"The business of economic development is keenly competitive on a global basis. Opportunity Austin articulates a game plan for regional success,"
— Gary Farmer, Chair, Greater Austin Economic Development Corporation

A Solid Platform for a Solid Future
2004 Annual Report
2005 Annual Report
2006 Annual Report
2007 Annual Report

2008 Opportunity Austin Officers
Chairman: Gary Farmer, Heritage Title Company
Vice Chair: Kerry Hall, Texas Capital Bank
Treasurer: Tim Hendricks, Cousins Properties
General Counsel/Assistant Secretary: Tim Taylor, Jackson Walker
President/Secretary: Mike Rollins, Austin Chamber of Commerce
Austin Chamber Chair: Joe Holt, JPMorgan Chase & Co.
Immediate Past Chair: Roger Mitchell, Texas Gas Service

Background
During the early years of the century, the Greater Austin region, which experienced extraordinary growth during the 1990s, suffered from a stagnant economy, layoffs and job reductions. Opportunity Austin is a five-year, five-county "roadmap for recovery" to rejuvenate the economy and create jobs. The plan, based upon a recommendation from Market Street Services of Atlanta, is divided into five parts: four shorter-term strategies to attract new businesses, retain existing companies and stimulate earnings and a longer-term strategy to make this region more competitive with its rival regions.

The goal of the plan is 72,000 new jobs in five years and a $2.9 billion aggregate increase in payroll. The plan will cost an estimated $11 million, much of it in private contributions.

Since it was launched in September 2003, Opportunity Austin has registered solid success. The regional business community has invested more than $12.8 million to finance the program. In 2004, the first year of operation, the region attracted more than 19 business relocations, including the Home Depot Technology Center, a national data center for the giant retailer that will employ 500 software professionals. In addition, more than 56 existing businesses have announced significant expansions.

During 2004, special efforts were made to recruit industries targeted by Market Street Services as particularly good prospects for growth in the Austin region. These industries were automotive suppliers, biomedical products and pharmaceutical manufacturing, wireless and company headquarter. In 2005, special targets will include semiconductors, software, digital media, clean energy and transportation/logistics.

Understanding that approximately 80 percent of new jobs would be created by existing businesses, the Chamber launched Portfolio Austin—A Strategy for Growth in 2004, a new program aimed at working with regional companies so that they will maintain their presence here and choose this region as a place to grow. Pete Winstead, Founder of Winstead Sechrest & Minick P.C., leads Portfolio Austin.

The campaign will begin with visits to company executives in an effort to identify regional business retention problems so Chamber volunteers can begin work on solutions. A key element of the action plan is assembling a database of specific information that will enable the Chamber to follow up and report regularly to the companies visited.

Opportunity Austin is implemented by the Chamber's Economic Development Council. The Greater Austin Economic Development Corporation Board provides oversight.

The plan has five components:

Strategy 1: Capitalize on Our Existing Strengths
Strengthen locally headquartered companies, computer software, digital media, wireless, semiconductors and tourism. Specific steps include:

• Creating a regional leadership council of business leaders.
• Creating linkages between digital media and game producer groups and the high-tech industry, the University of Texas at Austin and the film industry.
• Pursuing recruitment and retention strategies for the software industry.
• Creating a public/private consortium similar to International SEMATECH for wireless research.
• Promoting federal funding for semiconductor research.
• Working with the Austin Convention and Visitors Bureau to attract more large conventions.

Strategy 2: Recruit and Target Diverse Sectors
To combat Austin's over-reliance on the high-tech sector, the plan would target these industries: Automotive, medical products, regional offices and headquarters, transportation and logistics. Specific steps include:

• Working with Toyota to determine preferred suppliers and attract them to the region while looking for opportunities in "clean powered" auto/truck technology.
• Convening a regional medical products work group to identify supply-chain linkages, investigate the potential for joint development and manufacturing arrangements, and encourage technology transfer.
• Facilitating commercialization of University research.
• Developing and executing a detailed recruitment strategy aimed at regional and corporate offices.
• Working with state and local officials to structure incentive packages for relocating offices and headquarters.
• Upgrading transportation and warehousing capacity to make the region more attractive to distribution, logistics and warehouse firms.

Strategy 3: Stimulate Entrepreneurship and New Enterprises
Research and development, technology commercialization; a focus on such "next wave" sectors as nanotechology, biotechnology and clean energy; and a strong program of export assistance will assist the growth of home-grown small businesses with a strong chance for success.

Strategy 4: Market Austin Effectively
The Chamber needs a dynamic, state-of-the-art, informative new website. A multi-phase, multi-channel campaign is needed to publicize the Greater Austin area's re-entry into the economic development arena and the Chamber must be repositioned to improve its image and increase its economic development capacity.

Strategy 5: Improve our Regional Competitiveness
This region cannot be competitive unless our citizens can move about the area quickly, cheaply and conveniently, afford to buy a nice home, breathe clean air, enjoy unpolluted waterways and continue to take advantage of the region's abundant greenspace. We must:

• Build workforce quality by ensuring that regional educational standards, performance and capacity are maintained at competitive levels.
• Improve transportation system and infrastructure by advocating consistently and compellingly for financing and development of transportation and mobility improvement projects.
• Ensure that businesses that are expanding, relocating or developing projects in Austin and the region receive the necessary permits in an efficient, cost-effective, unambiguous and predictable manner.