The project team for the new Moody Center in Austin, Texas, came together at ACEC’s Fall Conference last year for a session to discuss their public-private partnership (P3) with members. Speakers included the University of Texas at Austin’s Executive Director of Campus Construction Dan Cook (the project’s client), Gensler Principal and Managing Director Todd Runkle (the project’s architect), and Walter P Moore Structures Principal and Project Engineer Brian Caudle. The speakers discussed the project’s challenges and the structure of the P3, composed of Oak View Group, Live Nation/C3 Presents, actor Matthew McConaughey, and the University of Texas at Austin (UT Austin).
The Moody Center is a 530,000-square-foot multipurpose live entertainment venue on land owned by UT Austin. It was built on a former parking lot and financed through a $375 million partnership. The project was delivered on time and on budget and hosted 1.5 million fans in its first year. The Moody Center also achieved LEED Gold in February with 95 percent construction waste diverted, as well as a 36 percent indoor water use reduction, 71 percent outdoor water use reduction, and 13 percent energy cost savings.
Speakers outlined some of the obstacles that were overcome during the project:
During periods of economic uncertainty, economists and analysts look to high-frequency and “alternative” data to provide insights sooner than other sources that may have lags in their reporting periods. The U-Haul Growth Index is an alternative data source, ranking the top 10 states experiencing one-way migration from inbound trucks only. When ACEC reviewed the 2021 results, growth was seen primarily in the Sun Belt region from a pandemic-induced migration. In 2022 and 2023, the pattern shifted slightly to focus on the Southeast and Southwest regions.
Over the last three years, states experiencing the highest consecutive growth rates included Texas and Florida (see the graphic above for the top 10 states). According to PwC and the Urban Land Institute’s Emerging Trends in Real Estate 2024 report, the top five markets to watch for the highest real estate prospects (commercial and residential) in 2024 are Nashville, Tennessee; Phoenix; Dallas/Fort Worth; Atlanta; and Austin, Texas. States with the highest demand for outbound trucks were California, Massachusetts, and Illinois. California has had the largest net loss for the last four years. This means these states are seeing the largest outward migration and population declines due to people moving away.
High-frequency data is released at a rapid rate—more often than monthly—providing economists with near real-time data. This data type was relied on heavily during the COVID-19 pandemic, as companies needed data sooner. A few of these data sources include mobility indices, the OpenTable Restaurant Industry Index, credit card transactions, box office receipts, hotel occupancy data, and commuter rail statistics. This data tells a story of con sumer behavior and where it is trending. From the Transportation Security Administration (TSA) data above, we can infer the return of demand in the travel and leisure industry as numbers return to pre-pandemic levels.
The Private Side column in Engineering Inc. focuses on the private-sector markets listed above, and information and insights on economic data relevant to the industry. For more on these topics, subscribe to ACEC’s bimonthly Private Industry Briefs: https://www.acec.org/resources/private-market-resources/#newsletter.
Diana Alexander, CPSM, is ACEC’s director of private market resources. She can be reached at dalexander@acec.org.