AUSTIN (Austin Business Journal) — Elon Musk’s Austin empire is about to grow a lot more.
The enigmatic serial entrepreneur and world’s richest man said July 16 on X that he will move X’s headquarters from San Francisco to Austin.
He also said that he will move Space Exploration Technologies Corp. from Hawthorne to its Starbase in South Texas where it is developing plans to one day send humans to Mars.
It appears to be a reaction to California’s newly signed law that bans schools from notifying parents about students gender identity.
Read more on Austin Business Journal.
Economic and workforce impacts
Angelou Economics Executive Vice President Matt Patton said a big part of Austin and Texas’ success is all of the business relocations.
Companies look for a place where there’s a lot of economic development, according to Patton.
“They look at the business climate. They say, ‘Is this a city that can get things done?’ In Austin, and more broadly, Texas is doing a really good job of that,” Patton said.
When it comes to the local impact, Patton said headquarters bring more economic activity.
“Individuals, potentially families moving here, you know, participating locally in the economy, supporting those other businesses,” Patton said. “Whether it’s restaurants, doing their day-to-day shopping, renting or buying homes or condos.”
Workforce Solutions Capital Area said in the case of ‘X,’ it brings more tech jobs for our workforce.
“Tech is already one of those industry that is growing and expanding. There’s a 3.2% of the industry expected to grow over the next few years the tech industry is already booming and expanding,” said Senior Director of Business Engagement Amber Warren.
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