Opportunity Austin, the Austin Chamber’s 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, announced year-end numbers for 2006 today, surpassing the program’s goals for job creation and payroll two years ahead of schedule.

“I’m proud the City of Austin stepped up to be a part of Opportunity Austin three years ago. We clearly have the strongest metro economy in the country right now,” said Mayor Will Wynn of Austin. “Fundamentally, we can’t rest when it comes to job creation, because we will continue to grow.”

In 2006, 33,100 jobs were added to the Austin region, bringing the total to 80,900 jobs created since Opportunity Austin’s launch in 2003. This past year, the region saw a payroll increase of $1.4 billion, bringing the region to $3.5 billion and surpassing the original goal of a $2.9 billion payroll increase.

“This is an incredible effort, and we can’t afford to relax,” said Joe Holt, Chair of Opportunity Austin and Chairman of JPMorgan Chase-Austin, addressing the investors at the annual meeting. “Our work is never done and it will take all of us to continue this success.”

Corporate relocations to the Austin region numbered 36, including the much coveted Samsung next-generation semiconductor plant, the single largest foreign investment in the U.S. in 2006. Out-of-region company visits numbered 124, while Economic Development made 141 visits to other regions to ensure retention.

All of these developments are bringing Opportunity Austin closer to its 2008 goals, and as we approach the end of the first phase of Opportunity Austin, the Chamber plans to work with Market Street Services again to devise a new five-year goal. Opportunity Austin is focusing on target industries and specific regions in the U.S. where Austin has a distinct cost advantage.

Susan Davenport, Vice President of the Chamber’s Business Retention and Expansion Program, updated investors on efforts to work with existing businesses in the area. In 2006, the BR&E team undertook 119 business retention and expansion surveys throughout the five-county MSA. These companies informed the BR&E team of major issues hindering growth and development, including talent and workforce development, traffic congestion and non-stop air service to Austin. The Chamber will continue to focus on addressing these crucial issues to attract and retain companies in the region as well as ensure steady job growth.

Opportunity Austin includes 260 investors who contributed more than $14 million to the five-year initiative run by the Greater Austin Economic Development Corporation.

Download the complete 2006 Annual Report here. Look under Quick Clicks