The city of Austin, Texas, has long been a hub for all things innovation. From major companies to bustling startups, the tech scene in Austin is growing at a record pace. With so much innovation occurring across the region, many people wonder which of Austin’s industries is the most prosperous.
If you’re looking to make a name for yourself in Austin’s professional or technology scene, you may be wondering which industries are the most promising now and for the future. Stick around for the breakdown of the fastest growing industries in the Austin area.
Austin’s Booming Tech Scene
Often called “Silicon Hills” for it’s rapidly growing tech scene, the city of Austin is thriving across many industries. One of the most interesting things about Austin’s current economy is its ability to adapt and coexist throughout multiple industries.
While some major tech cities are consumed by one industry, Austin has found a unique balance of multiple prospering industries that are able to coexist and even innovate with one another. So, how well is Austin doing? The answer is simple; they’re prospering. We’ve even got the numbers to prove it!
Austin by Numbers
Tech workers in Austin are cashing in on big paydays from companies, both big and small. The average tech worker salary in Austin rose from $108,000 in 2015 to $125,000 in 2018, a near 15% gain in just three years! Additionally, Austin outranks major tech cities such as Seattle, Los Angeles, and Denver as one of the top destinations for tech workers.
Fastest Growing Industries in Austin
Now that we’ve gotten a lesson on the current state of Austin’s economy, we can now take a look at which industries in the area are doing the best. Let’s breakdown the fastest growing industries in Austin, Texas.
1. Startup Central
This one should come as no surprise when looking at Austin’s track record of business friendliness. Austin, Texas, was actually ranked among the best places to start a business in the United States in 2018. There are currently over 5,000 startups and 90 incubators and accelerators in the Austin area.
Major startup players such as Austin based Capital Factory, are leading the charge for continued startups and innovation in the Silicon Hills. Additionally, startups have been a major boost for the local economy, bringing in over $1 billion to the city over the past few years. Local startups that have brought in major capital include ICON, Dropoff, Convey, Cerebri AI, Dosh, and many more.
2. Business and Corporate Growth
While startups are booming in Austin, let’s not forget about the major corporate and business scene in the area. Austin is home to the major tech company Dell. First founded in a dorm room at the University of Texas at Austin, Dell is a homegrown company whose roots lie in the city of Austin. Aside from Dell, many other major companies call the city home. These include Apple, AT&T, Amazon, Adobe, 3M, and many more.
Austin offers an abundance of employment opportunities, especially the availability of tech jobs. As of 2017, there were an estimated 140,000 tech jobs in the city of Austin. This number rose 4.3% from the year prior. It’s safe to say that the city of Austin is not only committed to corporate growth, but also the job stability and economic growth of its citizens.
Remember when we referenced the fact that tech has begun to merge with other industries? This isn’t a new concept, yet it is something that is becoming more popular within recent years. The technology industry, as we know it, is changing. It ceased to be a single industry and merged with others across every economic sector.
Medtech is a perfect example of this partnership. The technology and medical industries have been intertwined for some time. Austin is the ideal place for such innovation to happen. Located near the Texas Medical Center (one of the largest hospitals and research facilities in the world and also facilitating some of the best medical programs in the state), Austin is home to a significant medical research industry. This industry has experienced much innovation with the help of local tech workers in Austin. Even Medtech startups have been popping up across the city to help solve some of the medical industry’s biggest problems through the power of technology.
What’s the takeaway?
Austin has one of the largest technology economies in the United States. Often voted as one of the top cities for tech workers, the city of the Silicon Hills is a force to be reckoned with. With lower costs of living and increasingly higher pay rates, Austin is the dream city for anyone looking to make a name for themselves in the tech world.
Austin was rated the best place for a small business owner in America. There are thousands of startups sprawled across the city of Austin, backed by some of the industry’s leading incubators and funders. Austin, Texas, is shaping up to be an entrepreneurial playground. If you’re looking to start your own company or build the next world-changing app, look no further than the innovative and supportive city of Austin.
Austin is a place that welcomes all companies big and small. Home to many tech giants, the city is constantly working on innovating the next big thing. With so much big tech happening in one place, it’s safe to say that the city of Austin is greatly benefiting economically from these partnerships.
Medtech, or the medical technology industry, is taking the city of Austin by storm. From life-saving startups to collaborations with some of the world’s leading researchers and facilities, Austin’s Medtech scene is dedicated to innovation that could make a real impact in the lives of those who need it most. Through this merging of medical and technical workers, who knows what new innovations will come next.
Overall, it’s safe to say that the tech industry of Austin is booming. Employment is at an all-time high and is only looking to continue to grow over the next decade. With more employment, comes more people to the city of Austin.
Could you be the next tech worker moving to Austin for a chance at your own slice of success? Regardless of where you are on your own technical journey, it’s always important to stay informed on the industry’s current happenings. What’s popular today may be obsolete tomorrow. Staying on top of trends could make a major difference in your career.