Central Texas Global Business Pulse - November 17th 2024 - Big Plan

Central Texas Global Business Pulse

Big Plan in China

Following a successful showcase at the 2024 China International Import Expo (CIIE), Big Plan was delighted to visit the factories of both long-standing and new clients. Manufacturing is in full swing, with a significant surge in orders driven by the momentum following the recent U.S. election results. A heartfelt thank you to our clients for their incredible hospitality during our visits—it’s always inspiring to witness the dedication and innovation firsthand. We look forward to continued growth and collaboration ahead!

News & Updates

International

Businesses accelerate reshoring and near-shoring amid heightened geopolitical uncertainties and rising costs, Bain & Company finds

Amid intensified geopolitical uncertainties and rising costs, analysis from Bain’s biennial operations survey of CEOs and chief operating officers shows a further rise in companies planning, or already investing in and executing, reshoring and near-shoring – as well as the emerging trend of “split-shoring,” where businesses balance a mix of offshore production with other key manufacturing activity close to home.

Investors circle the Trump trade's global market victims

Big global investors are exiting popular trades that bet on U.S. President-elect Donald Trump’s tax and tariff policies boosting Wall Street and wreaking damage abroad and swooping in on some of the Nov. 5 election's biggest market victims.

After U.S. stocks and the dollar bounced on Trump's growth agenda and trade war fears pressured Chinese, European and emerging market assets, money managers are hunting for bargains in places where pessimism may have gone too far.

Saudi Arabia launches $100 Billion AI initiative to lead in global tech

Saudi Arabia has announced a 100 billion USD initiative aimed at establishing itself as a major player in artificial intelligence, data analytics, and advanced technology. The program, known as Project Transcendence, marks a significant push by the Kingdom to develop a robust AI ecosystem that can rival leading tech hubs, including neighbouring United Arab Emirates and other global technology centers.

Panama Canal says shipping rebound is underway after record drought

After two years of record drought conditions amid a challenging El Nino weather system which decimated vessel transits, the Panama Canal is experiencing a trade rebound.

Ricaurte Vásquez, administrator of the Panama Canal Authority, tells CNBC the canal has changed its business model to optimize water usage and improve forecasting in an effort to restore certainty and reliability, introducing a new long-term booking system and planning to make a decision on a potential dam project early next year.

USA

Manufacturing activity surges in New York region to highest level in nearly three years

The New York Federal Reserve’s Empire State business conditions index, a gauge of manufacturing activity in the state, surged 43.1 points in November to 31.2, the regional Fed bank said Friday. It is the highest level in nearly three years.

U.S. Ports Secure $580M in Grants for Infrastructure Modernization

Marking the third anniversary of the Bipartisan Infrastructure Law, the U.S. Department of Transportation’s Maritime Administration (MARAD) has announced nearly $580 million in Port Infrastructure Development Program (PIDP) awards. These grants will fund 31 projects across 15 states and one U.S. territory, boosting critical infrastructure upgrades at ports nationwide.

Texas

Texas data center dash creates solar price uncertainty

The impact of new data centers and computing facilities on the solar and storage market is exemplified in Texas. Power demand from AI and cryptocurrency groups, is soaring and the Dallas-Fort Worth conurbation is the second biggest data center market in the U.S. after Virginia. Data centers require large amounts of power for operations and cooling and more than 150 have been developed around Dallas-Fort Worth by companies such as Google, Facebook and Verizon.

Texas lawmakers to consider making comp insurance for construction mandatory

Lawmakers in Texas will be considering legislation that would make workers compensation coverage mandatory for contractors and subcontractors working on construction projects.

S.B. 338, pre-filed on Wednesday, would make construction the only industry in Texas that would be required to carry workers comp coverage. Currently, Texas is the only state that does not require employers to buy comp insurance.

Sports drink manufacturer to put $400M factory in Waco

A major sports drink company has revealed plans to open its first U.S. manufacturing facility in Texas.

Electrolit plans to build a $400 million facility in Waco and bring more than 200 jobs to the area, according to a Nov. 11 announcement. The roughly 600,000-square-foot facility is set to open in early 2026.

Austin

Austin Energy Explores Potential Game Changer for Geothermal Energy in Texas

With new technology and exciting opportunities to scale up energy production, the geothermal effort has the potential to change the energy landscape in Texas and create a more reliable pathway to a cleaner, greener grid. While Austin Energy is already the most environmentally sustainable utility in Texas, far exceeding statewide and national averages for carbon-free energy, it always seeks new ways to provide clean, reliable energy to the grid.

Large U.S. food supplier eyes $120M expansion, 165 more jobs in Buda

US Foods Holding Corp., the multibillion-dollar food distributor based in Illinois, is eyeing a $120 million expansion of its operations in Buda that could create another 165 jobs.

The company will be considered for incentives by both Hays County and the city of Buda on Nov. 19 to expand the company's massive facility at 2150 Fire Cracker Drive by 170,000 square feet, according to documents posted ahead of meetings next week.

AMD to cut 4% of global workforce as it focuses on AI chip development

Advanced Micro Devices (AMD.O), is laying off 4% of its global workforce, or about 1,000 employees, as it directs efforts towards developing AI chips in a bid to compete against industry bellwether Nvidia (NVDA.O),

AMD is regarded as the closest rival to Nvidia in the lucrative market for chips that form the brains of complex data centers that can process the large mounds of data used by generative AI technology like OpenAI's ChatGPT.

Events

Bexar County Business Conference 2024 (Dec 11th 2024, 7am - 3pm)

U.S. Mexico Supply Chain Summit in El Paso Texas (March 27, 2025)

Global Diversity Export Initiative (GDEI) Trade Mission to India, Singapore, and Hong Kong (March 2-8, 2025)

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City of Austin, Tx.
State of Texas
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