Quarterly: Houston not immune to U.S. economic woes

Despite energy, Houston is not immune to U.S. economic woes By PURVA PATEL Credit markets tightened, housing sales slowed, gasoline prices rose and job growth pulled back. But the booming energy sector helped get the Houston area through the second quarter. So what can Houston expect for the rest of the year? As we do each quarter, the Chronicle asked some experts to tell us what they think. Here are excerpts of responses from a banker, two economists and a chief operating officer for a local economic development group. Q: What's ahead for the area's economy? A: The area is not immune to problems that are national in scope, the experts said. "We're seeing some signs of slowing that stem from two sources: tight credit in the wake of the subprime mortgage debacle and growing consumer caution as inflation heats up," said Tracye... [read full story]