Jobs, workers, and 'a good vibe': Here’s why PNC CEO Bill Demchak is bullish on Houston
The head of the sixth-largest bank in the U.S. is bullish on Texas's prospects as the year begins, even in the face of a possible recession.
, for payroll growth of 5 percent, compared with national job growth of 3 percent. Roughly a third of those gains came in the Houston area, bringing regional employment to 3.4 million, a new record.At the same time, the region saw significant population growth, which helps explain why Houston's unemployment rate stands slightly above that of the nation , according to the most recent data available, despite the job growth.
The bank has expanded greatly in the U.S. as a result of its 2021 acquisition of BBVA USA, a subsidiary of the Spanish banking giant. The deal left PNC with some $550 billion in assets at the end of 2022, according to the Federal Reserve. “Part of it was taxation. Part of it was good government policy, pro-business. Part of it was, you’ve got a lot of land, you’ve got a lot of space, you’ve got good infrastructure," Demchak said.
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