Building Austin from the Ground Up

Austin’s explosive growth in the 1990s was followed by a stagnant economy, layoffs and job reductions in the first part of the century. The Economic Development Council of the Austin Chamber of Commerce, in response to Austin’s struggling economy, implemented Opportunity Austin in 2003.

Opportunity Austin is a five-year, five-county “roadmap for recovery” which was designed to kick start the economy and create jobs. Short-term goals for Opportunity Austin include attracting new businesses, retaining existing businesses and stimulate earnings. The long-term goal is to ultimately make the region more competitive with surrounding regions.

The goal of Opportunity Austin is to create 72,000 new jobs in five years and $2.9 billion in aggregate payroll. Opportunity Austin is expected to cost about $11 million, the majority of which will be funded by private contributions.

Great Success in the Making

In its first year of operation, Austin attracted more than 19 business relocations, and the regional business community invested more than $12.8 to finance the program.

One of the more high-profile businesses which were attracted during this time was the Home Depot Technology Corporation, which will ultimately create 500 new jobs for software professionals.

In addition, more than 56 existing businesses have announced significant expansions, which will further fuel the job growth for the Greater Austin area.

Five Strategies for Success

The five components of Opportunity Austin involve:

1. Capitalizing on our existing strengths (strengthen locally headquartered companies)
2. Recruiting and Targeting Diverse Sectors (target new sectors to combat an over-reliance in the high-tech sector)
3. Stimulating entrepreneurship and new enterprises
4. Marketing Austin effectively (multi-channel campaign to re-introduce Austin into the economic development arena)
5. Improving our regional competitiveness (build a workforce and provide inexpensive, quality housing, clean air and water and plenty of greenspace for Austin residents)

Portfolio Austin

Another program, which is aimed at supporting existing businesses in an attempt at creating new jobs in the region, was also introduced in 2004. Called Portfolio Austin – A Strategy for Growth in 2004, this program works with regional companies to maintain the Greater Austin area as a place to grow.

The Chamber recognizes that 80 percent of new jobs are created by new businesses and that strengthening and supporting existing businesses in Austin will only further encourage growth, as well as new job opportunities.