It seems like everyday we see Austin, Texas topping a new list for growth and economic development in the technology sector. We’ve decided to compile a handful of statistics that highlight the recent changes happening around Austin in the tech space.
1. Forbes recently released a study of their list of cities with the strongest expansion in tech sector employment. Austin came in at number 1 with a 73.9 percent expansion in tech jobs from 2004-2014 as well as a 36.4 percent growth in STEM jobs during the same period. Interestingly, the study also points out that just 7% of the nation’s 1.5 million software developers actually work at software companies — the vast majority are employed in sectors such as business services, finance and manufacturing.
2. A grouping of roughly 50 different sectors labeled “Advanced Industries”- from aerospace engineering to oil and gas extraction to wireless telecommunications, currently account for 106,280 or 12.1% of all Austin-area jobs according to Brookings Institute. The report highlights that these 106,280 Advanced Industries jobs produced over $24 billion in economic output in Austin, equaling nearly 25% of Austin’s economy as a whole.
3. Austin Technology Council released a study highlighting that through 2017, 1 out of every 5 tech jobs in Texas will be created in Austin. The biggest growth industries targeted are: Engineering Services (21%+), Computer Systems Design Services (20%+) and Custom Computer Programming Services (14%+). The study went on to report that the field of software development is expected to add at least 1200 new openings in Austin by the end of 2017.
4. The Austin Business Journal recently reported that around 3.6 million square feet of office space in Austin will be absorbed between 2015-2017. This includes 700,000 square feet in the industrial sector and 1.6 million square feet of retail space.
5. A recent study by Nerdwallet ranked Austin number 7 on their list of best cities for recent grads. The company based their rankings on several criteria including unemployment rate, percentage of residents age 20-29, rent as a percentage of income, and median earnings. Austin’s unemployment rate sits at a low 3.4% and median income for residents over 25 with a bachelor’s degree is $45,377.