Business

economy
6:32 pm
Tue May 21, 2013

Austin Home Sales Surged 32 Percent in April

http://www.flickr.com/photos/digallagher/4880157508/

Interview with Jim Gaines of the Real Estate Center at Texas A&M University

Austin area home sales jumped by 32 percent in April compared to the same month last year. The Austin Board of Realtors says 2,563 single-family homes were sold last month.

That marks a nine-year high for the month of April, and it represents the twenty-third straight month of year-over-year sales increases. 

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Business
9:41 am
Mon May 20, 2013

Pledging Not To 'Screw It Up,' Yahoo Seals Deal For Tumblr

They're coming together: Yahoo will pay $1.1 billion to acquire Tumblr.
Fred Dufour AFP/Getty Images

Originally published on Mon May 20, 2013 8:06 am

The news that broke Sunday is now official.

Yahoo confirmed early Monday morning that it is buying Tumblr in a deal worth about $1.1 billion. "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business," Yahoo added.

In its statement announcing the deal, Yahoo says that:

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economy
2:30 pm
Fri May 17, 2013

Austin Jobless Rate Dips to 5.1 Percent

flickr.com/jimnix

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.

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Business
11:35 am
Wed May 15, 2013

Chamber of Commerce Looks to Sell Austin Internationally

The State Department and Austin Chamber of Commerce welcomed 26 ambassadors this week in an effort to bring more business to the Capital City.
Andrew Weber for KUT News

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.

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Business
2:34 pm
Mon May 6, 2013

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

Supporters of the Marketplace Fairness Act say it will level the playing field between online retailers and traditional brick-and-mortar stores.
Mike Coppola Getty Images for eBay

Originally published on Mon May 6, 2013 6:24 pm

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.

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Economy
8:18 am
Fri May 3, 2013

165,000 Jobs Added In April, Jobless Rate Fell To 7.5 Percent

Waiting for work: Job seekers lined up last month at the 25th Annual CUNY big Apple Job and Internship Fair in Manhattan.
Spencer Platt Getty Images

Originally published on Fri May 3, 2013 9:05 am

(Most recent update: 10 a.m. ET.)

The nation's jobless rate edged down to 7.5 percent in April from 7.6 percent in March and employers added 165,000 jobs to their payrolls last month, the Bureau of Labor Statistics reported Friday morning.

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Business
5:59 pm
Thu May 2, 2013

Texas Water Shortages Could Put Limit on Fracking

Fracking uses a lot of water in drawing gas and oil out of the ground.
Eddie Seal, Texas Tribune

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.

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Dell
2:42 pm
Fri April 19, 2013

Blackstone Pulls Dell Offer

Dell's bid may be the only one left.
Flickr.com/Oracle_Photos_Screenshots

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.

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Business
5:50 pm
Mon April 8, 2013

Casinos in Texas? It Might Happen Sooner Than You Think

John Carona speaks to members of the media Monday afternoon at the Capitol.
Bobby Blanchard, KUT News

Texas voters would decide whether or not casinos would be allowed in the state, if state lawmakers approve a referendum that would amend the state Constitution.

State Senator John Carona (R-Dallas) said his proposal would allow 21 casinos to be distributed throughout the state, and would create a gambling commission. Carona, the author of the bill, said it is time Texas allows for casinos and slot machines, so the state doesn't fall behind other states economically.

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Business
4:03 pm
Fri April 5, 2013

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

Senator Ted Cruz spoke to the Austin Chamber of Commerce today.
KUT News

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. 

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Real Estate
3:26 pm
Fri April 5, 2013

Austin-Area Home Starts Up 27 Percent

Garreth Wilcock/Flickr http://www.flickr.com/photos/gjmj/5793428199/

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.

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Business
2:22 pm
Fri April 5, 2013

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

RunTex owner Paul Carrozza says he's not sure if selling shoes will remain the focus of his business.
twitter.com/RunTex

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.

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Business
4:22 pm
Thu April 4, 2013

Women's Wage Gap Persists in Texas

Pay for women in Texas, especially for non-Anglos, lags behind that of men.
Todd Wiseman & Mikhail Popov, Texas Tribune

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.

economy
7:18 pm
Fri March 29, 2013

Austin Unemployment: 5.4 Percent

Construction saw the largest percentage gain in Austin metro job growth.
KUT News

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.

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Economy
4:02 pm
Thu March 28, 2013

S&P 500 Closes at All Time High

A trader on floor of the New York Stock Exchange on March 25, 2013. U
Richard Drew AP

Originally published on Thu March 28, 2013 3:31 pm

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. 9, 2007.

The S&P joins the Dow Jones Industrial Average, which broke its 2007 record earlier this month.

Both indices have now recovered all the losses they suffered during the Great Recession.

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Economy
8:14 am
Thu March 28, 2013

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

Originally published on Thu March 28, 2013 9:22 am

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

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Business
6:16 pm
Mon March 25, 2013

New Offers For Dell

A briefing center used by Dell executives
Dell

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.

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Business
6:14 pm
Fri March 22, 2013

Dell Deadline Nears

One of Dell's data storage systems, the EqualLogic Storage Systems
Dell

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.

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Austin City Council
6:20 am
Fri March 22, 2013

Council Delays Vote on Project Duration Ordinance (Update)

At a press conference on Wednesday, Save Our Springs Alliance director Bill Bunch said repealing expirations could harm Austin.
KUT News

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.

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Business
6:37 pm
Thu March 21, 2013

Why Fredericksburg Could Be In For a Great Peach Crop This Year

The cool winter may mean sweeter peaches this summer.
@Cevola Flickr/http://flickr.com/21444245@N00

Fredericksburg peach trees are just starting to bloom, and growers in the Hill Country are cautiously optimistic about this year’s crop.

The cool weather early in the year that can lead to especially sweet peaches also can ruin them if there’s a cold snap too late in the season.

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