Hiles Along With SMU Economist Discusses Austin’s Economic Growth

Hiles Along With SMU Economist Discusses Austin’s Economic Growth

Marcus Hiles points out that as home to one of the region’s most developed workforces and attractive local tax incentives, the city of Austin led the state with $626 million, a twenty percent increase from the year prior. This tech hub saw its largest annual dollar figure since 2001, along with a mercurial rise to prominence, “Austin is a brand, and venture capitalists love it,” said Bernard Weinstein, an economist at Southern Methodist University, “They look to Austin to be a leader in IT and software development.” The software industry saw a majority stake of investments, with $328 million going into a total of forty-two deals. Biotechnology and IT services followed suit, raising $120 million and $56 million, respectively. Mayor Steve Adler notes that willingness to innovate has been imperative to his city’s success, “There’s a reason that tech and transportation companies come to Austin to roll out their new initiatives. And that’s because Austin is where good ideas become real.”

Read more: http://finance.yahoo.com/news/marcus-hiles-responds-texas-role-093000253.html

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