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Economic Development Shifts into High Gear

AUSTIN-It's time to court all types of companies: those that are here and those that might be willing to come, says a leading local economist. For too long, the focus on been on dealing with Austin's rapid growth rather than seeking more corporate residents.

By Tim Green | Updated on July 28, 2001

AUSTIN-What will fill the scads of real estate on the market in Austin is some good, old-fashioned economic development. That is, bringing companies in from out of town and out of state to fill up those increasingly vacant offices.

“One major announcement or two,” says economist Angelos Angelou, who last week forecast higher vacancy rates and a slow local economy until this time next year. “One or two good shots in the arm, whether they are companies that are here that plan to expand or perhaps a new company or two coming to Austin, and we can absorb some real estate, this forecast will change significantly.”

In recent years, Austin has spent more time on dealing with its rapid growth than with trying to attract more business. Organizations such as the Greater Austin Chamber of Commerce even received criticism for concentrating too much on out-of-town companies and too little on companies already here. Now, with the Central Texas economy slowing, it’s time to throw economic development in high gear, says Angelou, founder of Angelou Economic Advisors. He’s also a former vice president of economic development at the Austin Chamber.

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