It seems like almost everyday Austin, Texas tops a new list for growth in the technology industry.
According to Microsoft Corp.’s LinkedIn profiles, Over the past year, Austin has been listed as the top beneficiary for tech-related migration.
For every 10,000 existing software and information technology company workers in the Texas capital, Austin captured a net inflow of 217 new Microsoft employees from May 2020 to April 2021. Austin has had the best net migration rate with at least 2,000 Linkedin users migrating over the past 12 months, compared among 35 metropolitan areas.
Austin has been steadily growing as a tech hub since 2004. In 2015, Forbes released a study with a list of cities with the strongest growth rate in tech-related employment. According to the study, Austin came out as number one with a 73.9% expansion in tech-related jobs from 2004-2014. Austin also experienced a 36.4% growth in STEM-related jobs during this same period. It’s no coincidence that in 2015, Moove It, an Uruguayan software technology company, decided to base its US operations in the Texas capital to became an Austin software development company.
Six years have passed since that last study and Austin has only further cemented itself as one of the world’s tech capitals.
Roughly around 50 different sectors are labeled as "Advanced Industries". These industries range from aerospace engineering to oil and gas extraction, and even wireless communications. These industries currently account for more than 12.1% of the jobs in the Austin Metropolitan area, according to Brookings Institute. This report highlights that this segment of the job market produced over $24 billion in economic output for Austin– which equals nearly 25% of Austin's entire economy.
Austin's skilled workforce, relatively low cost of living, affordable sprawling property compared to California and New York, and Texas’ low taxes have made Austin a desirable city for professionals and companies to migrate to during the pandemic.
The city’s strong tech roots further facilitated this shift, as thousands in the tech industry leveraged remote work to move away from traditional metros such as New York City and Silicon Valley.
As these new tech transplants are surely already learning, opening an office in a new city or country is about more than just making contacts and drumming up business. It’s also about becoming a part of and contributing to the fabric of your community and culture. For Moove It, making Austin its second home has been an ongoing, challenging, exciting process, and they are proud to be a part of this wonderful city as it continues to grow.
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Company: Moove It
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Austin, TX