Central Texas Global Business Pulse - October 27th 2024 - Big Plan

Central Texas Global Business Pulse

Big Plan Highlights

Desmond Wiggan, CEO of BatteryXchange, and Fang Fang, CEO of Big Plan, celebrate a significant achievement. Recently, our efforts enabled BatteryXchange to secure a prominent opportunity at a national event, leading to new avenues for growth and revenue. This success story reflects our commitment to leveraging our network to create meaningful opportunities and elevate MBEs within the business community. We look forward to continuing to support and uplift diverse enterprises as they thrive in their industries

News & Updates

International

IMF warns world to avoid global trade war

The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.

It comes as concerns are heightened ahead of the possible re-election of Donald Trump.

Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.

Companies to shift 9% more nearshoring to Mexico

Over the next two years the percentage of U.S.-serving supply chains located in North and South America will rise to 69% from 59%, according to the findings of a KPMG survey of 250 U.S.-based executives from companies with annual revenues of $1 billion or more.

USA

American Ports Drive $2.9 Trillion in Economic Impact and 21.8 Million Jobs, AAPA Report Reveals

The American Association of Port Authorities (AAPA) has released its 2024 Port and Maritime Industry Economic Contribution Report highlighting the essential role U.S. ports play in the national economy. The study underscores that the maritime sector supports nearly $2.9 trillion in GDP and 21.8 million American jobs, cementing ports as a vital pillar of the economy.

U.S. approves massive lithium mine in Nevada, overriding protests

The Biden administration Thursday approved a massive lithium and boron mine in southern Nevada, overriding some environmentalists’ protests that it could drive an endangered wildflower to extinction.

The final approval of the Rhyolite Ridge Lithium-Boron Project underscores the tensions between two of President Joe Biden’s top environmental priorities: accelerating the nation’s transition to clean energy and combating a global biodiversity crisis.

Texas

Texas adds record number of jobs, boosting state’s labor force to a high of 15.5M

Texas’ labor force hit a new high in September with 15.45 million people on the job or looking for work — and the state added a record number of jobs. More than 29,000 jobs were added last month, bringing the total to 327,000 jobs added over the past 12 months.

Texas has added jobs at a rate of 2.3%, outpacing national growth by 0.7 percentage points. The state’s seasonally adjusted rate of unemployment held steady at 4.1%, the Texas Workforce Commission said Friday.

Goldman Sachs-backed developer Gridstor builds 440MWh Texas BESS project

Gridstor, a US-based developer and operator of grid-scale battery storage systems, has kicked off construction of its first project in the Texas ERCOT market.

The developer said last week (17 October) that construction is underway on the Hidden Lakes Reliability Project 220MW/440MWh standalone battery energy storage system (BESS) in Texas’ Galveston County.

Exxon Mobil, Qatar get 3-year extension to build their LNG plant in Texas

In August, the U.S. Court of Appeals for the District of Columbia issued a ruling in City of Port Isabel vs. FERC (Federal Energy Regulatory Commission) that took the unprecedented step of vacating the federal permits of two South Texas liquefied natural gas facilities — the $18.4 billion Rio Grande LNG terminal and Texas LNG — more than a year after they were issued. But the ramifications of this decision extend far beyond LNG. If it stands, the ruling would set a precedent that could derail future development for all forms of energy, and Texas’ position as a clean energy leader could be squandered.

Texas Ranks Among Top Renewable Energy States

A new report published by the Environment Texas Research & Policy Center says the Lone Star State is a leader in wind power generation and other renewable energy sources.

The report assessed the growth of six different clean energy solutions over the past decade and found that Texas ranked the best, or close to it, in multiple categories in 2023:

1st for wind power generation at 119,836 GWh
2nd for solar power generation at 31,739 GWh
2nd for battery storage capacity at 3.42 GW
3rd for electric vehicle registrations with 210,433
4th for electric vehicle charging ports, with 8,637 statewide

Between 2014 and 2023, wind power generation in Texas nearly tripled, while solar energy grew more than 70-fold.

Austin

Austin-Bergstrom’s Concourse B project awarded $33.27 Million from Bipartisan Infrastructure Law

Austin-Bergstrom International Airport (AUS) announced today it has been awarded $33.27 million from the Federal Aviation Administration’s (FAA) Airport Terminal Program as part of the Bipartisan Infrastructure Bill. The awarded funds will support the construction of the airport’s new Concourse B project, including the construction of an underground tunnel that will connect the new Concourse to the existing Barbara Jordan Terminal.

Electric vehicle battery re-purposing factory coming to Taylor, first of its kind in the US

A one-of-a-kind facility is coming to the Central Texas area, and it is bringing hundreds of new jobs with it. A new electric vehicle battery re-purposing facility will set up shop in the city of Taylor.

The U.S. Department of Energy funded more than a dozen projects across the country to accelerate clean energy manufacturing. One of those projects included a company coming to Taylor called Moment Energy Inc.

Austin airport sets new record with over 44,000 passengers in one day

Austin-Bergstrom International Airport shattered passenger records Monday as Formula 1 fans and college football spectators departed the city, with 44,043 travelers passing through TSA checkpoints.

The surge following Sunday's U.S. Grand Prix and Saturday's Texas-Georgia football game marked the busiest day in the airport's history. The previous day saw 39,380 passengers screened, ranking as the fifth-busiest day on record.

Houston-based developer eyes project with data center in Round Rock

A Houston-based developer is eyeing a 57-acre development in Round Rock that would include a data center. It marks the continued proliferation of data centers in the Austin area.

Representatives of Highland Resources Inc. received a recommendation from the Round Rock Planning and Zoning Commission on Oct. 16 to establish a planned unit development on the east side of Chisholm Trail Road and south of Old Settlers Boulevard.

Opinion Editorial

Small Businesses and AI: Accelerating Innovation and Inclusion

Artificial intelligence (AI) is a transformative technology that has the potential to revolutionize industries. That includes small businesses, which are the heart of the economy, representing more than 90% of businesses globally and employing half of the world’s workers

However, conversations about AI tend to focus on technology-driven companies and rarely connect to small businesses. This is a missed opportunity.

How a Trump Victory Would Threaten Tesla’s Success in China

Tesla has had a special relationship with China allowing it to do things in the country that have been the envy of other U.S. automakers.

That connection will be tested if Donald Trump is elected to a second term in the White House and a bigger trade war breaks out.

Chief Executive Elon Musk’s embrace of the Republican might put little daylight between him and a second Trump administration in Beijing’s eyes, according to China experts.

Events

How to Fund, Grow and Succeed: Small Business and Entrepreneurship (Oct 29th, 5-8 pm)

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)

Certified WBE, MBE & HUB.

Certified by:

City of Austin, Tx.
State of Texas
National Minority Supplier Development Council

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