Houston was founded on the edge of Buffalo Bayou in 1836 by John and Augustus Allen, real estate brokers and brothers. The Allen brothers got a bargain at $1.40 per acre for 6,642 acres of land. Over the next 30 years Houston emerged as a commercial and railroad hub for the export of cotton. By 1900, Houston's population was 45,000 and it was the 85th largest city in the United States. Then, oil was discovered in 1901 and the Houston Shipping Channel opened in 1914 and the boom was on. By the Depression there were 40 oil companies operating from Houston. During World War II, shipbuilding spurred Houston's growth. NASA came to town in 1961 and once again Houston made history. The Astrodome, the first indoor domed sports stadium of its kind, opened in 1965. By the late 70’s, upheaval in the Middle East drove oil prices to new highs and Houston’s economy flourished. The population grew by over 1,000 people per week. Life was good in Houston.
Unfortunately, the boom burst in the 1980s when oil prices and real estate prices collasped and Houston has struggled to regroup and redirect its economy. In 2001, Hurricane Allison inflicted billions of dollars in damages to the Houston area and took 43 lives. In the wake of catastrophic Hurricane Katrina, Houston was one of the first cities to offer refuge and assistance to storm refugees from New Orleans. In spite of setbacks, Houston benefits from diversity. Although energy is still a major component of Houston’s economy, biotechnology, healthcare, manufacturing and aerospace industries are important factors in Houston’s continuing growth and prosperity.
