Central Texas Global Business Pulse - October 13th 2024 - Big Plan

Central Texas Global Business Pulse

Big Plan Highlights

Luna Awards

Congratulations to all the remarkable women and advocates honored at the Luna Awards Austin! Hosted by the Regional Hispanic Contractors Association, this event shines a spotlight on the incredible achievements of women and women-owned businesses in architecture, engineering, and construction (A/E/C). One of the winners captured the spirit of the evening with her powerful words: 'As a woman in construction, I never thought I deserved a seat at the table. But I do, and we all do deserve a seat at the table.' It’s inspiring to witness the dedication to uplifting women in these industries and the positive impact they have on our communities.

Turner School of Construction Management Program Graduation

Big Plan LLC is proud to announce our graduation from the Turner School of Construction Management Program! A big thank you to Turner Construction and the HUB office at UT Austin for this fantastic program and opportunity. The program helped expand our knowledge in construction-related procurement, marketing, finance, legal, and other essential areas. We are excited to apply this new knowledge and continue growing our impact and business.

News & Updates

International

Ratan Tata, Whose Indian Business Empire Went Global, Dies at 86

Ratan Tata, one of India’s most powerful and admired magnates, who transformed his family’s business conglomerate, the Tata Group, into a multinational corporation with globally recognizable brands, died on Wednesday in Mumbai. He was 86.

The Tata Group announced his death in a statement, which did not specify a cause. Reuters reported that he had been treated in a critical care unit of a hospital.

During his 21 years as chairman and chief executive, from 1991 to 2012, the Tata Group’s profits multiplied 50 times, with most revenues coming from sales abroad of such recognizable Tata products as Jaguar and Land Rover vehicles and Tetley teas.

TD Bank to pay $3 billion in historic money-laundering settlement with the Justice Department

TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution’s lax practices allowed significant money laundering over multiple years.

Canada-based TD Bank pleaded guilty to conspiracy to commit money laundering, the largest bank in U.S. history to do so, Attorney General Merrick Garland said.

Global Trade Grows but Remains Vulnerable to War and Geopolitics

In a report also released Thursday, the World Trade Organization said that the pace of global trade has been ticking up, but that rising geopolitical tensions and uncertainty over economic policy could drag it down.

In particular, a widening conflict in the Middle East, the global center of oil production, could tangle shipping lanes and raise oil prices, the group said. That could make it harder and more expensive for people around the world to import the energy, food and other products they depend on.

German Industry Rebounded in August on Car Production

German industrial production rose at its fastest pace this year in August, largely a result of a rebound in the country’s key car industry, though output only offset the fall in the prior month as the manufacturing sector continues to be a drag on the economy.

Industrial output rose 2.9% on month in August, on a seasonally and calendar-adjusted basis, offsetting the equivalent 2.9% dip in July, German statistics agency Destatis said Tuesday.

South Korea’s central bank cuts rates in a bid to boost the economy

South Korea’s central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a sluggish economy outweighed concerns about the country’s level of household debt.

The Bank of Korea lowered its key interest rate by a quarter percentage point to 3.25% following a meeting of its monetary policy committee, in its first move to lower borrowing costs since May 2020, when the economy was weathering the COVID-19 pandemic.

USA

U.S. Budget Deficit Rises to $1.8 Trillion in 2024

America’s federal budget deficit rose to $1.8 trillion in the 2024 fiscal year, reaching the highest level in three years, according to new Congressional Budget Office estimates released on Tuesday.

The increase from last year’s $1.7 trillion deficit came as tax revenue failed to keep pace with the rising costs of government programs and the mounting interest on the national debt.

Climate solution: Form Energy secures $405M to speed development of long-awaited 100-hour battery

Form Energy, a company that is beginning to produce a longer-lasting alternative to lithium batteries, hit a milestone Wednesday with an announcement of $405 million in funding.

The money will allow Form to speed up manufacturing at its first factory in Weirton, West Virginia and continue research and development.

US inflation reaches lowest point in 3 years, though some price pressures remain

Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race.

Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the Labor Department reported Thursday, the same as in the previous month.

Manufacturing jobs now exceed pre-pandemic levels

It's the first time since the 1970s that the manufacturing industry has recovered all the jobs lost during a recession, per an analysis of government data out Tuesday from the Economic Innovation Group, a centrist think tank.

Texas

Exxon Granted Largest US Offshore Carbon Storage Site in Texas

Exxon Mobil Corp. won the right to pump carbon dioxide beneath Texas state waters in the Gulf of Mexico, in what will be the largest concession of its kind in the US.

The lease granted by the Texas General Land Office will cover 271,000 acres and allow Exxon to bury emissions in geologic rock formations under the seabed, the Spring, Texas-based company said in a statement. Exxon has agreed to remove 6.7 million tons of CO2 a year from industrial emitters along the Gulf Coast, including a new deal with a gas-gathering project in Louisiana announced this week.

Colorado-based company eyes data center project near Lockhart that Micron once considered for factory

A company that builds master-planned campuses for data centers is eyeing what could be a large project in Caldwell County at the site where Micron Technology Inc. once looked at building a multibillion-dollar semiconductor factory.

Denver-based Tract disclosed during an Oct. 2 meeting of the Uhland City Council that it's under contract for up to around 2,000 acres along Farm to Market Road 2720, about 30 miles south of Austin. Uhland is a small city with a population of about 1,800 people.

New Amtrak line would connect major Texas cities to Monterrey, Mexico

A proposed rail line could soon link Texas to cities south of the border. After years of talks, there's a renewed push to expand the Amtrak passenger rail service route to Mexico.

There's reportedly support on both sides of the border to make the concept a reality. The current Amtrak line goes from San Antonio to Austin to Dallas and then north.

Japanese low-cost airline to start nonstop flights between Houston and Tokyo next year

Texans will soon have a new option to fly to Asia, with Japanese low-cost airline ZIPAIR launching nonstop flights from Houston in 2025.

The flights between Houston’s George Bush Intercontinental Airport (IAH) and Tokyo Narita International Airport (NRT) will begin March 4.

Austin

Williamson County grants subsidies for Samsung supplier's phosphoric acid plant

A South Korean company behind one of the region's largest economic development projects has secured financial incentives from Williamson County for what could be a $600 million phosphoric acid plant on 85 acres it purchased at the RCR Taylor Logistics Park last year.

Soulbrain Holdings Co. Ltd. — a key South Korean supplier to Samsung Electronics Co. Ltd. — won unanimous approval for the incentives from the Williamson County Commissioners Court on Oct. 8. The company previously received incentives from the Taylor City Council and the Taylor Economic Development Corp.

Pedestrian plazas on Congress Avenue? City Hall wants your thoughts

Vehicle traffic on some blocks of Congress Avenue would be rerouted to make way for pedestrian plazas under a plan being considered at Austin City Hall.

Public input is being sought regarding the so-called Congress Avenue Urban Design Initiative, which would make Austin's main street a “more human centered, multimodal, complete street with a clear and attractive identity," according to an Oct. 9 announcement from the city.

Big Austin employers jump on return-to-office bandwagon

With the days of fully remote work largely in the rearview mirror, some of Austin’s major employers are leading the return-to-office charge.

Round Rock-based Dell Technologies Inc. — the region's fourth-largest employer with an estimated 13,000 workers, according to Austin Business Journal research — announced in late September that all of its sales staff would be returning to offices full-time. Meanwhile, Amazon.com Inc., the region’s sixth-largest employer with 11,000 workers, also announced last month that its employees will be required to return to offices full-time starting in January.

Sinovoltaics sets up U.S. headquarters in Austin, Texas

Sinovoltaics opened its new U.S. headquarters in Austin, Texas. The global provider of quality assurance for solar photovoltaic (PV) and battery energy storage systems (BESS) also opened new offices in Lausanne, Switzerland, to support its clients worldwide.

$5.5M approved for Austin Planning Department 'consultant bench'

The companies that will make up the bench and can be tapped by the Planning Department include: AECOM, HR&A Advisors Inc., Lionheart LLC, Perkins & Will Inc., Skidmore Owings & Merrill LLP and the Goodman Corp. They were chosen partly because they have expertise in market and financial analysis, Middleton-Pratt said in the memo.

Opinion Editorial

How business owners can navigate DEI backlash

More companies are publicly dropping their diversity, equity and inclusion initiatives amid backlash, but experts say the fight to foster diversity in the workplace is ongoing.

In the past few months, companies such as John Deere Co., Tractor Supply Co., Jack Daniel's, Harley-Davidson Inc. and Lowe's Cos. Inc. have either dropped their DEI efforts or publicly distanced themselves from those initiatives.

Events

State of the City (Oct 15th at 8am to 10 am)

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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