City of Austin Performance Report 2014-15
Number of New Jobs Created with Public Private Initiatives
The purpose of the Global Business Recruitment and Expansion (GBRE) Program is to encourage location and expansion of businesses within Austin’s Desired Development Zone to create jobs and grow the tax base. This is accomplished by implementing Chapter 380 economic development agreements and Enterprise Zone designations for local projects that create and retain jobs.
This measure is the cumulative total of jobs created by businesses signing economic development agreements with the City during a fiscal year, including Chapter 380 agreements, the Small Business Program, and the Texas Enterprise program.
FY 2014-15 Results
The established goal for this measure in FY 2014-15 was to create 500 jobs through public private initiatives. The actual number of jobs created did not meet the goal, with a total of 292 jobs.
Assessment of Results
In each fiscal year, except for FY 2014-15, the actual number of new jobs created through public private initiatives exceeded the goal of creating 500 new jobs. The FY 2014-15 result of 292 did not meet the goal due, in part, to no new Council-approved economic development agreements presented in FY 2014-15. The 292 jobs created were achieved through the Small Business Program in the Business Solutions Center, the Family Business Loan Program, and technical assistance service.
Economic development efforts in FY 2011-12 and FY 2013-14 resulted in a significant increase in job creation compared to historical trend. Since inception of the program in FY 2007-08, jobs created remained below 2,000. FY 2011-12 agreements included U.S. Farathane, Apple, and HID Global, which resulted in the creation of 4,139 new full-time jobs along with a capital investment of $343 million. The efforts in FY 2013-14 are composed of 1,247 jobs created for Chapter 380 agreements, 368 from Small Business Program (of which 52 were from FBL), and 700 from the Texas Enterprise program. In FY 2013-14, Global Business Recruitment and Enhancement Division projects successfully relocated six businesses. These companies provide high-paying full‑time jobs with an average salary of $94,300 and bring an estimated $69.7 million of investment to the city of Austin.
Economic Development will continue efforts to recruit new businesses to Austin from within the United States and globally, while simultaneously working with existing small and locally-owned businesses to help them expand. Our team will evaluate Austin’s economic competitive advantages and propose new programs to strategically position the City for the future. New incentives may include mentorship for the Einstein Project, an economic intervention initiative designed to remove children from poverty through education and tutoring.
For more information contact David Colligan, Global Business Recruitment and Expansion Manager, at (512) 974-6381.