The 2005 Opportunity Austin job creation numbers were announced on March 22 at the annual Opportunity Austin Investor’s Meeting held at the Four Seasons Hotel. Two-hundred and sixty investors contributed more than $14 million to the five year initiative aimed at creating 72,000 jobs and a $2.9 billion increase in payroll to the five county region by the end of 2008. Immediate Past Chamber Chairman Kirk Watson of Hughes and Luce announced that Opportunity Austin exceeded goals in job growth, relocations and expansions, and major economic development announcements for a second straight year.

“I’m pleased to report to all the Investors that after two years Opportunity Austin is on track for success,” Watson said. “We are becoming the envy of other cities across the nation, but we can’t let up.”

In 2005, 24,900 jobs were added to the Austin region, exceeding the 2005 goal by nearly 15,000 jobs. Since the inception of Opportunity Austin, a total of 47,600 non-agricultural jobs have been added to the Central Texas economy putting Opportunity Austin at a 66 percent achievement rate as it enters its third year. To-date, $2 billion has been added to the economy which is a 70 percent achievement rate of the $2.9 billion goal.

However, there is more work to be done. Opportunity Austin must continue to work to increase quality jobs in the sectors that were hit hardest in the early years of this decade. These sectors include medical device manufacturing, computer manufacturing and semiconductors, just to name a few.

“I want to thank all the Investors,” said Austin Mayor Will Wynn who addressed the crowd. “As Mayor, I am thankful of the significant partnership you are bringing to job creation.”

Pete Winstead, of Winstead, Sechrest, Minick, and Chair of the Opportunity Austin Business Retention and Expansion Program, updated Investors on the Portfolio Austin program aimed at retaining and expanding already existing businesses. Winstead reported that from 2005-2008, 81 companies say they plan to increase their regional capital investment by $1.2 billion, create 10,460 new jobs and increase their facilities by 2.5 million square feet. Fifty-five companies mentioned the region’s quality of life as a major strength followed by 45 that mentioned the area’s talented workforce. Transportation came is as the biggest weakness, being mentioned by 43 companies. Eighty percent of job growth is expected to come from already existing businesses in the area.

“I think back to the day Opportunity Austin was just a thought then I take a look at what we have accomplished today, it’s wonderful,” said Tim Crowley, Chamber Chair and President-Austin Community Banking Group, Frost Bank.

Gary Farmer, Chairman of the Economic Development Corporation and President of Heritage Title Co. of Austin, was not able to attend the event. Farmer was at Princeton University in New Jersey where he and Dave Porter, Sr. Vice President of Economic Development, and Courtney Ross, Director of Economic Development, gave a presentation on behalf of the Chamber for being named a CoreNet Global 2006 Economic Development Leadership Award finalist for its accomplishments of the Opportunity Austin initiative.