Business

Austin Jobless Rate Dips to 5.1 Percent

Nathan Bernier, KUT News — Fri, 17 May 2013 19:30:00 +0000

Austin’s economy added 30,500 jobs over the last year. The latest employment report shows the jobless rate dropped to 5.1 percent last month from 5.6 percent in April 2012.

The recent job growth happened as more people were moving to the Austin-area looking for work. The civilian labor force grew by more than 27,000 in the past 12 months.

Chamber of Commerce Looks to Sell Austin Internationally

Andrew Weber — Wed, 15 May 2013 16:35:00 +0000

The Austin Chamber of Commerce is looking to sell Austin abroad.

Yesterday, the chamber and the State Department invited 26 ambassadors from around the world joined top tech companies like Google, Apple, Samsung and AT&T at the Driskill Hotel, in a tour aimed at bringing more international businesses to Austin.

U.S. Senate Poised To Approve Online Sales Tax Bill

Scott Neuman — Mon, 06 May 2013 19:34:21 +0000

Update at 7:00 p.m.:

The Senate has passed the Marketplace Fairness Act by a vote of 69 to 27, The Associated Press reports.

Here's our original post:

The Senate is expected to approve a measure on Monday that would end tax-free shopping for online purchases, a move that concerns many e-retailers but has the support of the states that stand to collect billions in previously lost revenues.

As NPR's Dave Mattingly reports, the Marketplace Fairness Act would give states the power to require retailers to collect state and local sales taxes for the first t

Texas Water Shortages Could Put Limit on Fracking

Nathan Bernier, KUT News — Thu, 02 May 2013 22:59:00 +0000

Shortages of water could limit the growth of fracking in Texas, according to a report from Ceres, a nonprofit group that advises investors about corporations’ sustainability practices.

Monika Freyman, who wrote the report for Ceres, says that fracking accounts for more than 20 percent of the water used in some Texas counties.

Blackstone Pulls Dell Offer

Mark Dewey — Fri, 19 Apr 2013 19:42:42 +0000

Michael Dell may be the last man standing as he fights to take his company private. Today, rival bidder The Blackstone Group dropped out.

It was David Johnson, formerly Michael Dell’s key turnaround executive, who led the Blackstone offer. Johnson left Dell in January. Today his group withdrew its bid, saying in a letter obtained by the Wall Street Journal that Dell’s outlook and finances are worse than they thought.

U.S. Sen. Ted Cruz Discusses Business with Austin Chamber (Update)

Kate McGee, KUT News — Fri, 05 Apr 2013 21:03:39 +0000

Update: U.S. Senator Ted Cruz says he's not giving up his attempts to repeal the Affordable Care Act.

Cruz spoke at a sold out luncheon hosted by the Austin Chamber of Commerce Friday. Topics ranged from healthcare reform and the economy to Cruz's cowboy boots and reputation as a "bomb thrower."

Cruz deflected the question about his "bomb throwing" reputation and instead touted his ability to follow through on campaign promises and get things done in Washington.

Austin-Area Home Starts Up 27 Percent

Nathan Bernier, KUT News — Fri, 05 Apr 2013 20:26:30 +0000

New home construction is up by 27 percent in the Austin area, according to MetroStudy. The real estate tracking firm says there were 1,952 starts in the first three months of the year. That’s 413 more than the same quarter last year.

MetroStudy’s Austin market director Madison Inselmann says the surge in new building is helping to lift pay for construction workers.

What's Next for RunTex? Retail May Become Less of a Priority

Laura Rice, KUT News — Fri, 05 Apr 2013 19:22:34 +0000

RunTex is losing its prime store location on Riverside Drive and South First Street. The Austin-American Statesman reports the company is being evicted because they didn’t pay the $20,000/month rent. But there’s also the fact that the location is reportedly set to become a mixed-use development.

As far as criticism of his business decisions go, RunTex owner Paul Carrozza told KUT News he’s learned a “valuable lesson and an expensive lesson around expansion and what it takes to go from one store to five stores.”

Looking forward, Carrozza says RunTex will continue its commitment to fitness and creating a healthier Austin. He says that may mean that retail sales become less of a priority.

Women's Wage Gap Persists in Texas

Nathan Bernier, KUT News — Thu, 04 Apr 2013 21:22:42 +0000

Women working full-time in Texas earn 82 cents for every dollar earned by men, according to a new analysis of Census figures by the National Women’s Law Center.

The Center's senior counsel Liz Watson says it compares with a nationwide average of 77 cents, but the overall number masks some racial disparities.

Austin Unemployment: 5.4 Percent

Nathan Bernier, KUT News — Sat, 30 Mar 2013 00:18:26 +0000

The Austin metro area’s unemployment rate is down almost one percentage point from a year ago, according to numbers released Friday. The jobless rate in the Austin-Round Rock-San Marcos area was 5.4 percent in February. That compares with 6.2 percent from a year ago.

The industry sector with the largest percentage gain was construction. For real estate analyst Mark Sprague with Independence Title, it comes as no surprise.

S&P 500 Closes at All Time High

Eyder Peralta — Thu, 28 Mar 2013 21:02:34 +0000

The Standard & Poor's 500 stock index broke new ground today, closing at 1,569, an all-time high that erased the record set on Oct.

Slow but Better Than Thought: 4th Quarter GDP Revised Up Again

Mark Memmott, NPR — Thu, 28 Mar 2013 13:14:49 +0000

The U.S. economy grew at a 0.4 percent annual rate in fourth-quarter 2012, the Bureau of Economic Analysis reported Thursday morning.

That's better than both of the earlier estimates of how the economy was doing as the year ended. The bureau initially thought gross domestic product dipped at a 0.1 percent rate the last three quarters of the year.

New Offers For Dell

Nathan Bernier, KUT News — Mon, 25 Mar 2013 23:16:47 +0000

Michael Dell may need to increase a $24.4 billion offer to buy out one of the largest employers in Central Texas. That’s after two new acquisition offers emerged today for Round Rock-based Dell.

Dell Deadline Nears

Nathan Bernier, KUT News — Fri, 22 Mar 2013 23:14:47 +0000

Round Rock-based Dell is facing a key deadline tonight in efforts to take the company private. A so-called “go shop” time period ends at midnight, when a Dell special committee will stop actively seeking alternative bids to the current $24.4 billion buyout offer.

But St. John’s University business law professor Anthony Sabino says the buyout is not a done deal at midnight.

Council Delays Vote on Project Duration Ordinance (Update)

Bobby Blanchard — Fri, 22 Mar 2013 11:20:50 +0000

Update: The Austin City Council decided to delay their vote Thursday night, citing concerns that they did not have enough information.

City staff will return next week with a sampling of how many properties repealing the Project Duration Ordinance would affect. Mayor Lee Leffingwell was the only council member against the delay last night.

Original Story (March 20, 7:22 p.m.): Permits for building projects may lose their expiration dates, depending on a vote at Thursday’s City Council Meeting.