Thriving Austin Economy thanks to Austinites Innovation
The Austin economy has long been known for its tech industry, but over the last decade another industry has quietly been making a name for itself in the field of biotechnology. This industry that combines science, technology and manufacturing also creates jobs for the Austin economy, revenue and prestige for the Austin area.
Austin Economy can Thank the Texas Legislature for Recent Biotech Advances
Biotech uses the molecular science of cells to create pharmaceutical products, medical research, and improve food products, farming and manufacturing. The Texas Legislature has created initiatives and set aside funding over the last decade to build a thriving biotechnology industry in the Lone Star State fueling the healthy Austin economy. There are over 4100 biotech companies or ventures across the state, employing over 100,000 people with an economic impact around $75 billion.
Austin Economy Embraces New Biotechnology
Also instrumental in the biotech industry’s role in the Austin economy, is being the Austin Technology Incubator, in partnership with the City of Austin, to support the development of biotech companies and start-ups in the capital city. The Austin Chamber of Commerce hosts the BioAustin website to foster collaboration and provide resources for people and companies in the biotech industry.
Thriving Austin Economy Encourages Growth
It is this kind of innovation that keeps Austin and the Austin economy in the national forefront. The economic innovation think tank known as the Milken Institute has called Austin one of the top 12 biotech areas in the country. The growth of the biotech industry over the last ten years has been one of the important components in the growth of the Austin economy. The clustering of a wide range of companies, like biotech, will lead to more exciting growth in this area, as well as inspiring innovation in a cutting edge industry.
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