COVID-19 and the possibility of working remotely have created an exit from various states to climate temperate and more-affordable areas. Less have benefited more than Austin, Texas.
COVID-19, Lower Costs and Taxes
Austin is drawing more corporate jobs and remote workers than ever before. Worked captured by lower costs and lower taxes. It was reported business relocations to Austin. This was announced this year is expecting to create nearly 10,000 jobs. That is the city’s top figure on record for a single year, according to the Austin Chamber of Commerce. Moreover, it is helping offset the hit from COVID-19 to the city’s tourist-driven restaurants, bars and music venues.
COVID-19 and Social Distancing
It doesn’t hurt that Texas has no state income tax. Also, Austin winters are somewhat short and mild. Therefore, social distancing is easier in Austin where homes tend to be roomy and many have backyards. It has also managed to remain cheaper than other cities by building tens of many, many apartments over the past ten years.
Energy-Exploration Ideas in the City
Joe Lonsdale is a tech investor. He and his venture-capital firm 8VC moved to Austin and Royal Dutch Shell. Lately, they opened a studio to develop energy-exploration ideas in the city. There are others who have made or plan this move.
Hiring and Housing is More Plentiful and with Much More Ease
“It has shown to be a whole lot easier to hire and get housing. Also, it’s easier to get business licenses than it is in other places,” said Greg Schwartz. Schwartz is the chief executive of real-estate startup Tomo Networks. His company is getting ready to open a co-headquarters in Austin.
The pandemic has accelerated the migration out of large cities but it isn’t a new phenomenon. Many are leaving the comforts of the suburbs. Moving trucks are rolling into many cities including Austin. The culinary, cultural and social scenes cater to younger crowds. They enjoy an urban lifestyle. However, they find the bigger cities and other large metro areas are too dense or expensive.