Opportunity Austin, the Chamber’s five year economic development initiative to create 72,000 new jobs, is making solid progress, according to Mac Holladay of Market Street Services who presented to Opportunity Austin investors on September 20.

“We really see an effort that is unsurpassed by other cities in the work you have done,” Holladay told the crowd.

In 2003, the Greater Austin Chamber retained Atlanta-based Market Street Services to develop a long-term economic development strategy for the Austin region. Based on these strategy recommendations, Opportunity Austin was launched as part of a five-county, five-year plan intended to diversify the economy and replace the 25,000 jobs lost during the technology slump.

As Opportunity Austin reaches its half-way point, Holladay assessed the initiative and reported that the Austin region is back in the recruitment game, local and regional relationships have been repaired and competitive issues are being addressed. Other findings include:

• The Greater Austin Chamber is accomplishing its five year Opportunity Austin performance goals including: Corporate Relocations and Announcements, 76% achievement to date; Out of Region Company Visits, 72% achievement to date; and Prospect Visits, 89% achievement to date.
• Regional job growth has climbed and diversified and wages have increased, but the challenge will be to maintain a young, well-educated workforce as a decline in the workforce age group of 18-24 was noted.
• Industry-wise, wholesale trade, professional and technical services and healthcare employment have grown while regional manufacturing employment has declined. Austin is poised to grow young firms.
• High school graduation rates continue to improve but closing the achievement gap among minority students will remain crucial.
• Traffic congestion remains a threat to Austin’s competitiveness as annual traffic delays in Austin have doubled since 1993.
• Rising home prices could result in a workforce-housing shortage in the future.

Opportunity Austin is financed by more than $13.5 million raised by the Greater Austin Economic Development Corporation and a team of volunteers. The Corporation is headed by Gary Farmer, President of Heritage Title Company of Austin and Chairman of the Greater Austin Economic Development Corporation.

“The news is good but there is still another level of success that we must achieve,” Farmer said. “Our worst enemy would be satisfaction and our worst nightmare would be complacency. Moving to a higher plain requires vigilance every day, recognition of the intense nature of the competition and dedication to task for the long haul.”

In 2004, Opportunity Austin announced the creation of 22,700 new jobs. In 2005, 24,900 jobs were added to the Austin region. 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% job growth achievement rate as it continues in its third year.

Opportunity Austin Investor’s Meetings are held each quarter.