Charles Schwab growing its regional roots in Austin was a key win for the local community supported by Opportunity Austin.
In 2014, the Chamber assisted the company in navigating the economic proposal process which included a grant from the State of Texas as well as Travis County. Since that time, Schwab has made significant capital investments as well as expanded their workforce and provided additional support to the community.
“When we make promises and commitments—we will fulfill them, “said Charles Schwab CEO Walt Bettinger. “We committed to hiring just over 800 employees in a 10-year period here in Austin; we were three-fourths of the way there in 2 years. Again a reflection not only of the wonderful City of Austin and the state of Texas but also that when you deal with a firm like Schwab, you can count on the commitments and that our actions will follow our words. We look forward to being here for many, many decades in Austin and in the great state of Texas.”
Today, more than 120 community partners, elected officials, local business leaders, and campus project associates watched as a two-ton steel beam was mounted on top of the new Charles Schwab building. Located in a highly visible and desirable location close to The Domain, the event served as a major milepost for Charles Schwab, marking a significant expansion phase and growth for the city. The steel beam was signed by Governor Greg Abbott, Mayor Steve Adler, Dennis Howard, Executive Vice President and Chief Information Officer of Charles Schwab, and Walt Bettinger, CEO of Charles Schwab.
“When you think about Charles Schwab, you realize one thing—Charles Schwab knows about investments. And Charles Schwab is investing in the great state of Texas in a very big way,” said Governor Greg Abbott. “The thing that sets Texas apart from other states is that we are true partners with our businesses. We genuinely want them to succeed. In fact, we need them to succeed because when businesses in Texas succeed the great state of Texas succeeds.”
Charles Schwab manages $3 trillion in assets for nearly 13 million individual investors and institutional clients. The 50-acre campus in Austin features an abundance of mature trees and a recreation trail that meanders through the entire site. Schwab is using sustainable materials and systems in the construction of the new campus, with the goal of targeting the achievement of LEED (Leadership in Energy and Environmental Design).
“I don’t think there is any accident that Charles Schwab has chosen Austin—they fit in with our culture,” said Mayor Steve Adler at the topping out ceremony. “So this is a great home and great fit for Schwab. We are excited that a company that is and has always been democratizing investments would expand and have such a significant presence here.”
Local and state representatives secured $7.8 million for the expansion project through government incentives—$4.5 million through the Texas Enterprise Fund and $3.3 million in Travis County tax abatements—in exchange for long-term agreements from the company. The expansion project will add 823 new jobs to the economy and $196 million capital infrastructure investment.
The North Austin expansion campus is expected to be completed by February 2018. Schwab employs in Austin more than 1,500 “schwabbies,” a term that many of the company’s employees fondly use to call themselves.
Greater Austin Chamber
The Greater Austin Chamber of Commerce focuses on how the Austin Region works. We serve as the voice of business for 2,800 organizations representing a combined workforce of about 330,000 employees throughout Central Texas. Our mission is to provide leadership that facilitates the creation of a prosperous regional economy and effective advocacy for members.