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October 10, 2008 4:25:40 PM CDT

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Houston All Smiles While US Economy Sinks

Posted Jun 21, 08 6:15 PM CDT in US,  Business 

(Newser) – Oil prices are crippling most American budgets, but folks are just fine in Houston—where unemployment sits at 3.8% and luxury jewelry stores and restaurants are jammed with customers. Oil refineries aren't fueling business, either: It's know-how, Daniel Gross writes in Slate. "It's the knowledge that has concentrated here that is driving things," Mayor Bill White explains.

In fact, little oil and gas production occurs near Houston. But consulting geologists, software developers, and white-collar oil execs bank big bucks. Green energy businesses are also booming as the city's population grows. But it's not all about oil and windmills. "We're really diversified," a local JP Morgan Chase exec said. "We're only 50 percent dependent on energy."

Source Slate

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Big oil prices, plus lots of energy know-how, are keeping Houston in the pink.   (Getty Images)
The 50-story glass tower, then-home to Enron Corp.'s headquarters, is framed by a circular walkway in Houston in this Aug. 20, 2003 file photo.   (AP Photo/Pat Sullivan, File)
Houston is doing just fine.   ((c) [nati])
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