Economist Bill Gilmer with the Institute for Regional Forecasting at the Bauer College of Business has written an update on the economic outlook for Houston.

The oil bust is spreading to the broader Houston economy, suggesting two years of job losses, sluggish growth and softening home sales before a rebound. That’s according to a new forecast from the University of Houston.

Economist Bill Gilmer with the Institute for Regional Forecasting at the Bauer College of Business projects as many as 40,000 net jobs could be lost through 2017. He says oil prices would have to reach about $65 a barrel in order for companies to start producing at higher levels and hiring significantly more workers.

But Gilmer says the future market sees the price of oil staying below $51 a barrel through 2019.

He spoke at the symposium "Houston's Economy Absorbs the Big Blow From Oil in 2015: Who Shares the Pain in 2016?" on Tuesday.

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