ACL Fest Pumps Millions Into Austin Economy

Thousands of visitors will descend upon Austin along with the many locals attending the Austin City Limits Music Festival at Zilker Park this weekend.

According to the Austin Convention and Visitors Bureau, a quarter of passes for the festival were purchased by buyers outside of the Lone Star State. Attendance is expected to top 65,000 people for each day of the three day festival.

With the throngs of music lovers flowing into Austin comes millions of visitor dollars that boost the local economy. An estimated $51 million will go to area hotels, restaurants, nightclubs, transportation services and other attractions this weekend. The total economic impact could reach nearly $82 million, including temporary employment, sponsorships and the cost of operating the ACL Festival, according to a report commissioned by C3 Presents, the festival's producers.

The 2010 ACL Festival headliners include The Eagles, Phish, The Strokes, M.I.A., Muse and The Flaming Lips. For more information, visit aclfestival.com.

Sex Columnist Turns to Blogging About Living Well on Less

Laura Roberts got used to Tex-Mex when she moved from Montreal to Austin. Good thing, because Roberts, a self-prescribed cheap ass, says it's pretty cheap. She likes places like Juan in a Million and Torchy's Tacos because of the inexpensive options on the menu. But she doesn't stop with restaurants. She and her husband found a gym for cheap, too. Sure, it may not have the spa and sauna treatment, but she says it's got the weights and the old fashioned treadmills needed to get the job done.

And grocery stores. Yes, it's where we all tend to spend a lot of money. Roberts like Sprouts.

"They'll give you a personal coupon, they're like 'here's a free candy bar,'" she said. "I'm like yes! Sweet!"

Roberts loves a sweet deal, and no doubt it's even better when there's a sweet treat involved. Check out the story about how to save some dough, and then check out Roberts' blog, Shoestring Austin, for some guaranteed recommendations on saving some cash.

Cost to Fill Up Going Up in Austin

According to the AAA Texas Fuel Gage Report, gas prices in the Capitol City are inching up again.

After three straight weeks of price decreases, drivers in Central Texas paid $2.56 a gallon, up one cent. The price for a gallon of gas was $2.41 during the same time last year.

Statewide, the price was up three cents over last week to $2.59 a gallon. Nationwide, drivers are paying an average of $2.74.

We Are a 'No Vacation Nation'

from CBS News Sunday Morning

Memorial Day weekend has many people hanging out at the beach, wake boarding at the lake, or floating down the rivers, like the Comal in New Braunfels as pictured to the left.

For many (me not included) it's a time to take off from work.  Memorial Day is officially observed on Monday.  Many offices are closed and instead of packed parking lots at places of business, malls and stores are overcrowded. 

But aside from holidays away from work, CBS News correspondent Jim Axelrod found out American vacations pale in comparison to other industrialized nations that have a legal requirement for paid time off.  Unfortunately, the United States has no such law.  As Axelrod reports, one in four Americans do not even receive vacation time, the average American worker has only nine days paid time off a year, and just 10% get a full two weeks off to spend at the beach.  What do you think?  Post below with your comments and thoughts, and tell us what your vacation stats are. 



Watch CBS News Videos Online

Stratus Properties Reports 2009 Net Loss

The last year wasn't good to the manager of the yet-to-open W Austin Hotel & Residences. Stratus Properties Inc. reported a $6.2 million deficit for fiscal year 2009, compared with a $3.8 million loss the year before.

Stratus also said that construction of the W is progressing on time and on budget, and that while the fourth quarter was still in the red, things are improving.  The net loss for the fourth quarter of 2009 was $1.2 million, compared with $2 million for the same quarter in 2008.

Stratus Properties is the manager for the Austin W, but controls only 40 percent of the interest.  Canyon-Johnson Urban Fund II LLP owns the remaining stake.

When it opens later this year, the W will be the new home of the Austin City Limits studio, and will contain 159 residences and 252 guestrooms.

Texas Relays Underway at UT

The 83rd Clyde Littlefield Texas Relays have begun at the University of Texas, with about 5,000 high school and college athletes competing in track and field events.

More than 40,000 people are expected to be in Austin for the annual event, bringing $8 million to the local economy.

Community leaders have also put together other events in conjunction with the Texas Relays, like the Urban Music Festival this weekend at Auditorium Shores. Austin City Council Member Sheryl Cole spearheaded an effort to expand the cultural activities and providing Highland Mall with extra security to accommodate the expected 20,000 visitors.

The city's rolling out of the welcome mat this year stands in contrast with 2009's Texas Relays, when Highland Mall closed early citing a lack of security officers and several downtown exit ramps on I-35 and downtown bars were also closed down. The closings sparked protests from local ministers and the Austin NAACP.

Is The Recession Over in Texas?

Dallas-based bank Comerica Inc. reports that Texas is among the first states to come out of the recession that started in December of 2007, citing a quicker return of job growth.

Dana Johnson, chief economist at Comerica and author of the report, says she expects that those new jobs mean that state income from taxes should begin to grow again sometime in the next year.

Comptroller Susan Combs said on March 10 that Texas experienced an 8.8% decline in sales taxes from the previous year, collecting $1.6 billion. Sales taxes make up about half of the Texas general fund budget.

While unemployment peaked nationally at 10.1% in October of last year, Texas' unemployment rate stayed at 8.2%. The report said that the state's broad manufacturing base will help with a rebound in jobs. Manufacturing makes up about 13% of the state GDP.