In 2023, the city experienced robust job creation this past year, particularly in the manufacturing and technology sectors. In this article, we will use the Austin Chamber’s Relocation and Expansions Log to take a look at the major companies that expanded in or relocated to Austin in 2023, examine growth across key industries, and highlight the influx of new corporate headquarters to the city.
Understanding these employment trends provides insight into Austin’s evolving economic landscape and what types of jobs are driving growth.
Companies That Came to Austin or Grew in Austin in 2022
Austin experienced more job growth in 2023 than in 2022 (17,013 jobs announced in 2023 versus 11,222 jobs announced in 2022).
Of the 72 companies tracked by the Austin Chamber as of this writing, 43 expanded their existing Austin footprint, and 29 relocated to Austin from elsewhere.
Many of the jobs announced this year could be credited to Tesla’s expansion in the Austin market. ZT Systems secured second place with a noteworthy announcement: they will be creating 1,500 jobs and have acquired the NorthPark35 Building 6 in Georgetown, encompassing 435,714 square feet.
Companies That Created the Most Jobs in Austin in 2023
Growth of Austin Industries in 2023
Another interesting data point to look at is the distribution of these newly announced jobs across industries. To do this, we grouped each company into one of six primary industries. While industry groupings can be debatable and some companies may fit into multiple industries, these groupings at least give us a simplified picture of the types of jobs that have increased in Austin over the past year.
Industries That Created the Most Jobs in Austin in 2023
Thanks in large part to jobs attributed to Tesla, the manufacturing and logistics industry made up 80.8% of the total jobs on this year’s list. This is in contrast to last year when the manufacturing and logistics industry made up only 45.6% of total jobs. The tech industry continues to be a major contributor of jobs to Austin but less so than in previous years, making up 11.5% this year compared to 24.6% last year.
New Headquarters in Austin in 2023
In addition to total jobs and relevant industries, another interesting stat to analyze is the number of company headquarters added to Austin over the previous 12 months. Again using the Austin Chamber’s list, we can see that a total of 40 (56%) of company relocations or expansions were designated as headquarters (compared to 52% in 2022).
The data from the Austin Chamber makes clear that 2023 was a great year for job creation, job diversification, and corporate expansion in Austin. Nearly 17,000 new jobs were announced, with manufacturing seeing the largest boost thanks to Tesla’s new facilities.
While tech jobs did not make up as large a share as in previous years, Austin continues to attract innovative companies. The city also welcomed dozens of new corporate headquarters across a range of industries. As Austin’s reputation as an attractive place to live, work, and do business grows, these trends point to continued economic vitality. The influx of major employers and good-paying jobs will help the city thrive and highlight its emergence as one of the country’s leading business hubs.