Last week, Austin received critical national recognition as the best region in the country today for talent attraction.
Why is this so critical? Austin has no natural resources to exploit. We rely on the creation of a large number of small, high growth companies who can commercialize and scale technology and try to dominate new markets. We also rely on several mid-sized and large companies to do the same. This includes organizations like Apple, Bazaarvoice, Cirrus Logic, Dell, HomeAway, IBM, VISA and Wholefoods. As technology and innovation change rapidly, if our local companies don’t continually innovate, and we don’t continue to attract new companies to the region, Austin can be quickly left behind. This requires a ton of talent to power innovation.
So why is Austin the Human Capital of the U.S?
We jotted down some thoughts.
- Business Climate - No corporate or state income taxes – 31st in the nation for tax burden. Relatively lower cost of living compared to the national average and other high growth markets. Great talent base. Fast growing international airport.
- Lifestyle - Live Music Capital. Great place to raise a family. Haven for millennials. Zilker Park. SXSW. ACL music festival. Formula 1. Eeyore’s. 93% enrollment in public schools. About 300 days of sunshine.
- Higher Education Talent Magnet - 425,000 college students within a 100 mile radius of Central Texas. That includes The University of Texas, Texas State, Huston-Tillotson University, St. Edward’s University, Concordia University, Austin Community College, Southwestern University and a host of growing higher education options.
- Job Opportunities - Not only does Austin have a low 3.5% unemployment rate and rising wages, we also have 41,000 open job postings as of September 2016. Approximately 20% of those jobs are in information technology. If you have IT skills, there is a home for you in Austin.
- Record venture capital and angel capital - While Austin only received 1% of the U.S. venture capital market in 2015 and 9% of angel capital, these are at record levels for the region.
- Diverse community - Austinites don’t ask which family you come from. The culture is open and welcoming to new ideas and diverse cultures.
Related Categories: Education and Talent