Have you noticed the business buzz around Austin lately? It seems like every week there’s news of another tech company upping sticks and making their way to the Lone Star state, and I’m sure it’s not just for the BBQ and country music, so what exactly is behind the tech exodus to Austin?
Austin is currently one of the United States’ largest tech hubs, and it is fair to say that there is not one defining reason why tech entrepreneurs like Gregory Michael Steinberg, and Ethan Parker, founder and CEO of Austin-based public relations firm Treble, love the Lone Star state capital so much. As with most things, it’s a multi-factorial equation, so let’s look at some of those factors below:
- The cost of living
Although the cost of living has crawled up in recent years, so it is not as cheap as other parts of the state, it is fair to say that you can still get more bang for your buck in Austin than say, places like San Francisco, so it is not surprising that many companies are upping sticks to move from Silicone Valley to Austin – it just makes good financial sense.
- A top talent pool
If there’s one thing that Austin most certainly has, that many tech companies not only want but need, then it is talent. With the University of Texas nearby, Austin has a conveyor belt of fresh, young talent ready to dive into the tech world feet first. Of course, it’s not all fresh-faced newbies eager to please – many seasoned professionals have moved to Texas in a bid to lower their living costs and enjoy the better pace of life that Austin can offer.
- The work-life balance
If there’s one thing people love about Austin, according to Gregory Michael Steinberg it’s the work-life balance it offers. There’s a reason that the city’s mantra is “Keep Austin Weird.” The people there are undoubtedly hard workers, but they love to play hard too. From live music in local bars to the best BBQ in the world, not to mention the diverse bunch of people who have made the city their home, you can bet you’ll have a great time in Austin. That is appealing to many companies because when there’s lots to do and the balance is just right, employees are likely to stick around for longer, and be more productive when they are working.
- Business-Friendly Policies
The state of Texas, and Austin in particular, has a reputation for rolling out the red carpet for businesses. There’s no state income tax, and the regulatory environment is more relaxed compared to other states. This makes it easier for startups and established businesses alike to set up shop and grow without unnecessary red tape. This is obviously something that is very attractive to your average company, so it is no surprise Austin’s business sector is booming.
The migration of companies to Austin isn’t a mere trend; it’s an evolution. As more enterprises tap into the city’s resources, culture, and talent, Austin’s trajectory is pointing skyward notes Gregory Michael Steinberg. So, if you’re looking for somewhere friendly, hip, and happening to relocate your company, you could do a lot worse than Austin.