Investors in the self-proclaimed Energy Capital of the World are betting on another sector in 2015.

High-net-worth investors in Houston see more investment potential for 2015 in technology rather than energy, according to a survey conducted by Morgan Stanley in late 2014. This marks a first for the survey, said Matt Kabot, Houston area complex manager at Morgan Stanley.

“With the decline in oil, for the first time since we’ve done this survey, folks are more bullish on a sector other than energy,” Kabot said.

In the survey, 78% of Houston’s investors considered technology the best investment for 2015, while 71% chose energy. Additionally, investments in biotech (61%), real estate (58%) and communications (58%) were high.

The heightened interest in technology is not a new development, Kabot said. For several years, investors have sought out the next best tech gizmo.

Furthermore, technology has consistently been in the top three of investor’s ‘best bets’ since the survey was first conducted three years ago.

“In the current environment that we are in relative to the prices of oil, I think we just slipped a little bit on energy and tech just stayed where it was,” he said.

He said Houston investors have a much larger exposure to the energy sector in their portfolios vs. investors nationally.

In the data, 23% of the average high-net-worth Houstonian’s portfolio is invested in energy in one way or another. However, the overlay of energy investments nationally is only 15%.

“It is interesting to note that with Houston being the energy capital of the world and all the things that brings, it also brings a high concentration in the way our clients invest,” he said.

Investors’ behavior and outlook on the energy sector are informed by high awareness of energy issues, he said. Most Houston investors, 88%, report that they have at least some knowledge of U.S. energy issues and problems. Another 44% say they have a lot of knowledge on the topic.

Given Houston investor’s level of knowledge, it’s not surprising that the poll shows that performance and policy factors affect the approach they take to energy investments, he said.

Nearly half of Houston’s investors favor expanding production of oil, gas and coal.

“And in line with preferred methods for expanding energy production, support is strong for two solutions that focus on traditional energies: the Keystone pipeline and fracking,” he said.

About eight in 10 (83%) support efforts to develop the Keystone XL pipeline and 71% support the fracking of shale deposits.

Additionally, 72% of Houstonians support expansion of wind farms and 63% support the expansion of solar farms.

Although there is interest for alternate sources of energy in Houston, the rest of the country is a little more supportive, he said.

“If you look at the data, while we support it—compared to national levels of interest they’re not as high,” he said.

Houston investors also see a place for U.S. policy in addressing the nation’s energy challenges. According to the survey, 88% agree that the U.S. should invest in technology and programs to increase energy efficiency.

Although the decline in oil prices has had its effects, investors remain confident in the future of the economy—domestically and globally, he said.

In the last three surveys, he said there’s been a marked trend in investor sentiments of increased bullishness on the country as a whole. For example, during last year’s survey, 53% of Houstonians surveyed were bullish on the prospects for the U.S. economy. In the fall of 2014, that number rose 67%.

“Right now we’re at 76%, which is the highest since we’ve been doing this,” he said.

That trend also follows global sentiments. Last year, 61% were bullish on the global economy, 68% in September and 78% now.

“Although Houstonians may have short-term concerns about the local economy, especially in light of low oil prices, they are becoming more optimistic about the national and global economies,” he said.