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State of the Year: Texas

By Jack Rogers
From the January/February 2017 Issue

Texas has been named Business Facilities’ 2016 State of the Year. The Lone Star State joins Tennessee as one of only two states to win the magazine’s top honor three times since it was created in 2007. In addition to the 2016 award, Texas snared BF’s inaugural State of the Year honor in 2007; TX also won the top BF honor in 2012.

Texas Tops Study of U.S. Cities Recovered from Great Recession

Texas leads the nation with the most economically-recovered cities since the Great Recession, says a new study by WalletHub.

They measured the progress of the nation’s local economies since the financial crisis, comparing 505 U.S. cities of varying sizes over 18 key economic indicators, ranging from “inflow of college-educated workers,” “ratio of part-time to full-time jobs,” “median household income,” “share of households receiving public assistance,” “non-farm payrolls change,” plus foreclosure, poverty, and homeownership rates.

MDC seeks to help small businesses grow

Midland Development Corp. wants to put more of its Type 4A sales tax money toward aiding small businesses, and it’s looking to partner with the Small Business Development Center at the University of Texas of the Permian Basin for help.

SBDC Regional Director Enrique Romero on Monday presented a preliminary plan to the MDC board to start a business plan competition that would enable small businesses in Midland get funding and the help they need to grow.

Houston midstream co. invests in Permian pipeline expansion

Houston-based Plains All American Pipeline LP (NYSE: PAA) is investing in its midstream footprint in the Permian Basin with an expansion of its 310-mile Cactus Pipeline.

The expansion will bring the McCamey-to-Gardendale, Texas, pipeline's capacity to 390,000 barrels per day, according to a Plains press release. Plains expects parts of the expansion to enter service in the third quarter of 2017. The initial design capacity for the pipeline was 200,000 barrels per day.

Noble Energy to acquire Midland-based company for $2.7B to grow Delaware Basin footprint

Houston-based Noble Energy Inc. (NYSE: NBL) announced Jan. 16 it will acquire Midland, Texas-based Clayton Williams Energy Inc. (NYSE: CWEI) in a $2.7 billion cash-and-stock deal.

The deal is expected to close in the second quarter and represents a 21 percent premium to Clayton’s average closing share price over the past 30 days and a 34 percent premium to the price on Jan. 13, the last day prior to the deal. Clayton shareholders are expected to own approximately 11 percent of Noble’s outstanding shares.

2017’s Most & Least Recession-Recovered Cities

For many Americans today, the Great Recession is nothing more than the distant shadow of a troubled economic past. After all, the longest downturn since the Great Depression officially ended in June 2009, and cities coast to coast have completely bounced back. Some have even surpassed their pre-recession economic levels, thanks to lucrative industries that helped them rebuild or stay afloat through the crisis.

Midland's New Spaceport Aims to Make Space Travel Accessible to All

Drive down a windy, muddy road, hidden on the backside of Midland airport’s southernmost tarmac, and you’ll find a shiny new hangar and office building: XCOR Aerospace’s Texas headquarters.

Most people associate the Permian Basin with oil and gas. But some Midlanders are hoping to make the region synonymous with space travel. Two years ago, Midland’s airport became the first commercial airport also licensed for flights into space. Today, it’s called Midland International Air and Spaceport.

Tenaris inaugurates Midland service center, enhances presence in Permian basin

MIDLAND, Texas -- Tenaris has inaugurated a new service center in Midland, Texas—an investment critical to the deployment of Rig Direct, the company’s new business model of working directly with oil and gas customers to synchronize pipe manufacturing with drilling operations.

The service center is a $36-million, multi-year investment project, which handles the storage, inspection, rig preparation and delivery of oil country tubular goods (OCTG), accessories, sucker rods and in the future, coiled tubing.

Oil and gas mergers and acquisitions are finally making a comeback

Oil and gas players are finally inking new mergers and acquisitions, after nearly two years of moribund deal activity.

Deal-making hit a soft spot following the 2014 oil bust as banks tightened lending to distressed drillers and buyers and sellers remained at odds over the value of energy assets. Now, climbing crude prices, easing capital markets, and a gold rush in Texas's prolific Permian basin are thawing a prolonged M&A freeze.

What are the Best States for Business

Texas ranked No. 4 overall in the nation, according to Forbes' annual Best States for Business list.

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