Status got updated just now under BHP tab. Below is the text. Is this a deferral or they need more time?
Thank you for submitting your application to The University of Texas at Austin and your interest in Business Honors! Given the number of applications we’ve received and the increasing demand for some programs, we find that we must complete an additional review of your application before making a final decision.
We will do everything we can to provide a decision notification efficiently and no later than March 1. Thank you for your patience and interest in UT Austin!