Monday Morning Report
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The San Antonio Mobility Coalition’s "Fast Tracking Rail and Commuter Rail" luncheon will be this Thursday, 7/31 and will feature Jessica Castiglione, Jennifer Moczygemba, and Corridor Council president and Interim Executive Director of the Austin-San Antonio Intermunicipal Commuter Rail District, Ross Milloy. Ms. Castiglione and Ms. Moczygemba are professional engineers with TxDOT. Bexar County Judge Nelson Wolff will host. Details here.
Infrastructure
US Transportation Secretary Mary Peters said this morning that Americans drove 9.6 billion fewer vehicle-miles traveled (VMT) in May 2008 than in May 2007. This is the largest drop in VMT for any May, which typically reflects increased traffic due to Memorial Day vacations and the beginning of summer, and is the third-largest monthly drop in the 66 years such data have been recorded. Three of the largest single-month declines - each topping 9 billion miles - have occurred since December. Reason: high fuel prices.
If you want to understand why US oil prices have been trending up, take a look at this New York Times piece from yesterday. In most countries that do not subsidize fuel, high prices have caused oil demand to stagnate or fall, as economic theory says they should. But in countries with subsidies, demand is still rising steeply, threatening to outstrip the growth in global supplies.
The Real Question: Should Oil Be Cheap? Expensive oil hurts, but there's a business case to be made for a floor under the price of crude. Take a look at this Business Week article on oil pricing and the impacts on the economy.
The Texas Historical Commission notified New Braunfels that the Faust Street bridge could be added to the National Register of Historic Places. A state review board will consider adding the 620-foot-long structure, with its distinctive wrought iron construction, at a meeting on Sept. 20. The bridge has spanned the Guadalupe River since 1887.
Economic Development
VIA Metropolitan Transit officials said that average weekday ridership for July is up 20% over this time a year ago. For the first 16 days of July, VIA tracked an average of 141,673 trips each day. This is up from 140,000 trips each day for the entire month of June. VIA is supported by a ˝-cent sales tax and rider fees.
Advanced Micro Devices Inc. named Dirk Meyer chief executive. Meyer will retain his previous post as president and relinquish his title of chief operating officer. Meyer succeeds Hector Ruiz, who will become executive chairman of Sunnyvale, Calif.-based AMD and chairman of the board.
A proposed water park in Cedar Park has grown in size and cost as its developers increased the project’s footprint from its original 40 acres to 95 acres. The estimated cost for phase one of the project, expected to break ground in early 2009, has gone from $75 million to $200 million.
Lowe’s Inc. is breaking ground on a new store in Marble Falls on U.S. Highway 281. The 94,000-sq. ft store should open by 2009 and employ about 120 people.
Sirloin Stockade is moving the company’s headquarters from Hutchinson, Kan. to Taylor. The move to Taylor- involving 15 corporate employees- took place over several months and was completed in May.
"Doing nothing is very hard to do...you never know when you're finished.”
- Leslie Nielsen