, the greater the negative effect,” he said. “But as we enter 2017, ‘Hurricane Oil’ is over and we are in recovery. Oil prices are double what they were in February, 2016; the rig count is up; employment is on the upturn; and the election is over and people are making investment decisions again.”
When asked how he’ll know when Houston is back to normal, Jankowski said, “I’ll know we are there when we hit $60 a barrel oil and add 60,000 new jobs per annum.”After thanking Jankowski for his presentation, HMBA president Greg Burkett reminded members about the HMBA Top Agent Panel to be held on February 16 at the Post Oak Central Conference Center, 1990 Post Oak Blvd, #110. He also announced that February’s monthly meeting will feature Rice University Coach David Bailiff.