Opportunity Austin, the Austin Chamber of Commerce’s economic development arm, unveiled the new phase of its growth strategy, Opportunity Austin 2.0. The business initiative was developed in order to continue Central Texas’ strong economic development growth and to more effectively compete with national and international communities in attracting and retaining talent and businesses. With Opportunity Austin 2.0, business leaders in Central Texas are reinforcing their steadfast commitment to improving the area’s work force, quality of life and business climate through aggressive, proactive programming.

Since it was launched in January 2004, Opportunity Austin, an ambitious, five-year regional economic development strategy aimed to create 72,000 regional jobs and increase regional payroll by $2.9 billion, has registered solid success. In four years, 104,200 new jobs have been added to Austin’s regional economy and regional payroll increased by $4.5 billion.

Market Street Services, retained by Opportunity Austin to help create the new strategy for Opportunity Austin 2.0, also created the strategy for the first initiative in 2003. Mac Holladay, CEO and Founder of Market Street, presented the new plan for the second phase of Opportunity Austin at the annual investor’s meeting. Among the top priorities for 2.0 were boosting economic diversification to proactively strengthen the economy, deepening the talent pool through development and attraction of our human capital and keeping Greater Austin attractive to entrepreneurs, business leaders and site selectors through expanded advocacy on issues such as a comprehensive regional transportation system and regional collaboration.

“Austin has done a great job of building its programs and meeting its goals, but the continued success is still an uphill climb,” said Holladay. “Austin has to prove they are in it for the long haul as the competition for business and talent moves to the global stage.”

The main goal of Opportunity Austin 2.0 is to stay ahead of competitor communities, both in the U.S. and abroad. The most competitive communities are those with a steadfast commitment to improving their work force, quality of life and business climate through aggressive, proactive programming.

Opportunity Austin 2.0 is targeting five specific industries to focus on for future economic development that include: convergence technologies, creative media, green industries, corporate headquarters/office and health care/life sciences. The past decade has seen enormous growth in many industries that were essentially nonexistent before. Specific goals during Opportunity Austin 2.0, such as working to establish a medical school associated with a top-tier research institution, will offer exponential development for these targeted sectors.

Opportunity Austin Chairman, Gary Farmer, who is President of Heritage Title of Austin, presented a review of 2007 at the annual investors meeting, showing surpassed goals for the program in all categories with the final year of the program still remaining. Since 2004, there have been 123 corporate relocation announcements, 31 of which were in 2007. The number of prospects visiting the Austin region were also well above expectations, with 125 in 2007. Business Retention and Expansion was at the forefront of the push with 202 regional retention visits completed and 145 regional companies surveyed about issues and future expansion plans.

“This has been an incredible team effort,” said Farmer. “Even though we have exceeded many of our original goals, much work remains to be done if we hope to create a diversified, sustainable and truly vibrant economy in Central Texas. We must avoid complacency at all costs.”

Austin’s unique character, sense of place and commitment to environmental integrity will be reinforced through the Chamber’s support of policies that sustain and protect Austin’s air, land and water through the smart development of our community. Diversification will help lead to innovative development, attract and keep the finest talent in our area and permit greater Austin to sustain and increase its competitive edge.

About Opportunity Austin 2.0
Opportunity Austin 2.0 is a proven way for Austin to invest in the future of the entire community. Diversification will lead to new horizons, attract and keep the best talent in our area and allow greater Austin to maintain and enhance its competitive edge. For more information about investing in Opportunity Austin 2.0, please call 512.322.5650.