Looped in

30-minute hyperloop from Houston to Dallas on fast track with push from federal government

U.S. Transportation Secretary Elaine Chao used SXSW to make the announcement. Photo courtesy of Hyperloop One

Creation of a transportation-in-a-tube system that promises to whisk passengers from Houston to Dallas in 30 minutes got a big boost March 12 from the federal government.

During an appearance at SXSW, U.S. Transportation Secretary Elaine Chao said she has established a transportation technology council that will aim to clear regulatory and legal roadblocks for the traffic-busting Virgin Hyperloop One concept and similar transit innovations.

In September 2017, the company behind Hyperloop One picked a 640-mile route in Texas for the initiative. The futuristic system — with passengers riding in pods carried through a massive tube — would connect Houston, Austin, Dallas-Fort Worth, Laredo, and San Antonio. Hyperloop One would provide two stops each in the Dallas-Fort Worth and Houston areas, and one each in Austin, Laredo, and San Antonio.

The north-south leg of Hyperloop One would run between Dallas-Fort Worth and Laredo, while the east-west leg would operate between Houston and San Antonio. As imagined now, a trip between Austin and Dallas would last 19 minutes at speeds up to 670 mph — two to three times faster than high-speed rail and 10 to 15 times faster than traditional rail. A ride from Houston to Austin would take 21 minutes, while a trek from Houston to San Antonio would last 26 minutes.

"Texas is exploring how to make hyperloop a reality at the state and local level, but federal support is a huge key for us to be certified and successful," Ryan Kelly, head of marketing and communications for Virgin Hyperloop One, tells CultureMap. "It is exciting that the federal government is recognizing us as a potential new mode of transportation that can be a leap forward for America. Hopefully, Texas can be a first mover."

Aside from Texas, Virgin Hyperloop One has U.S. projects underway in Colorado, Missouri, and the Chicago-Columbus-Pittsburgh corridor. Virgin Group, led by Sir Richard Branson, is among the investors in Hyperloop One.

The federal council unveiled at SXSW will help fast-track a first-of-its-kind transportation network in the U.S. that shares components with trains, planes, and self-driving vehicles. Members of the council will explore technological innovations, such as transit tunnels and self-driving vehicles, in the quest to speed up development of Virgin Hyperloop One and other emerging modes of mass transportation.

"Hyperloop is a new mode of transportation that is built for the 21st century," Jay Walder, CEO of Virgin Hyperloop One, says in a release. "We want to be the company that spearheads the next giant leap forward in transportation here in the United States, but we know we can't do it alone."

Kelly says it's unclear when Texas passengers might be able to travel on Virgin Hyperloop One's network, but the company hopes the first route — wherever it may be — will be ready by the end of 2028.

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This story originally ran on CultureMap.

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Building Houston

 
 

Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come. Photo via Getty Images

Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural, and social contributions of the Hispanic-Latino community to our nation. We honor the work of past generations which have allowed children and future generations to benefit from more opportunities.

As diverse a community as is the world, we strive to build a future where there are no barriers for success, and at Bank of America, we do our part to make an impact by helping build Hispanic-Latino wealth in Houston.

The numbers are clear: The 2020 Census revealed that the Hispanic-Latino population in the United States rose to 62.1 million, making up 18.7 percent of the total U.S. population and accounting for slightly more than half (51.1 percent) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. It is not surprising that Hispanic-Latino economic power continues to rise year after year. According to Nielsen Scarborough, the number of Houston Hispanic businesses have increased 85 percent since 2013.

Investing in business

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities.

According to data from Crunchbase, Latino-founded startups accounted for only 2.1 percent of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minority- and women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, one in every four are led by Hispanic-Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs, and improve financial stability.

An important element to creating opportunities for Hispanic-Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people recognize higher education as a pathway to achieve success. That means partnering with colleges and universities and investing in job creation, skills-building, and support services for students to do so. Locally, we do this with EMERGE Fellowship and with the University of Houston College of Medicine. When we invest in students, we are investing in future professionals and business leaders who will build Hispanic-Latino wealth and contribute to Houston’s economy and culture. This is something we can celebrate together for years to come.

Investing in sustainable homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5 percent in 2019 to 48.4 percent in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth.

Here in Houston, we also support organizations that assist with homeownership, like Tejano Center, Avenue CDC, and Houston Habitat for Humanity. Building Hispanic-Latino home equity increases the amount of capital families can use now or in the future helping build our Houston economy.

During the past decade, the rate of Hispanic-Latino economic development has far outpaced rates among non-Hispanics. Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come.

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Rick Jaramillo is the market executive for Bank of America Houston.

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