Economic Development is the Chamber’s major task. In 2003, the Chamber undertook a new initiative designed to create jobs, diversify the economy, attract new businesses to the Greater Austin area and retain and grow existing businesses.

The effort, called Opportunity Austin, got underway with an Economic Development Analysis conducted by Market Street Services that provides a roadmap for Chamber activities.

The study included an evaluation of the region’s economic structure, strengths and core industries as well as an analysis of the region’s competitiveness in the global economy. It provided the foundation for an aggressive five-year, five-county plan to create 72,000 jobs and positive economic impact of $14 billion.

Since it was launched in January 2004, Opportunity Austin has registered solid success. Regional employment growth during the first five-year effort surpassed even the most optimistic scenarios. An estimated 123,400 new jobs have been added to Austin’s regional economy. Regional payroll increased by $5.6 billion. Per capita income and average annual wages increased, too.

Furthermore, the regional economy has continued to diversify and grow in different ways. Significant employment increases in high-wage job sectors like wholesale trade, professional and technical services, finance, insurance and healthcare show that the overreliance on high-tech that caused Austin’s economy to suffer is being supplemented by a more diversified economy.

Notable successes include The Home Depot and Hewlett-Packard data centers and Freescale Semiconductor, Borland Software and Dimensional Fund Advisors all locating corporate headquarters in Austin, as well as Samsung’s expansion of its semiconductor manufacturing operations.

Job and wage increases projected in the second five-year implementation cycle, Opportunity Austin 2.0, begun in January 2009 call for a net gain of over 117,000 jobs and a $10.8 billion increase in greater Austin’s total payroll. For detailed information about the Opportunity Austin 2.0 action plan and its development, see the About Opportunity Austin page.

The Chamber’s Economic Development Division is implementing this strategy, overseen by The Greater Austin Economic Development Board and working with regional partners.

The Economic Development Division is concerned with recruiting key industry prospects, retaining existing employers, keeping our excellent business climate, encouraging international trade and investment and promoting Austin as a great location for business. To support these efforts, in 2005 the Chamber created and launched the economic development “Do Business” website.

Business Attraction

• Create 80 new prospect leads.
• Reach out to 500 new companies in targeted industry sectors.
• Take 120 out of region marketing trips across the country.
• Host 40 prospective companies and tour Central Texas.
• Announce 15 new company relocations.
• Increase created jobs to 21,981.
• Increase payroll by approximately $2.1B.
• Conduct 360 regional retention visits.

Business Retention

• Conduct 360 regional retention visits.
• Four headquarter trips
• Two major out of region marketing events for entrepreneurial start-ups
• Hold Two Executive Roundtables
• BioAustin staffi ng and coordination
• ABIA Task Force
• BR&E Newsletters – print electronic
• Facilitate individual company assistance requests
• Continue BR&E collaboration among regional partners