About the Project

> Competitive Realities
> Stakeholder Input Process
> Target Business Review
> Economic Development Marketing Assessment
> "Taking it to the Next Level" Opportunity Austin Strategy
> Implementation Plan

Target Business Review

This component of the process will present an analysis of quantitative and qualitative research in order to determine priority target business sectors for Greater Austin to pursue.  It will build off the initial analysis included in the Competitive Realities’ Economic Snapshot section, and include further analysis of current business concentrations, future projections, and an assessment of Greater Austin’s current workforce development capacity for each sector.

Market Street will base target sector recommendations on:

• National economic trends;
• Economic, demographic, and geographic assets;
• Workforce skill-levels and capacity;
• Infrastructure, support services, and other amenities;
• Existing clusters, and the synergies within and between them; and
• Emerging, unrealized, and new opportunities in Greater Austin.

The Target Business Review will include quantitative research, such as location quotient and economic base analysis, as well as qualitative research.  Analysis of Greater Austin’s economic base will be included to determine industry mix, overall economic climate, and recent expansions and locations.  The analysis will produce a list of targeted business sectors that will highlight the most important existing – and the most promising future – business targets for Greater Austin officials to pursue.

Specific work elements of the Target Business Analysis include:

I. Review of Business Location and Expansion Decisions

The analysis of Greater Austin’s prospects will begin with an overview of the decision making process of relocating and expanding businesses.  This description will highlight the factors that businesses consider when choosing a location for a facility.

II. Analysis of Existing Business Concentrations

The next stage of the process is to identify the primary business sectors that are already being worked on in Greater Austin, and analyze their current and future value to the community. Based on the analysis of data collected from national and state sources, attention will be given to those businesses and business sectors that have the greatest potential for continued growth, and have the most positive impact on the area.  The analysis will focus on employment and wages in existing sectors, available support infrastructure for sector development, and identification of workforce training assets for each sector.

III. Key Business Target Recommendations

The purpose of identifying business concentrations is to focus Greater Austin’s economic development efforts. Therefore, this document will recommend the key business targets on which local organizations and agencies should concentrate their economic development marketing resources. Each recommendation will include:

• Definition of the scope of the targeted business sector and national trends in the industry;
• Key requirements of relocating and expanding businesses in this sector, and trends that affect their site selection decisions;
• Greater Austin’s existing business activity in the sector;
• Specific assets of the Greater Austin community that make it competitive for this sector; and
• Identification of challenges and opportunities for Greater Austin to address in developing the target sector.

This Target Business Review is a vital part of Greater Austin’s economic development efforts as it provides a clear direction on current and future economic development recruitment and retention targets, and promotes the efficient use of scarce community resources.