Summary List Placement
Droves of tech talent from Silicon Valley and beyond continue to head to Austin, Texas — if they haven’t landed there already.
In what many have called an exodus from the Bay Area, many tech workers — now untethered to their now-shuttered corporate offices — are able to work remotely and pack up for more affordable locales. Miami and Austin have turned out to be two of the most popular relocation spots.
Oracle is moving its headquarters to Austin, and Palantir cofounder Joe Lonsdale, who already lives in Austin, confirmed in early November that he is moving his venture capital firm, 8VC, there as well. Tech executives like Dropbox CEO Drew Houston have announced they’re moving to the Texas city. Tesla founder Elon Musk is building a new Cybertruck factory in Austin, and news recently surfaced that his Boring Company bought an industrial site in Pflugerville, a town just outside of Austin. Musk himself said he has moved to Texas, though it’s unclear where exactly.
Read more: Elon Musk and other tech powerhouses are flocking to Texas, pushing an already bonkers real-estate market to new heights
Google, Facebook, Atlassian, and Oracle have thousands of workers in Austin collectively. And Apple is shelling out $1 billion for a new campus in North Austin, with the potential to add 15,000 more workers to its existing 7,000.
Austin’s considerably lower cost of living offers a nice reprieve from the sky-high costs in the Bay Area. But the recent tech boom isn’t Austin’s first rodeo — the industry has a long history in the capital city.
Here’s how the tech industry has ballooned in Austin — and why “Silicon Hills” is so appealing to workers and companies alike.
SEE ALSO: A Silicon Valley startup founder moved to Austin to flee San Francisco’s high housing costs and said ‘FOMO’ will prompt more in the ‘hive-minded’ Bay to move to newer tech hubs
As the tech industry continues to blossom in Austin, Texas, the capital city earns more and more comparisons to its West Coast tech hub cousin.
Source: Bloomberg
Both it and Silicon Valley have experienced rapid tech growth in recent years and are grappling with the side effects that come with it.
Source: Bloomberg
Gentrification, rising housing costs, and a homelessness crisis are just some of the issues plaguing them.
Source: Austin-American Statesman and Bloomberg
But Austin is still leagues behind San Francisco in many respects, which might be why the Texas city has increasingly become a favorable relocation destination for San Francisco techies.
Source: Business Insider
A 2018 LinkedIn survey placed Austin in the No. 5 spot in a list of the top 10 US cities San Francisco LinkedIn users were migrating to.
Source: Business Insider
According to the US census, that influx is noticeable — Austin is the fastest-growing major metro area in the country.
Source: Curbed Austin
And a 2018 Brookings report cast Austin as No. 6 in a list of US cities attracting the most millennials, making …read more
Source:: Business Insider
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