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Austin’s rare combination of affordability, year-long summer weather, low taxes, and well-paying jobs helped make it America’s fastest-growing big city last year.
Now, still reeling with no clear end in sight, the city may serve as a crash test dummy. http://read.medium.com/Sr8Q4fS
Now, still reeling with no clear end in sight, the city may serve as a crash test dummy. http://read.medium.com/Sr8Q4fS
In 2019, four of the big five tech companies — Apple, Google, Facebook, and Amazon — all expanded their footprints in Austin, joining the ranks of the city’s mega-employers, including global brands like Samsung, Oracle, IBM, Intel, AMD as well as made-in-Austin companies.
While cash was flowing in from Silicon Valley and other tech hubs, the oil fields of West Texas were also booming.
Then, in early March, Covid-19 began tearing across the globe. http://read.medium.com/Sr8Q4fS
Then, in early March, Covid-19 began tearing across the globe. http://read.medium.com/Sr8Q4fS
A surge of layoffs hit many of Austin’s most well-funded and well-known companies.
All of this was on the heels of the cancellation of the city’s most important and prominent event, South by Southwest. http://read.medium.com/Sr8Q4fS
All of this was on the heels of the cancellation of the city’s most important and prominent event, South by Southwest. http://read.medium.com/Sr8Q4fS
Austin’s commercial building boom has been driven by a combination of local business growth and an influx of out-of-town companies building second, or third, offices.
As the market cools and corporate WFH arrangements get extended, this is a big problem. http://read.medium.com/Dm4hsu9
As the market cools and corporate WFH arrangements get extended, this is a big problem. http://read.medium.com/Dm4hsu9
But what *could* make the city actually *more* resilient than others in the U.S. is the likely possibility that it becomes a big winner in the new work-from-home game.
As workers flee expensive coastal cities, Austin could find itself inheriting an entirely new class of workers who don’t actually work here.
Read more.
http://read.medium.com/Sr8Q4fS
Read more.
http://read.medium.com/Sr8Q4fS
