Over the past few years, the country has seen a dramatic rise in unemployment rates, drop in housing prices and an economy struggling to recover. But the City of Austin is seeing growth and has an optimistic outlook for 2011.
The growth of Austin, Texas is based in part on California’s troubles. A recent Newsweek report notes that many employers are choosing Texas as a good place to avoid the high cost of living, taxes and unemployment rates of California, as they did with Arizona, Oregon and Nevada over the past decade. As a result, Texas is now home to more Fortune 500 companies than New York.
Newsweek also named Austin as one of the top 10 cities best situated for recovery, citing the strong economy of the capital. Forbes named Austin one of the most affordable cities in the country and Kiplinger’s placed Austin as number one on the list of top cities for the next decade.
New Businesses Coming
According to the Austin Business Journal, several new businesses have recently opened, bringing new employment opportunities to the area. Zed’s, an American style restaurant, will employ over 100 people and will add up to 50 more within the next year. The restaurant will also house two music venues with an amphitheatre that will hold 1,000 people; it is scheduled for a spring 2011 opening.
The ABJ also reports that the Dallas-based Corner Bakery Cafe will be expanding its Texas presence as well. The company plans to nearly double the number of franchises in the state to 140, which will include the first franchise in the Austin area. John LaBarge, Corner Bakery’s vice president of franchise development, cites the large student population and strong economy of the city as reasons for the company’s expansion into Austin.
Working With an Attorney
Deciding to start a business or enter into a franchise agreement is a big step and there are many decisions to make. Whether you need help deciding which business entity is right for you, have tax questions or need help understanding the many business contracts and financial agreements you will need to enter into, it is important to work with an experienced Austin business law attorney who can help you make the right decisions for your business.