The DoubleTree Hotel Greenway was filled with business professionals from around Houston on Thursday, June 9th. Business owners and C-suite executives gathered to hear esteemed speakers like Dr. Robert Gilmer, Professor & Director at UH Bauer Institute for Regional Forecasting, and Captain Bill Diehl, President at the Greater Houston Port Bureau.
Dr. Gilmer delivered an informative presentation on the decrease in the price of oil and its impact on the Houston economy currently. Moreover, he gave insight on what’s to come in the coming year.
Dr. Gilmer explained that many sectors of Houston have not felt much pain from this downturn yet. What oil bust? But, another slow year in Houston gives time for the slowdown to spread to many sectors that have felt immune so far – healthcare, retail, restaurants, real estate, leisure, and government.
Captain Diehl presented about the updates and changes happening to the Port of Houston and what can be expected in the near future.
While at the conference, our attendees answered two live polling questions that focused on their businesses and the impact the economy has played on them. 59% of attendees said the recent economic downturn has affected their business, while 29% have felt a slight change. Moreover, 50% said they have made cuts (layoffs, hiring freezes, eliminating bonuses, etc.) at their business due to the downturn.
Furthermore, there was a panel presentation that featured: Gary Junek of MidSouth Bank, Bill Haskett of Decision Strategies, Inc. and Scotty Reynolds of OFS Energy Fund. The panel was moderated by Jason Sharp, Tax Partner at B&V. The primary focus was on how these different companies were surviving amidst an economic downturn.
Briggs & Veselka Co.’s (B&V’s) annual event, B&V Insights is held annually to update business professionals from all industries with informative details on significant audit and tax updates that are currently affecting their businesses. Adam Dimmick, Audit Partner at B&V, presented about the lease accounting update. Bob McDonald, Tax Partner at B&V, spoke about the history of taxes, updates and what to be expected from the different presidential nominees.