Business Resilience

By Colton Campbell, IEDC intern

After any climate event, there are going to be multiple short- and long-term consequences. Following the recent storm in Texas, several Electric Reliability Council of Texas board members and now the chair of the Texas Public Utility Commission have resigned. Residents across the state in need of plumbing and electrical home repairs from skilled trade workers have encountered shortages of both laborers and parts. Many Texans are still trying to find their footing while long-term changes remain unclear. 

By Colton Campbell, IEDC Intern

The North American Electric Reliability Corporation’s (NAERC) power transmission area consists of five separate power grids. The Eastern Interconnection extends East of the Rocky Mountains to the Atlantic Coast, excluding Texas and Quebec. The Western Interconnection extends from the Rockies to the Pacific Coast and from the Southern United States border to the top of British Columbia and Alberta. There are also three minor interconnections, which are Alaska, Quebec, and of course, the Texas Interconnection.

A recent McKinsey webinar explored how COVID-19 has impacted small businesses. Small to medium-sized businesses make up 99 percent of all firms and employ 47 percent of all private-sector workers. They also create two-thirds of net new jobs.

Before COVID-19, surveys show small businesses were optimistic about the economy. Now, however, almost 80 percent of small business owners are concerned about their firms’ sustainability. With limited liquidity, small businesses – especially those owned by minorities – are more likely to be at risk due to COVID.

On July 15, the Texas Association of Business, Texas Economic Development Council, Texas Chamber of Commerce Executives, North Texas Commission, and other Texas businesses and stakeholders came together to launch the Texas Return to Work Initiative. This effort includes an interactive resource guide and series of  employer surveys intended to better understand the impact of COVID-19 on Texas businesses, employees, and economies.