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Particularly strong growth occurred in leisure and hospitality, business and professional services, and construction. Thousands of manufacturing jobs were also added. Image for illustration purposes
Particularly strong growth occurred in leisure and hospitality, business and professional services, and construction. Thousands of manufacturing jobs were also added. Image for illustration purposes

Texas Border Business

Dr. M. Ray Perryman
President and Chief Executive Officer
of The Perryman Group

May was another solid month for the Texas job market, with the state posting by far the largest gain across the nation (+74,200), well above California (+42,900) and New York (+26,800). Texas was also near the top in percentage increase, an unusual feat for such a large state. 

Over the past year, Texas has added 762,400 jobs, and employment is now about 400,000 higher than prior to the pandemic (the US remains about 900,000 behind the previous peak). Not every state is as fortunate, and some continue to shed jobs. In May, employment decreased in Michigan (-14,600), Alaska (-4,400), and Wyoming (-2,800). 

Other good news in the Texas jobs numbers is that the gains were spread across both goods-producing and services industries. Particularly strong growth occurred in leisure and hospitality, business and professional services, and construction. Thousands of manufacturing jobs were also added. 

The unemployment rate also declined even as the labor force was expanding. More than 14.5 people form the Texas workforce, up nearly 322,000 in the past year. Though unemployment is slightly higher in Texas, the state is in a much healthier position from an economic perspective. In fact, the time required to integrate the influx of workers into jobs is a primary reason for the mildly elevated rate. 

The labor force is actually shrinking in places like New York, New Jersey, and Maine, a significant problem in a market where worker shortages are likely to be a long-term concern. Over the past year, for example, the New York City labor force dropped by nearly 118,000, while Dallas-Fort Worth-Arlington has seen gains of approximately that amount. The other large urban centers in the state have also seen impressive workforce expansion.

Looking across Texas, most metropolitan statistical areas (MSAs) are now well above their pre-pandemic employment levels. The greater Austin area is leading the way, with April employment at 108% of the February 2020 total. The Dallas area, Waco, Brownsville-Harlingen, McAllen-Edinburg-Mission, Sherman-Denison, Lubbock, Fort Worth-Arlington-Grapevine, Killeen-Temple, Amarillo, Tyler, greater San Antonio, College Station-Bryan, and Houston areas have all now exceeded pre-pandemic levels. 

Several other metro areas are close, including Abilene, El Paso, Laredo, San Angelo, Corpus Christi, Wichita Falls, Victoria, and Longview, all of which exceed 97% of pre-COVID-19 employment. Beaumont-Port Arthur is at more than 94%, with Midland and Odessa both above 90%. Most of the regions which have not yet fully recovered have strong ties to the energy sector, however, and the recent surge in activity will likely be reflected in strong monthly employment gains going forward. 

Despite headwinds such as inflation, worker shortages, supply-chain problems, and geopolitical tensions, the Texas economy continues to generate jobs at an impressive pace, and the stage is set for long-term growth. Stay safe!

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Dr. M. Ray Perryman is President and Chief Executive Officer of The Perryman Group (www.perrymangroup.com), which has served the needs of over 2,500 clients over the past four decades.

SEC Climate Disclosure is Bad News for Businesses

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SEC Climate Disclosure is Bad News for Businesses
The proposed rule exceeds what is reasonable, practical, and implementable and underestimates the costly burden this will have on companies. In addition, many companies already provide climate-related disclosures to investors voluntarily. Image for illustration purposes
The proposed rule exceeds what is reasonable, practical, and implementable and underestimates the costly burden this will have on companies. In addition, many companies already provide climate-related disclosures to investors voluntarily. Image for illustration purposes

US Chamber of Commerce

Last Thursday, June 16, the Chamber’s Center for Capital Market Competitiveness (CCMC) filed comments with the Securities and Exchange Commission (SEC) on the agency’s proposed climate disclosure rules.

Why it matters: The SEC’s proposed rule requires public companies to provide detailed reporting of their climate-related emissions – not only their own emissions but also their suppliers (known as Scope 3 emissions).

  • The proposed rule exceeds what is reasonable, practical, and implementable and underestimates the costly burden this will have on companies. In addition, many companies already provide climate-related disclosures to investors voluntarily.

Be smart: Ultimately, the SEC should:

  • Develop a more streamlined approach to reporting that is principles-based, less prescriptive, and rooted in the well-established concept of materiality to investors. Disclosures should be used to protect investors and should not be used as a means to achieve policy goals outside the scope of federal securities laws.
     
  • Allow companies to disclose Scope 3 emissions on a voluntary basis as each company determines is appropriate.

Our take: The SEC’s proposed rulemaking on climate disclosures takes a far more prescriptive approach than is necessary and significantly underestimates the costs of implementation for companies.

Raising Prices on Americans

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Raising Prices on Americans
The bill gives the Federal Trade Commission (FTC) and Department of Justice (DOJ) unprecedented new powers to micromanage the economy and dictate whether, when, where, and how certain companies can compete. Image for illustration purposes
The bill gives the Federal Trade Commission (FTC) and Department of Justice (DOJ) unprecedented new powers to micromanage the economy and dictate whether, when, where, and how certain companies can compete. Image for illustration purposes

US Chamber of Commerce

Inflation is hitting four-decade highs, hurting families, workers, employers, and our economy. Yet, senators continue pushing for a vote on the American Innovation and Choice Online Act that will only raise prices for Americans.

Why it matters: The bill gives the Federal Trade Commission (FTC) and Department of Justice (DOJ) unprecedented new powers to micromanage the economy and dictate whether, when, where, and how certain companies can compete. 

But: Nowhere in the bill does it mandate that those powers be used to benefit consumers by lowering prices.

Here are three ways prices could rise.

Prohibit or make it more difficult for some companies to provide store-branded products.
 

Prohibit or make it more difficult for some companies to provide benefits like free or expedited shipping.
 

Prohibit targeted companies from providing free ancillary services.

Bottom line: Americans want the government to focus on policies that reduce inflation and the cost of living – not fan the flames. The Senate would be wise to leave this bill on the shelf. 

Retail Sales Fall Behind Inflation

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Retail Sales Fall Behind Inflation
In 2022 consumer spending had been outpacing high inflation, but in May retail sales (purchases of goods at retail stores, including online, and at bars and restaurants) fell 0.3% before adjusting for inflation. When adjusting for the 1% increase in prices, they fell by 1.3%. Image for illustration purposes
In 2022 consumer spending had been outpacing high inflation, but in May retail sales (purchases of goods at retail stores, including online, and at bars and restaurants) fell 0.3% before adjusting for inflation. When adjusting for the 1% increase in prices, they fell by 1.3%. Image for illustration purposes

U.S. Chamber of Commerce

In 2022 consumer spending had been outpacing high inflation, but in May retail sales (purchases of goods at retail stores, including online, and at bars and restaurants) fell 0.3% before adjusting for inflation. When adjusting for the 1% increase in prices, they fell by 1.3%.

US Chamber of Commerce Image

Why it matters: Retail sales grew strongly each month this year: 2.7% in January; 1.7% in February; 1.2% in March; and 0.7% in April.

Details:

Auto sales were the biggest driver of the decline, falling 3.5%, largely because of constrained supply. On the flip side, consumers increased spending on gas a whopping 4% because of higher prices.
 

Sales were up at building material and garden supply stores (0.2%), food and beverage stores (1.2%), gas stations (4%), clothing and accessory stores (0.1%), sporting goods and hobby stores (0.4%), general merchandise stores (0.1%), and food and drinking places (0.7%).
 

They were down at motor vehicles and parts dealers (-3.5%), furniture stores (-0.09%), electronics and appliance stores (-1.3%), health and personal care stores (-0.2%), miscellaneous stores (-1.1%), and non-store retailers (-1%).

Be smart: If it weren’t for the drop in car sales, retail sales would have risen 0.5%, although this still would’ve been a decline when adjusting for inflation.

Bottom line: Consumers’ ability to spend in the face of high inflation is a key factor determining whether the economy can stay out of recession, which is why we’ll be watching spending data closely.

Migrant Rescues and Apprehensions Continue To Rise In The RGV

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Migrant Rescues and Apprehensions Continue To Rise In The RGV
Rio Grande Valley Sector Border Patrol (RGV) agents and local law enforcement partners disrupted four human smuggling events, that resulted in fifty arrests. In one event, ten migrants were rescued. USCBP Image
Rio Grande Valley Sector Border Patrol (RGV) agents and local law enforcement partners disrupted four human smuggling events, that resulted in fifty arrests. In one event, ten migrants were rescued. USCBP Image

Texas Border Business

EDINBURG, Texas – Rio Grande Valley Sector Border Patrol (RGV) agents and local law enforcement partners disrupted four human smuggling events, that resulted in fifty arrests. In one event, ten migrants were rescued. 

USCBP Image

Just after noon on June 20, Corpus Christi Border Patrol Station (CCT) agents along with Nueces County Precinct 5 officers, and both the Robstown and Annaville Fire Departments responded to a 911 call from a migrant trapped in a freight train. The caller also advised they were suffering from dehydration, and some were losing consciousness.  A total of ten migrants were located in a locked railway car near Robstown and were transported to medical facilities for evaluation and treatment before being transported to the Border Patrol station for processing. After interviewing the rescued migrants, agents returned to the location and located an improvised tool used to forcibly open grain hopper cars from the outside. Additionally that morning, agents apprehended 14 other migrants nearby suspected of using the train system for transportation.

USCBP Image
USCBP Image

Later that evening, Rio Grande City Border Patrol Station agents were led on a vehicle pursuit by a Honda Odyssey after agents observed numerous subjects load into the vehicle near Escobares. The vehicle came to a stop in an alleyway where the driver and a passenger fled. Agents apprehended 18 migrants from the vehicle. The driver and passenger were not located. 

On June 18, Harlingen Border Patrol Station agents responded to a request for assistance from the Port Mansfield Police Department (PMPD). Officers encountered five subjects on a small boat near the shore and suspected a migrant smuggling event. Agents interviewed the subjects and transported two migrants from Guatemala and Mexico to the station. PMPD retained custody of three U.S. citizens. 

USCBP Image

Also on June 18, RGV agents observed a Chevrolet and a Dodge pickup truck dropping off subjects on FM 755 near Linn. As agents approached, the Dodge pickup truck was left abandoned, and the Chevrolet drove off. The Chevrolet truck was encountered shortly after and led agents on a vehicle pursuit before driving through a ranch gate, where the driver bailed out. With the assistance of air assets, agents apprehended 22 migrants unlawfully present in the U.S. Both vehicles were seized. The drivers were not located. 

USCBP Image

All subjects were processed accordingly.

RGV Agents Encounter More Large Groups

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RGV Agents Encounter More Large Groups
In recent days, Rio Grande Valley Sector (RGV) Border Patrol agents encountered 533 migrants in three large groups. USCBP Image
In recent days, Rio Grande Valley Sector (RGV) Border Patrol agents encountered 533 migrants in three large groups. USCBP Image

Texas Border Business

EDINBURG, Texas – In recent days, Rio Grande Valley Sector (RGV) Border Patrol agents encountered 533 migrants in three large groups.

USCBP Image

RGV agents encountered three large groups totaling 533 migrants in Starr and Hidalgo counties in the last four days. The groups were comprised of 293 family members, 145 unaccompanied children, and 95 single adults. The migrants were from Cuba and various Central and South American countries.

USCBP Image

RGV agents have encountered over 100 large groups illegally entering the United States since October 2021, resulting in more than 15,000 migrant apprehensions. The logistics required to transport and process groups of this size continue to place a strain on manpower and resources, as often they are encountered in desolate areas often inaccessible to large transport vehicles. A group of more than 100 migrants is considered a large group.

Border Patrol processed all subjects accordingly.

RGV Agents Arrest Twelve Gang Members

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RGV Agents Arrest Twelve Gang Members
Rio Grande Valley Sector (RGV) Border Patrol agents arrested 10 Mara Salvatrucha (MS-13) gang members and two other gang members over the weekend, preventing them from infiltrating the community. USCBP Image
Rio Grande Valley Sector (RGV) Border Patrol agents arrested 10 Mara Salvatrucha (MS-13) gang members and two other gang members over the weekend, preventing them from infiltrating the community. USCBP Image

Texas Border Business

EDINBURG, Texas – Rio Grande Valley Sector (RGV) Border Patrol agents arrested 10 Mara Salvatrucha (MS-13) gang members and two other gang members over the weekend, preventing them from infiltrating the community. 

McAllen Border Patrol Station agents apprehended seven Salvadoran MS-13 and one 18th Street gang members between 15th and 18th of June.  One migrant MS-13 gang member was convicted of aggravated homicide in 2017 and expelled from the U.S. The 18th Street gang member has convictions for rape, aggravated robbery, illicit groups, and resistance.

Falfurrias Border Patrol Station (FLF) agents apprehended a Salvadoran MS-13 gang member who attempted to hide his identity by using Mexican identification on June 18.  Record checks revealed the migrant was convicted of 2nd degree murder in 2003, armed carjacking in 2005, carrying a concealed weapon in 2001, and multiple driving while intoxicated convictions.  On June 19, FLF agents apprehended a Paisano gang member from Mexico with multiple convictions for methamphetamine possession, importation, and distribution.  The migrant was also convicted for the possession and distribution of marijuana. FLF agents arrested another Salvadoran MS-13 gang member with a conviction of illegal entry, on June 21.

Rio Grande City Border Patrol Station agents apprehended a Salvadoran MS-13 gang member convicted of extortion in 2004, near Roma, on June 19.

All subjects were processed accordingly.

Belosevic Set to Play Professionally in Italy

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Belosevic Set to Play Professionally in Italy
The University of Texas Rio Grande Valley (UTRGV) Vaqueros women’s basketball team learned on Tuesday that Iva Belosevic, who played for the Vaqueros from 2019-22, has signed a contract to play with Mapptools Basket Carugate, which competes in the Italy-Serie A2. UTRGV Image
The University of Texas Rio Grande Valley (UTRGV) Vaqueros women’s basketball team learned on Tuesday that Iva Belosevic, who played for the Vaqueros from 2019-22, has signed a contract to play with Mapptools Basket Carugate, which competes in the Italy-Serie A2. UTRGV Image

RIO GRANDE VALLEY, Texas – The University of Texas Rio Grande Valley (UTRGV) Vaqueros women’s basketball team learned on Tuesday that Iva Belosevic, who played for the Vaqueros from 2019-22, has signed a contract to play with Mapptools Basket Carugate, which competes in the Italy-Serie A2. 

Mapptools Basket Carugate is expected to open the 2022-23 season in October. 

This past season, Belosevic played in 32 of UTRGV’s 33 games while making 17 starts and averaging 3.7 points and 2.7 rebounds. She set a career-high with 17 points against Utah Valley on Jan. 20, 2022, as she went 8-of-12 from the floor with eight rebounds. 

Belosevic followed that with a 16-point performance against Dixie State while going 6-of-8 from the floor with six rebounds. Belosevic slid in to provide valuable depth in the five-spot throughout the season.

Throughout her career, Belosevic played in 80 games while making 29 starts. Belosevic averaged 3.0 points and 2.6 rebounds per game. 

Belosevic graduated from UTRGV last month with a Bachelor of Science in Psychology. 

Gonzalez-Alcantar priorities aligned with demands of workforce

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Gonzalez-Alcantar priorities aligned with demands of workforce
New South Texas College Trustee of District 4 Dalinda Gonzalez-Alcantar was sworn into office in May. As a former STC student and educator, Gonzalez-Alcantar says she intends to focus on workforce needs as she begins her time on the board. Courtesy Image
New South Texas College Trustee of District 4 Dalinda Gonzalez-Alcantar was sworn into office in May. As a former STC student and educator, Gonzalez-Alcantar says she intends to focus on workforce needs as she begins her time on the board. Courtesy Image

Texas Border Business

MCALLEN, Texas – Newly elected to the South Texas College Board of Trustees, Dalinda Gonzalez-Alcantar says the most important thing she can do in her first year on the board is prioritize a review of current degrees and certifications to ensure they are aligned with the demands of the workforce. 

Speaking as a former student of STC, back when it was called South Texas Community College, as well as an educator for more than 13 years, Gonzalez-Alcantar says she plans to delve into the most pressing needs for the college with a keen eye for the future. 

“My particular brand of leadership, whether as the Executive Director of the Boys and Girls Club of McAllen or mom at home, has always been about people,” she said. “I’m very people-focused, whether that is the employees, faculty and staff at STC or most importantly all of the current and future students and families of the Valley. Looking at the current degrees we have, including certifications and continuing education, is essential, as well as making sure they are aligned with the demands of the workforce. We need to look at what we can begin to offer now so we can get ahead of new opportunities.”

This year, Gonzalez-Alcantar said she will focus on getting to know the college and advocating for its needs as well as the needs of the students, faculty and staff. 

She will also begin assessing where trustees can implement cost-savings, keeping it as cost-effective as possible to attend STC and strengthen current articulation agreements across the state in order to create new partnerships within the business community, local school districts and all governmental entities. 

“It is amazing and still hard to believe that I can now serve in this capacity as a trustee,” she said. “What a blessing this is, and a privilege and an honor that the community chose me.” 

Gonzalez-Alcantar represents District 4, which covers north McAllen, Northwest Pharr, Palmhurst, Northeast Mission and Southwest Edinburg. Her current term runs through May 2026.

Fiscal Year 2023 Budget Overview

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Fiscal Year 2023 Budget Overview
The City of El Paso presented the preliminary budget for Fiscal Year 2023 on Tuesday, June 21, 2022, which proposes decreasing the City’s tax rate and maintaining tax relief for seniors and residents with disabilities. Image for illustration purposes
The City of El Paso presented the preliminary budget for Fiscal Year 2023 on Tuesday, June 21, 2022, which proposes decreasing the City’s tax rate and maintaining tax relief for seniors and residents with disabilities. Image for illustration purposes

Texas Border Business

EL PASO, Texas—The City of El Paso presented the preliminary budget for Fiscal Year 2023 on Tuesday, June 21, 2022, which proposes decreasing the City’s tax rate and maintaining tax relief for seniors and residents with disabilities.

City Manager Tommy Gonzalez and Chief Financial Officer Robert Cortinas presented a preliminary budget that prioritizes the community’s needs while also taking into account the current economic environment.

This year’s budget will:

·         Lowers the Operating and Maintenance property tax rate by 1.4 cents (equals approx. $5.25 million)

·         Maintain property tax savings for more than 52,000 seniors and disabled

·         Increases uniform staffing by 60 new positions (29 police and 31 fire) and funds new police cars and fire equipment

·         Continue street resurfacing program, traffic safety program, neighborhood traffic mitigation program, and street striping and light program

·         Include operating costs for voter-approved bond projects to include the Children’s Museum, Mexican American Cultural Center, Penguin Exhibit, Joey Barraza and Vino Regional Park

·         Increase minimum wage by 6.8 percent (an additional 75 cents), no increase to employee healthcare costs, and new/improved incentives

·         Increase in fixed costs and contracts such as information technology, janitorial, security, November election, appraisal services, and utilities

The decreased tax-rate proposal is possible due to strong financial management practices including: 

·         Recent debt refinancing that continues to allow for NO General Fund subsidies to be needed to cover the ballpark debt payment

·         Leveraging Federal and State Grants to include the:

o   Adequate Fire and Emergency Response (SAFER) Grant, that funds additional firefighters for Fire Station 36

o   Centers for Disease Control and Prevention (CDC) grants to address health disparities and future crisis response

·         Texas Anti-Gang (TAG) grant to provide a $10.6 million investment in public safety for our region

·         Modifying Transportation Reinvestment Zone #2 allowing the City to reimburse the General Fund with excess revenues

·         The City Council approving an early payoff of our capital leases obligations in July 2021 which saved $4 million next year in the operating budget

“For the last eight years, the City has been aggressively working on long-term financial stability by working to align our budget to the Council-approved Strategic Plan and identifying new financial tools and resources to include set-aside funds, a budget stabilization fund and growth of our reserves,” Gonzalez said. “Our future-forward approach has allowed our city to gradually rebound from the challenging economic situation caused by the pandemic, while still being able to address essential priorities such as public safety, streets and public health. We have also been able to maintain a strong bond rating and continue our sales tax growth.”

The proposed City budget also responds to the community’s priorities identified through multiple outreach opportunities including the City’s Chime In Survey process, City Council requests, and other community surveys. The City’s approach to this year’s budget includes:

·         Providing financial relief to taxpayers through strategic economic recovery

·         Continuing our commitment to the community with the completion of bond projects (capital and operating costs) and providing exceptional services

·         Investing aggressively in our workforce through compensation, benefits, and incentives

·         Adding cost growths in contractual obligations and fixed costs due to current economic environment

The City leadership, via Council direction, has developed a Strategic Economic Recovery plan to include:

·         No tax rate increase for the last two years and tax decrease provided last year for 52,000 seniors & disabled 

·         Tax rate decrease proposed for upcoming budget

·         State constitutional amendment increasing the amount of the homestead exemption savings from $25,000 to $40,000

·         $196 million in savings on Texas Gas costs (Winter Storm URI)

·         $28.3 million savings on El Paso Electric rate case settlement (about $117 savings on the average residential bill)

·         $268 million in new property tax revenue for all taxing entities as a result of City Economic Incentive Agreements

·         $37 million for rental and utility assistance, $29.4 million in Community Development from CARES and ARPA, and $35.9 million for small business assistance

Additional important budget dates to note:

·         June 27-29: Budget Work Sessions

·         July 25: Receive Certified Tax Roll from Central Appraisal District

·         August 1: Present Certified Tax Roll and Ordinance Introducing Tax Rate

·         August 9: Public Hearing on FY 2023 Budget

·         August 23: Adopt FY 2023 Budget and Tax Rate

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