Southwest Austin - Dripping Springs Edition | June 2024

Government

BY KAMERYN GRIESSER

From 2018 to 2023, over 30 tech companies opened shop in Austin and employment in the industry increased nearly 31%, according to data from nonprofit Opportunity Austin. Since the start of 2024, thousands of employees within the sector have been laid off, with some companies announcing relocations or shuttering completely. Despite the downturn, local economists said they are optimistic about the future of the tech industry, pointing to its overall unemployment rate of 3% and new job openings. Overall, nearly 4,000 technology jobs have been slashed in the Austin region this year, according to the Texas Workforce Commission. Layoffs grip the tech industry

Looking ahead

Austin tech layoffs in 2024

Company Versum Materials

Laid off

With heightening interest rates and inflation, state economics analyst Mark Sprague said it was only a matter of time that the trend reached Austin’s tech sector as well. O’Brien, the CEO of startup incubator MediaTech Ventures, said he believes some were misled about local investment appetites. O’Brien pointed to the recent example of the software company Oracle When it comes to smaller tech companies leaving the city, Paul announcing it will keep offices in Austin but will be relocating its headquarters to Nashville. Austin Technology Council CEO Thom Singer said in the coming years, artificial intelligence programs could lead to yet another boom in Austin’s tech sector.

51 59 92

Kasasa Unity Technologies-Austin Arkane Studios (Microsoft-owned) Atmosphere TV Rooster Teeth Production Expedia Group

96

106 139 148

Bumble

350*

577 1,000* 2,688

VMware Indeed Tesla

*COMPANIES DID NOT FILE NOTICES TO THE TEXAS WORKFORCE COMMISSION SOURCE: TEXAS WORKFORCE COMMISSION/COMMUNITY IMPACT

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SOUTHWEST AUSTIN - DRIPPING SPRINGS EDITION

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