Houston ranked No. 1 city for the stock market in 2022 – Chron

The downtown Houston skyline is photographed from Sabine Street Bridge Thursday, Oct. 6, 2022, in Houston.
During a Friday interview on CNBC’s Power Lunch with hosts Brian Sullivan and Kelly Evans, Mayor Sylvester Turner literally applauded the city’s accomplishments as the show ranked Houston No. 1 in its “Power City Index” for leading the nation in stock market performance throughout 2022. 
“I’m very proud of where the city is, but I’m even prouder of where the city is going,” Turner said, highlighting a number of Fortune 500 companies moving to the Houston. “We have diversified our economy over the last 20 years.” 
The CNBC show reported that Houston-based companies had seen a 12.3 percent stock market increase over the year, largely due to skyrocketing stock prices for oil and gas mainstays including Occidental Petroleum, which grew by 119 percent in 2022, and Exxon Mobil, which saw growth of more than 79 percent this year. While Turner touted Houston as the energy capital of the world, he said the city is now focused on leading an “energy-transition.” 
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“We’re not demonizing our energy sector, we’re working in collaboration with them,” Turner said, calling attention to the Resilient Houston Plan that was announced in 2020. “The focus right now is to build clean tech, climate tech companies in the city working with Greentown labs … We’re focusing on clean hydrogen. We’re focusing on carbon capital utilization and storage, thermal energy.”
Greentown Labs, which Turner said has “exceeded their expectations” since it expanded to Houston from the East Coast, touts itself on its site as the “largest climate tech startup incubator in North America,” with a goal of “solving the climate crisis through entrepreneurship and collaboration.” 
In addition to energy companies, Turner explained how the healthcare market will continue to help increase Houston’s economic strength. The Texas Medical Center, already the largest medical complex in the world, is looking to expand by “20 to 25 percent” in the coming years, according to Turner. 
The Mayor also referenced the space industry and trade in the Port of Houston, Texas’s largest port, as another boost for the Bayou City’s bottom line. 
Thanks to the success of industries and companies that have powered Houston’s economy for decades, more seem to be flocking to the city each year, Turner said. “We have been very successful in encouraging companies to come to the city to change their principle headquarters,” including NRG, Hewlett Packard and Axion. “All of these companies have decided that Houston is the best company for them as we move into the future.”
According to “Power Lunch,” its Power City Index is based on adding the top 11-12 largest companies from 37 U.S. cities, weighting all the stocks equally, and averaging the year-to-date stock performance.
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