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162K views 397 replies 40 participants last post by  jonathaninATX 
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#109 ·
Where are the fastest-growing metro economies? Texas

Texas metros once again will top the list of fastest-growing economies this year, according to a report released today by the U.S. Conference of Mayors.

Midland is expected to be No. 1 at 7.3 percent economic growth. (Midland also was first in 2012.) Odessa will be No. 2 at 6.4 percent. Corpus Christi will be No. 10. at 3.8 percent. Dallas Fort Worth will be No. 25 at 3 percent. (See chart at bottom.)

Surging energy markets has helped the “perpetually booming state of Texas,” the report said. Bismarck, N.D.; Cheyenne, Wyo.; Fargo, N.D.; and Sioux Falls, S.D., also are forecast to make the top 10 list, reflecting the impact of the oil and gas boom on metro economies.

Overall, however, the nation’s metro areas appear to be struggling more economically this year than last year, according to the report conducted by IHS Global Insight for the U.S. Conference of Mayors. U.S. metro economies are expected to grow of 1.6 percent this year.

One-third (119) of the 363 U.S. metros will see stagnant or declining economies this year, up from one-fifth (73) last year. In addition, while 244 metros will see some economic expansion this year, nearly 40 percent will grow 1 percent or less.

[...]
 
#112 ·
New data show ‘meteoric’ rise of Texas oil


Kilgore Texas by mrchriscornwell, on Flickr

HOUSTON – Oil production in Texas has hit its highest monthly rate on record, more than doubling in less than three years, according to new federal data.

The state pumped 2.7 million barrels of crude per day during September, the highest average since monthly record-keeping began in January 1981. That marked a 30 percent jump over September 2012, according to data from the U.S. Energy Information Administration.

Texas’ oil production peaked in 1972, when it produced an average of 3.4 million barrels per day, according to annual data from the Texas Railroad Commission.
 
#113 ·
RadioShack secures $835 million in new financing

RadioShack Corp. said Tuesday that it has completed new financing totaling $835 million that matures in five years giving its new management team time to try to execute turnaround plans.

CEO Joe Magnacca said obtaining financial flexibility was a key part of those plan. RadioShack secured a new $585 million senior secured loan from GE Capital and Corporate Retail Finance and a $250 million secured term loan led by Salus Capital Partners LLC.

The financing will be used to pay off existing debt and provide about $200 million of incremental liquidity.
With new financing and its existing $325 million of 6.75% unsecured notes due in 2019, RadioShack will have about $625 million of debt.

Last year, it reported a loss of $139 million on sales of $4.26 billion. Losses have continued this year amounting to more than $200 million through the third quarter
This was crucial to the survival of Radio Shack which has seen its shares rise from all time lows recently.
 
#115 ·
Texas among six states picked for drone test sites

By Michelle Rindels/ The Associated Press
Dec. 30. 2013

Texas was among six states chosen by the Federal Aviation Administration to develop test sites for drones, a critical next step for the march of the unmanned aircraft into U.S. skies.

Alaska, Nevada, New York, North Dakota and Virginia will also host the research sites, providing diverse climates, geography and air traffic environments, FAA Administrator Michael Huerta said.

Drones have been mainly used by the military, but governments, businesses, farmers and others are making plans to join the market. Many universities are starting or expanding drone programs.

The FAA does not currently allow commercial use of drones, but it is working to develop operational guidelines by the end of 2015, although officials concede the project may take longer than expected.

The FAA projects some 7,500 commercial drones could be aloft within five years of getting widespread access to American airspace.

Representatives from winning states were jubilant about the FAA announcement and the likelihood that the testing will draw companies interested in cashing in on the fledgling industry.

“This is wonderful news for Nevada that creates a huge opportunity for our economy,” said U.S. Sen. Harry Reid, D-Nevada.

The competition for a test site was robust, Huerta said, as 25 entities in 24 states submitted proposals. At least one of the six sites chosen will be up and running within 180 days, while the others are expected to come online in quick succession, he said during a conference call with reporters.

The designations don’t come with a financial award from the government.

The winners were the University of Alaska, which also has test sites located in Hawaii and Oregon; the state of Nevada; Griffiss International Airport in Rome, N.Y., which also plans to use a facility in Massachusetts; the North Dakota Department of Commerce; Texas A&M University at Corpus Christi; and Virginia Polytechnic Institute, in Blacksburg, which will also conduct testing in New Jersey.

Organizers of the Texas bid expect economic development in the Corpus Christi area, according to a statement. They plan to operate 11 test ranges in the state, led by researchers at campuses in Corpus Christi and College Station.

Read more here: http://www.star-telegram.com/2013/12/30/5450798/texas-among-six-states-picked.html#storylink=cpy
http://www.star-telegram.com/2013/12/30/5450798/texas-among-six-states-picked.html
 
#117 ·
Dallas has second highest U.S. office leasing in 2013



The Dallas-area was one of the top office leasing markets in the country in 2013, fueled by Texas’ booming economy.

Dallas was second only to New York in terms of net office leasing in 2013, according to a new report from commercial real estate firm Cassidy Turley.

New York was the largest leasing market with 7.1 million square feet, followed by Dallas with 4.2 million square feet and Houston with 3.9 million.

Nationwide office vacancy has dropped to about 15 percent.
 
#120 ·
Google invests $75 million in Texas wind



By James Osborne
Jan. 15. 2014

Technology giant Google continues to bet on the future of wind power in Texas.

The California-based company is investing $75 million in a wind farm under development outside Amarillo by Pattern Energy Group. It is Google’s 15th investment in a wind project nationally and second in Texas.

Named Panhandle 2, the farm will boast a 182 megawatt capacity – enough to power roughly 56,000 homes. It is scheduled to begin operation by the end of 2014.

Last year Google invested $200 million in a 161 megawatt wind project in the Panhandle named Spinning Spur.

Google has set itself the goal of getting all its power from renewable sources, according to a post on the company’s blog.

“These efforts reflect our long-standing commitment to renewable energy as both an investor and a consumer. Let that Texas wind blow,” the blog post read.
http://bizbeatblog.dallasnews.com/2014/01/google-invests-75-million-in-texas-wind.html/
 
#122 ·
Occidental Petroleum to Move its HQ to Houston – The Energy Capital of the World

HOUSTON – Occidental Petroleum Corp. announced Friday that it is moving its corporate headquarters from Los Angeles to Houston, where hundreds of energy companies have their headquarters or major regional offices.

“Occidental Petroleum is the largest oil producer in Texas and one of the largest in the nation, so it seems only fitting the company would locate its headquarters in Houston, the Energy Capital of the World,” Texas Gov. Rick Perry said. “Oxy ranks 125 on the Fortune 500 list, and the company’s move is further evidence Texas has built the most dynamic, pro-growth economy in the nation.”

Since 1987 Occidental Petroleum has had its Houston offices in Greenway Plaza, a 4.3 million square foot business complex near the intersection of Buffalo Speedway and the Southwest Freeway. Cousins Properties purchased Greenway Plaza from Crescent Real Estate in a $1 billion deal last fall.

About a year ago, Occidental Oil & Gas renewed its lease in the Greenway Plaza, a massive 850,000-sf lease transaction engineered by Charles Gordon and Brandon Clarke of CBRE. At the time, landlord representative Bob Boykin said Occidental was the biggest tenant in the entire Crescent Real Estate portfolio – and Crescent is no small time player.

[...]
 
#123 ·
Dallas one of 8 finalists to host the 2016 Republican National Convention

It’s official.

Dallas is one of eight cities vying for the 2016 Republican National Convention, according to a tweet from Reince Priebus, who chairs the party.

Other cities include Cleveland, Columbus and Cincinnati Ohio, Denver, Kansas City, Las Vegas and Phoenix. More than a dozen cities submitted bids. The convention will bring an estimated 40,000 visitors and millions of dollars in economic activity to the city, according to the Washington Post.

Dallas Mayor Mike Rawlings and retired Sen. Kay Bailey Hutchison worked together on the bid to bring the convention to Dallas. He emphasized at a recent City Council meeting that Dallas taxpayers won’t foot the bill for hosting the event. The Republicans will officially name a presidential candidate at the event, which could occur in June, much earlier than they have been held traditionally. By having it earlier, the presidential candidate has access to campaign funds earlier.

Las Vegas appears to be the early front-runner with RNC members voicing support for that city, according to the Washington Post. None voiced support for any other city outside their home state. Charlotte, N.C. and Salt Lake City, Utah are out of the running, the newspaper reported.

[...]
 
#124 ·
What deep freeze? The Texas economy continued to grow from January to early February

The Texas economy continued to grow at a “moderate pace” from January through early February — the same as in the previous six weeks, according to a report released today by the Federal Reserve.

Dallas was one of eight Fed districts (out of 12) to report modest to moderate economic improvement despite bad weather. Growth slowed in Chicago, New York and Philadelphia due to unusually bad weather. Kansas City reported stable conditions.

Manufacturing, real estate, energy and non-financial services activity drove growth in the Dallas district, which includes all of Texas, northern Louisiana and southern New Mexico. Outlooks were optimistic across most industries.
 
#125 ·
Smitherman: Texas could break oil record by 2020



Texas Railroad Commission Chairman Barry Smitherman said Friday the shale revolution could drive the state’s oil production to record levels before the end of the decade.

Oil production in Texas is now close to 2 million barrels a day. And Smitherman, speaking at the IHS CERAweek energy conference in Houston, said the state could be at 3 million barrels by 2017 and 4 million barrels by 2020.

In 1972 Texas produced 3.5 million barrels a day, according to Railroad Commission data.

“It could easily go to 5 million by 2023,” Smitherman said. “I don’t know where the end is because it’s a technological revolution.”
 
#128 ·
Houston Gains 91,300 New Jobs in Last 12 Months

HOUSTON — Houston gained 91,300 new jobs over the last 12 months, the Texas Workforce Commission reported Friday. The results, measuring job creation between January 2013 and January 2104, highlight the fact that the energy industry and virtually every sector of the Houston area economy is surging. Houston’s unemployment rate dipped to 5.7 percent in January, the lowest since November.
 
#129 ·
Austin fastest-growing big city in U.S., latest Census data shows


https://www.flickr.com/photos/supertsai/

The U.S. Census' latest population estimates peg Austin as the fastest growing large metro area in the country.

CNN reports that the data, which charts population growth between July 2012 and July 2013, saw the Austin metro area grow by 2.6 percent, or 47,941 to a population of 1.9 million residents. Houston and San Antonio are also in the top 10 nationwide for population growth.

Austin demographer Ryan Robinson told CNN that the city's "cultural vibrancy" is helping to drive the economy.

Then there are the jobs, of course, which are luring those new residents. The report notes that the unemployment rate in the metro area fell to 4.7 percent in January, the lowest unemployment rate for cities with a population of more than one million.

[...]
 
#134 ·
NRG clears hurdle on nuclear plant expansion



The U.S. Nuclear Regulatory Commission has backed off its its opposition to NRG Energy’s plans to expand its nuclear power plant outside Bay City.

Last year the nation’s top nuclear agency called the partnership between Houston-based NRG and Japan’s Toshiba Corp. a violation of U.S. law prohibiting foreign companies from owning nuclear power plants.

But the agency’s Atomic Safety and Licensing Board overruled that decision Thursday and gave NRG tentative approval to move ahead on construction of two new reactors at the South Texas Project plant.

With power prices low, the outlook for new nuclear power in the United States has dimmed in recent years. Whether NRG will go ahead remains unknown.

[...]
Gas fracking has done more to restrain the nuclear industry than Fukushima...
 
#138 ·
Austin doesn't have a DFW airport(lots of employees apparently are temp and often return to Japan) which being at Legacy will give them a straight shot to, nor the corporate presence that DFW has. The DFW northern burbs are masters at luring these companies. The site they picked is right in the middle of a bunch of huge corporate campuses and a very culturally diverse. They also state they wanted to be closer to all of their US remaining US operations. DFW is also a huge booming distribution hub, which I'm sure they will take advantage of in the future.
 
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