Last year of normal for the area’s economy
For Houston business, and for all of us, 2019 will be remembered as the last normal year, or at least the last one for a while. This year’s Chronicle 100 captures that seemingly long-ago time when people crowded restaurants, commuted to work, shopped at malls, jetted to vacation spots, swarmed open houses and otherwise did the spending that drove the longest economic expansion in U.S. history.
You might call it 1 B.C. — before coronavirus.
The world has changed since the financial reporting period covered by this edition came to an end, but the Chronicle 100, as always, provides a snapshot in time of the Houston economy. While we may now look nostalgically at the bygone days of 2019, our list of top performing public companies reminds us that last year was not so great.
Only 92 public companies made the Chronicle 100, meaning we couldn’t find a full complement that met the criteria — starting with making a profit in 2019. The trend, per usual, was driven by the energy sector, which struggled last year with middling oil prices, fed-up investors and tight capital conditions.
Our list of top performing public companies reflects the dramatic reversal of fortunes. In last year’s rankings, based on 2018 earnings, oil, gas and related companies snatched every spot in the Top 10. This year, only one made it.
At the same time, the Chronicle 100 shows that Houston does not live by oil alone. The rankings are led by diverse companies that write insurance, build telecommunications systems, generate power and construct homes.
Houston, as you’ll read, also boasts a rich array of private companies, many that reach national markets and prospered during the last year of the country’s record expansion. You’ll find valuable data and insights on Houston’s biggest employers, richest companies and leading industries inside and at houstonchronicle.com/ chronicle100. And look for extra Chronicle 100 features in Texas Inc.
For sure, 2020 will challenge all companies, public and private, and there’s a good chance the next edition of the Chronicle 100 will have fewer companies on its list. But we should also remember that over the years, the Chronicle 100 has not only reflected the ups and downs of Houston’s economy and business community, but also their resiliency.