BG Reads | News You Need to Know (November 21, 2022)
[AUSTIN METRO]
Austin unemployment stands lower than Texas, national rates (Austin Monitor)
While the state makes record job gains, the Austin metro’s unemployment rate sits 1% lower than the Texas rate and also lower than the national rate.
Austin’s unemployment stands at 2.8%—unchanged from September—with over 38,000 unemployed people in the Austin metro area. This is lower than Texas’ 3.8% unemployment rate and below the 3.4% national rate, according to Workforce Solutions Capital Area, which covers Austin and Travis County.
The Austin metro added about 14,200 jobs between September and October, with a total of 56,900 jobs added since October 2021… (LINK TO FULL STORY)
Decision on NXP's Chapter 313 incentives in Austin coming down to the wire (Austin Business Journal)
A vote has been delayed on whether to grant NXP Semiconductors NV property tax abatements that could aid its expansion of manufacturing facilities in Austin, edging the request very close to an end-of-year deadline.
Austin Independent School District trustees had been scheduled Nov. 17 to consider a vote on the incentives deal — but the item has been delayed for another month because of a holdup at the state level.
"We did not yet receive the certification and agreement approval from the Comptroller's office, so we need to move the agenda item to December," stated Jacob Reach, AISD's chief of governmental relations and board services.
The district said the item will appear on the agenda for its Dec. 15 meeting… (LINK TO FULL STORY)
City eyes major upgrades, parking garages for Zilker Park (Austin Monitor)
The city has released the draft of its vision plan for the future of Zilker Park, which splits the major enhancements proposed for the park into five regions that include the seven primary activity zones for current public use and programming.
Some of the most substantial improvements likely in store for the 351-acre park include a land bridge to connect the north and south portions across Barton Springs Road, special restoration for 91 acres that have been environmentally damaged, improved access via shuttles and more connection points, and a welcome plaza converted from existing structures, including the Caretaker’s Cottage. Community feedback on the plan is open until Jan. 8, with online and in-person events scheduled in December… (LINK TO FULL STORY)
Semiconductor supplier secures incentives for possible $30M expansion in Round RocK (Austin BUsiness Journal)
A company that is a key cog in the semiconductor supply chain could invest at least $30 million in an existing Central Texas facility and add at least 70 jobs after securing an incentives deal.
KoMiCo Technology Inc. — a semiconductor equipment parts cleaning, coating and repair company working with global chip makers — on Nov. 17 was unanimously approved by Round Rock officials for incentives to expand its facility at 201 Michel Angelo Way, near where I-35 intersects the State Highway 45 toll road.
The company and city officials cautioned that a final decision has not been made. KoMiCo executives have said they're also looking at sites in Phoenix and Hillsboro, Oregon, near Portland… (LINK TO FULL STORY)
[TEXAS]
Texas energy officials’ proposal to overhaul the power grid is drawing skepticism (Texas Tribune)
Texas lawmakers and experts who study the state’s power grid aren’t thrilled with a proposal by state energy officials aimed at preventing future widespread outages such as the one during the 2021 winter storm.
The Public Utility Commission of Texas last week unveiled a proposal, backed by Chair Peter Lake, that would essentially pay power generators to make sure they have enough reserve electricity to feed the state’s electrical grid in times of extremely high demand. Generators would receive “performance credits” after proving their ability to keep the lights on during those periods — a system that doesn’t exist anywhere else in the world, according to the commission’s consultant… (LINK TO FULL STORY)
Phelan addresses need for tax relief, transportation investment with five key numbers (Houston Chronicle)
Texas being flush with cash could make for some long nights for House Speaker Dade Phelan next spring. “It is a heck of a lot easier to pass a budget with a deficit than a surplus,” Phelan joked during lunchtime remarks to the Transportation Advocacy Group-Houston Region on Wednesday. When Texas has deficits, he said, people come before lawmakers and quickly make their case but don’t stick around much to talk about their work. The longer they are in the hot seat in front of appropriators, the longer they need to defend themselves. With a surplus, Phelan, R-Orange, said, officials looking for funding linger. Meetings stretch into the late evening. “They need every single dime of that or they will cease to exist,” he joked. Here are five numbers, in descending order, that Phelan cited that could provide some context on how infrastructure will be discussed this session… (LINK TO FULL STORY)
Dallas developers of color find access to capital through inaugural initiative (Dallas Morning News)
Queenetra Andrews knew the offer could help her cousins. “Hey did y’all know you can qualify for this?” she texted in a group chat meant for coordinating Thanksgiving plans. It wasn’t the first time she’d dropped a link in the family text thread to a bank offering to help first-time homebuyers. She’s found a new library of resources since starting the Equitable Development Initiative six months ago. The Equitable Development Initiative is aimed at supporting emerging real estate developers of color to create affordable housing in Dallas. Capital Impact Partners, a nonprofit community development financial firm headquartered in Arlington, Va., started the program in 2018 with groups in Detroit, Washington, D.C., and the San Francisco Bay Area. Andrews is one of 15 developers graduating Friday from Capital Impact’s inaugural Dallas cohort of the program funded by JPMorgan Chase and Charles Schwab… (LINK TO FULL STORY)
U.S. Sen. Ted Cruz confirms he will seek a third term in 2024 (Texas Tribune)
Ted Cruz said on Saturday that he would seek a third term in the U.S. Senate in 2024, though he also did not rule out running for president.
“I'm running for reelection in the Senate, I’m focused on the battles in the United States Senate,” Cruz told reporters after addressing the Republican Jewish Coalition’s annual leadership meeting in Las Vegas. He said he was also focused on the Senate runoff in Georgia on Dec. 6, according to a video of his discussion with reporters posted by Fox News… (LINK TO FULL STORY)
[NATION]
Lawmakers seek to end slavery for the incarcerated, which is legal in most states (The Hill)
When the 13th Amendment was ratified in 1865, it abolished slavery or, involuntary servitude, in the United States, with one exception: when used as punishment for a crime.
On Nov. 8, voters in four states – Tennessee, Alabama, Oregon and Vermont – cast their ballots to eliminate language that allowed involuntary servitude in prisons.
These states join only three others in taking that step to completely abolishing involuntary servitude. Colorado was the first to approve removal of the language from the state constitution in 2018, followed by Nebraska and Utah in 2020… (LINK TO FULL STORY)
GOP House Majority Could Shield Industries From New Taxes, Regulations (Wall Street journal)
The GOP takeover of the House will give Republicans the power to block efforts by Democrats to approve new regulations or taxes on the fossil-fuel industry, private-equity funds, tobacco makers and drug manufacturers.
What’s more, with President Biden in the White House and Democrats holding the slimmest of majorities in the Senate, Washington overall isn’t expected to do much for the next two years.
“Gridlock in Washington is pretty good for American business,” said Alex Conant, a Republican strategist and business consultant… (LINK TO FULL STORY)
[HEARINGS/MEETINGS]
[BG PODCAST]
Bingham Group Week in Review (11.18.2022)
Bingham Group Associate Hannah Garcia and CEO A.J. recap the week in City of Austin Politics, from Planning Commission, NXP's 313 review, and the 2023 Council calendar.
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