AUSTIN | Economic Development - Page 15

Sigaven · #**281** Posted **Mar 2, 2020, 8:44 PM**

https://www.theverge.com/2020/3/2/21...el-jack-dorsey

It begins...

We vs us · #**282** Posted **Mar 3, 2020, 2:54 AM**

Quote:

Originally Posted by Sigaven

https://www.theverge.com/2020/3/2/21...el-jack-dorsey

It begins...

Facebook just backed out, too.

We’ve heard that there are other unrelated spring cancellations in the works, too.

The ATX · #**283** Posted **Mar 3, 2020, 3:09 AM**

I work for a local Tech company who has participated in SXSWi in the past. But this year we are being told to skip it.

DavidVistaChino · #**284** Posted **Mar 3, 2020, 3:11 AM**

Quote:

Originally Posted by We vs us

Facebook just backed out, too.

We’ve heard that there are other unrelated spring cancellations in the works, too.

It’s just as well. Things are getting a little dicey out there in the Bay Area and Seattle environs.
We can also expect to see a small fraction of the foreign bands that come to Austin. I’m gonna miss those Mongolian rock bands, the Korean rap groups and the Japanese electronics artists.

The ATX · #**285** Posted **Mar 6, 2020, 10:10 PM**

SXSW has been cancelled.

We vs us · #**286** Posted **Mar 6, 2020, 10:13 PM**

Quote:

Originally Posted by The ATX

SXSW has been cancelled.

Such a blow for the city. Almost incalculable. It's a little like cancelling Mardi Gras, IMO.

The ATX · #**287** Posted **Mar 6, 2020, 10:15 PM**

A worldwide recession has been triggered by the virus whether it is overblown by the media or not. The effects are the same. At least we have 14 nice towers underway. It may be a while before any more break ground.

freerover · #**288** Posted **Mar 6, 2020, 10:21 PM**

SXSW canceling is going to hurt. This is hotel taxes that go to tourism and the arts, sales tax that goes to the general fund and Cap Metro. Lots of businesses are going to have huge revenue holes and have to figure out how to balance the books.

We vs us · #**289** Posted **Mar 6, 2020, 10:55 PM**

Quote:

Originally Posted by freerover

SXSW canceling is going to hurt. This is hotel taxes that go to tourism and the arts, sales tax that goes to the general fund and Cap Metro. Lots of businesses are going to have huge revenue holes and have to figure out how to balance the books.

We just got out of an all-hands managers meeting. Immediate cost containment and layoffs, and we assume this same meeting is happening in every other hotel. This is going to be very hard to recover from, at least in the near term.

One of our big fears is that this will create a ripple effect for many other no-name conventions that we're scheduled to host through the spring and the rest of the year and that have a cumulative economic impact of tens of Ms of $s -- completely separate from the new SXSW budget hole. We've been having conversations with jittery clients over the last couple of weeks to try and stem the tide . . . and most of these clients, to their credit, have been very much "just having conversation," trying to get ahead of cancellations and trying to find reasons to keep going forward.

But having SXSW cancel -- because of the city's emergency declaration! -- really knocks all of our arguments aside. We're pretty sure it's going to get worse -- and potentially MUCH worse -- before it gets better.

g-man435 · #**290** Posted **Mar 6, 2020, 10:57 PM**

I just heard the news. Wow.

ATXboom · #**291** Posted **Mar 7, 2020, 12:03 AM**

I imagine there are some back room deals for sure. The real reason the city cancelled it is so the promoters can trigger their insurance policy. If SXSW cancelled themselves they’d get nothing. And on top of that SXSW has a no refund policy. So at this point they are gonna screw everyone and protect themselves. That said a lot of people are still going to come. May be our version of Woodstock lol.

DavidVistaChino · #**292** Posted **Mar 7, 2020, 12:07 AM**

Quote:

Originally Posted by The ATX

A worldwide recession has been triggered by the virus whether it is overblown by the media or not. The effects are the same. At least we have 14 nice towers underway. It may be a while before any more break ground.

As sad as it is, it’s the best thing to do, considering people were flying in from all over the world, and Seattle, for that matter, which is begging for testing kits in the fear that the 80 or so infections there is just the tip of the iceberg.
At the same time, a lot of people don’t really want to fly at this time, and the air carriers are losing a lot of money and cutting back on a lot of flights.
However, if you do want to fly, a lot of airlines are offering FREE upgrades. I’d feel a lot safer flying to any number of destinations than taking a Princess Cruise, that’s for sure.
As far as the proposed towers, the coronavirus isn’t going to last forever, although the past two weeks seem like it. We’ll see what happens.

The ATX · #**293** Posted **Mar 7, 2020, 1:19 AM**

I unstuck the meetup thread, and I am going to stick this one in its place.

JoninATX · #**294** Posted **Mar 7, 2020, 2:49 AM**

They should not have canceled it. But that's imo.

kingkirbythe.... · #**295** Posted **Mar 7, 2020, 1:29 PM**

Quote:

Originally Posted by JoninATX

They should not have canceled it. But that's imo.

Me too.

paul78701 · #**296** Posted **Mar 7, 2020, 7:27 PM**

Quote:

Originally Posted by ATXboom

I imagine there are some back room deals for sure. The real reason the city cancelled it is so the promoters can trigger their insurance policy. If SXSW cancelled themselves they’d get nothing. And on top of that SXSW has a no refund policy. So at this point they are gonna screw everyone and protect themselves. That said a lot of people are still going to come. May be our version of Woodstock lol.

The idea that SXSW insurance coverage will kick in is wrong. It was misreported by Variety. The SXSW co-founder said that their insurance won't cover this.

SXSW Cancellation Not Covered by Insurance:
https://www.austinchronicle.com/dail...-by-insurance/

Jdawgboy · #**297** Posted **Mar 9, 2020, 4:03 AM**

Quote:

Originally Posted by paul78701

The idea that SXSW insurance coverage will kick in is wrong. It was misreported by Variety. The SXSW co-founder said that their insurance won't cover this.

SXSW Cancellation Not Covered by Insurance:
https://www.austinchronicle.com/dail...-by-insurance/

Exactly, when I heard that a friend of my cousin sent him a message saying that the cancellation had to do with insurance, I laughed, I knew it was either people going around making it up or it was misunderstood and reported which looks like that is exactly what happened..

Speaking of which when that message popped up on my cousin's phone, we were out Downtown Friday night which was quite busy with people, including people who arrived earlier in the day for SXSW. We overheard at least 5 different languages from groups we passed by so presumably some of those were probably international travelers for SXSW. I was out lastnight and again DT was filled with people so doesn't seem that this citywide health emergency is doing much in the way of deterring activities.

ATXboom · #**298** Posted **Mar 9, 2020, 12:52 PM**

Quote:

Originally Posted by paul78701

The idea that SXSW insurance coverage will kick in is wrong. It was misreported by Variety. The SXSW co-founder said that their insurance won't cover this.

SXSW Cancellation Not Covered by Insurance:
https://www.austinchronicle.com/dail...-by-insurance/

For some hotels and event spaces is what I was told by manager of a major hotel we’d all know. Their insurance for loss. Guess I never even thought that sxsw would have any insurance other than liability.

We vs us · #**299** Posted **Mar 9, 2020, 3:30 PM**

So, how did the last recession pan out here?

I'm not sure exactly what we're seeing globally, but pretty safe to say we're in the sauce at least for the short term (IMO).

Did everything stop all at once, or was it a pause and then leap forward? Obviously much relies on funding, and up til today's oil craziness I would've thought that avenue was still safe and strong. Not so sure any more . . .

H2O · #**300** Posted **Mar 9, 2020, 4:08 PM**

Quote:

Originally Posted by We vs us

So, how did the last recession pan out here?

I'm not sure exactly what we're seeing globally, but pretty safe to say we're in the sauce at least for the short term (IMO).

Did everything stop all at once, or was it a pause and then leap forward? Obviously much relies on funding, and up til today's oil craziness I would've thought that avenue was still safe and strong. Not so sure any more . . .

Austin was probably the least affected by the Great Recession than any other large US city. Several major projects that were underway prior to 2008 continued. A few that were in early stages were cancelled. Locally, the economy was still fairly strong until about 2010, and things picked up again by 2012. It was said that Austin was the last to enter the recession, and the first to exit. Population growth continued as before. The biggest problem was that it was difficult to obtain development financing until about 2012, even though the demand was there.