Austin’s rapid growth and highly skilled workforce reinforce the city’s leadership in advanced technologies, including artificial intelligence (AI) and semiconductor manufacturing. Dallas Fed President Lorie Logan returned to the capital of Texas to connect and, in many cases, reconnect with business and community leaders about the state of the technology industry.
She heard about growth among established tech companies in the region and new catalysts for startups. Austin tech and banking leaders talked about collaboration on financial technology, or fintech. All of this came with a constant drumbeat about the search for talent.
“The high-tech sector has become an increasingly important part of our district's economy,” President Logan said at the Headliners Club. “We're at about 5 percent of GDP and 10 percent of overall employment now in the state is related to high tech. Where traditionally we focus a lot on energy and on trade, given our proximity to the border, high tech is growing and growing. There's this ecosystem that's so unique between government, education and tech. Here in Austin, I think that's going to continue to attract companies to the area.” Lillian Mills, dean of the business school at the University of Texas at Austin, moderated the discussion.
Read the latest Austin Economic Indicators.