The news about the tech industry has been pretty somber lately as the industry faces a recession. But not all tech sectors are the same, or facing the same challenges.
The situation is a little brighter in Texas, where the tech industry accounts for nearly 5% of the state's GDP and more than 9% of jobs, according to a new report from the Dallas Federal Reserve.
Luis Torres, senior business economist at the Dallas Fed, said the Texas economy has gone far beyond the old stereotypes of oil, cotton and cattle.
“Texas' high-tech sector growth and job growth are growing at a faster pace than California and U.S. levels,” he said.
Many of California's high-tech jobs are moving to Texas, and the state's unique mix of high-tech industries has made the state more resilient amid widespread sector downturns.
“Semiconductors — one of the key ones — as well as computer manufacturing and consulting services. And those industries haven't seen the layoffs that we've seen in other technology industries,” Torres said. Ta.
High tech is especially thriving in the Austin area, with companies like Tesla and Samsung making major investments.
“It's just expanding job opportunities for people here,” said Jeremy Martin, president and CEO of the Austin Chamber of Commerce.
And that creates a magnet that draws more highly skilled workers to Austin, he added.
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