Austin, Texas, a technology and innovation hotspot

More than 400 foreign-owned companies are currently based in Central Texas, and foreign direct investment is growing annually. Increasing foreign-owned companies and foreign investment help diversify and revitalize the region's economy, helping local businesses access new sources of investment and international markets.

BF: What are your key industries? What are the growth industries?

Schmidt: Information technology and manufacturing have long been major industries in the Austin region. Supported by a young, highly trained workforce and collaboration between the region's higher education institutions and the private sector, Austin is becoming a leader in key emerging industries.

Currently, the Austin region is home to over 300 life sciences companies focused on medical devices, pharmaceuticals, diagnostics, biotechnology, and contract research/clinical trials. A rapidly expanding cluster of aerospace and defense companies is driven by significant research and development spending at the U.S. Army Futures Command headquarters in Austin and the University of Texas at Austin. There is also significant investment in advanced manufacturing and semiconductor production, led by Tesla Inc. and Samsung Electronics Co. Central Texas is home to over 250 clean technology companies specializing in solar, wind power, fuel cells, biomass, geothermal resources, biofuels, automotive technology, energy storage, advanced power systems, smart grid, and energy conservation technologies.

BF: What are the long-term benefits to the business?

Schmidt: Texas is known worldwide for its business-friendly environment, which includes low taxes, reasonable regulations and competitive incentives for large-scale investments. Central Texas benefits from this environment, in addition to its reputation for fun, vitality and an overall high quality of life. With 400,000 college students within a 100-mile radius, we attract young professionals from across the nation.

Our diversified economy has proven resilient through global economic downturns and disruptions. Central Texas was one of the last regions to be impacted by the Great Recession and one of the first to recover. We also set new records for job creation in 2020 and 2021, at the peak of the pandemic.

The Austin, Texas, region is seeing increased investment in advanced manufacturing across a variety of industries. (Credit: Adobe Stock/Reagan)BF: What are some recent trends that businesses should be aware of?

Schmidt: Texas' new Chapter 403 incentive program began accepting applications in January, offering companies the opportunity to secure significant property tax breaks for large projects such as manufacturing facilities. A similar prior program helped attract Tesla Inc.'s $1 billion Tesla Gigafactory to the region, along with the $17 billion Samsung semiconductor manufacturing facility currently under construction in Taylor. Both companies have since expanded their investments locally.

Last year, the Texas Legislature appropriated $200 million to encourage filming and production, the highest amount ever allocated to the industry in the state, and the state Legislature also created a tax exemption for companies that own biomedical equipment and products that are normally taxed as property.

Locally, the City of Austin, Central Texas Workforce Solutions and Austin Community College have partnered to launch a program called the Austin Infrastructure Academy. Supported by a public-private partnership and aligned with industry needs, the Academy provides education, training and support services to equip individuals with the skills needed for careers in fields such as welding, construction, heavy equipment operation, electrical vehicle maintenance and HVAC.

BF: Tell us about some of your recent relocations and expansions. Samsung, Tesla projects impact Austin; Port of Brownsville attracts $25M in food investment In Williamson County, Texas, continued investment from Samsung and Tesla is driving economic growth, and Westa Foods is establishing a presence in the South Texas region. Read more

Schmidt: Samsung Electronics' semiconductor manufacturing facility in Taylor was already the largest economic development project in Central Texas history when the company announced in April that it would expand its local investment to $45 billion with the support of $6.4 billion in federal funding from the CHIPS and SCIENCE Act. The company's plans include building two new state-of-the-art logic factories, an R&D factory and an advanced packaging facility in Taylor, as well as expanding its Austin facility. The Commerce Department grant also includes $40 million dedicated to workforce development. Samsung's investment is expected to directly create 4,500 manufacturing jobs and 17,000 construction jobs over the next five years.

BF: What are some quality of life highlights?

Schmidt: Austin is known as the Live Music Capital of the World, with a diverse music scene that ranges from small iconic local venues to the state-of-the-art Moody Center Arena and internationally renowned festivals like South by Southwest and Austin City Limits Music Festival. Central Texas also offers an abundance of outdoor activities and amenities, from the 10-mile Ann and Roy Butler Hike & Bike Trail around Lady Bird Lake, which offers stunning views of downtown Austin, to the pristine parks and nature preserves of the Hill Country.

Check out all the latest news on economic development, business relocations, company expansions, and site selection in Texas.

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