The following is a guest post from Hannah Laurel of Tasty Placement.
Austin, Texas is becoming one of the top cities in America for educated professionals and entrepreneurs to settle down. It has been ranked in various business publications as the best city in Texas and one of the best in the nation to do business.
Surely this contributes to the reason why 150 new residents decide to move to Austin every day. In addition to the city’s established tech reputation, Austin also boasts The University of Texas, a world-renowned university that regularly graduates a large number of engineering and computer science majors. Many of these graduates grow so attached to the city that they decide to stick around and make it their permanent home. This, on top of the impressive daily migration of residents, helps explain why Austin has become such a burgeoning tech capital.
Another huge benefit to living in Austin is that wages are high, but there is not a parallel high cost of living. The average tech job in Austin pays over $93,000, yet the average home price is barely $200-$300K. Not only are homes affordable in Austin, but office space is as well, which currently rents on average at $30 per square foot. Even though its population is much smaller than that of Dallas or Houston, Austin’s businesses have received consistently higher venture capital funding over the last decade. Last year, over $500 million in venture capital dollars flowed into the city of Austin. Top funding goes to software chip design, medical devices, social media, mobile web, cloud computing and data analytics. Austin’s smaller population also helps keep the city interconnected and supportive like other communities.
Far West Capital regularly contributes to making the existence of startups in Austin possible by providing entrepreneurs with the custom finance and business solutions they require to grow their businesses. This is all possible through the ability to purchase or lend on accounts receivable and inventory or purchase orders. Just a few of Far West Capital’s success stories include Xplore Technologies, Imperial Paving and Under Construction, Inc. To view more of Far West Capital’s case studies, click HERE.
This infographic from Tasty Placement recognizes Far West Capital and all of the other companies that help Austin’s startup scene continue to thrive.