Economic Development Policy Survey - Revising Austin Incentives
Introduction
During the June 5th – June 8th Economic Development Community Conversations, the City received thousands of useful comments and ideas on important community values for potential revisions to the current economic development policy. If you would like to learn more about where we are in the process of gathering community input and drafting a policy revision, please visit our website www.austintexas.gov/investinaustin. If you have any questions or need more context prior to completing the survey, please contact David Colligan, Manager of Global Business Expansion with the City of Austin.
To start, here is what it means to the community to live and work in a prosperous Austin economy:
Live: a. Economic inequity continues to widen the gap of prosperity in Austin. b. Decreasing affordability and the rising cost of living is an important risk factor for community members suffering from “sticker shock” and the inability to grow their businesses within the current cost climate. Affordable commercial and creative space are among the leading concerns that have the potential to erode the success of business enterprises both new and established. c. The role of local government can be defined as providing regulatory support, simplistic compliance structure, financial partnerships for programs that support the community and tools/programs that are accessible, well-publicized, and reflective of needs that may not necessarily include financial support. d. Transportation affects every aspect of the lives of citizens, businesses and neighborhoods. A comprehensive vision for the future of Austin’s transportation and transit infrastructure is needed to ensure the workforce can physically access jobs, enjoy a wide variety of transit modes and better connect a sprawling city to neighborhood centers. e. A new perspective is needed for commercial and mixed use developments to better unite where people work, play and live. Housing that is both affordable and plentiful is required to drive available supply up and push prices down to match income levels.
Work: f. Economic diversity insulates Austin against future downturns by supporting a wide range of business sizes and industries to offer a balanced, diversified economic base. Increased support is needed for small and local business in the form of city partnerships, access to funding, training, and fostering stronger collaboration. This also points to the need for a wider range of wages and job types to include more middle-skill and middle-income roles to help close the equity gap. g. Culture and the strength of the creative sector run deep within the Austin success story and should be a growing, not shrinking, part of the Austin economy as the market expands. This includes the need for the public to access the creative community that is well weaved within the culture, economy and job base. h. Talent and workforce investment programs that are accessible, attractive and meet both employer and community demands are necessary in narrowing the prosperity gap. i. Cooperation and collaboration are needed on a macro-level (city) and micro-level (business/industry). The city should focus on honing its strategic vision to unify the needs of citizens, businesses and neighborhoods. Businesses and community members could benefit from an improved organized effort to collaborate, share ideas and pool resources.