Diversified Texas Economy Still in Growth Mode

Austin’s growth has been driven by technology and culture. Investment company Charles Schwab is developing a campus in North Austin, and plans to double its workforce in the city from 1,000 to 2,000 employees.

The high-tech cluster in Austin has blossomed. The Texas Enterprise Fund provided economic incentives to land Facebook’s first major expansion outside California, as well as 3,600 new jobs from Apple. And Google announced it is establishing a major presence in Austin, in the Green Water Treatment Plant redevelopment.

San Antonio has a thriving financial sector. In recent years, San Antonio has developed into a cybersecurity hub, with more than 80 companies in that category. The National Security Agency and U.S. Air Force have major cybersecurity operations in the area.

The city has the largest municipal-owned electric and gas utility in the country, CPS Energy. Both Microsoft and Oracle have recently opened major facilities in the city as well.

The large and growing workforce of young adults has also made San Antonio a prime location for call centers and distribution centers. Dollar General is building a massive distribution facility. And a Dallas-based developer has built a distribution warehouse on the city’s south side for heating- and cooling-systems manufacturer Carrier Corp.

Toyota’s manufacturing complex employs 4,000 people.

In southern Texas, the private company SpaceX is building a commercial satellite launch facility near Brownsville. The STARGATE facility also includes research labs that will test and commercialize a new, phased-array antenna system to replace fixed satellite-dish tracking communication systems.

Source: Diversified Texas Economy Still in Growth Mode
Copyright 2020 Halcyon Business Publications, Inc.

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