Austin Dodges National Economic Woes
As the unsold real estate increases, prices almost always decline drastically, creating a surplus of properties. In many areas this had led to job cuts throughout the industry. Earlier in the month Austin lost 80 jobs when the San Diego based sub-prime mortgage company, Accredited Home Lenders, closed their local offices.
Despite the Austin jobs lost, this was not because of the local economy. For the most part, Austin has managed to escape the devastating slump in the housing market that is being experience in many other areas throughout America.
While the rest of the country is tightening is belt, Austin’s economy continues to steadily flourish. Instead of a depreciating, local properties have slowly but steadily risen. Those searching for jobs in Austin stand to benefit from this.
As property values increase, area businesses can expand, which creates more jobs in Austin. One employer that is doing just that is the Hormel Institute, A Michigan-based cancer-research facility. Hormel is currently in the middle a project, costing $20 million, to triple the size of the local facilities. With an increase of this proportion, the need for more scientists and various lab workers in sure to follow.
Since the 2006 ground breaking ceremony, Hormel has hired 35 individuals. The institute has already received 200 plus resumes. Many of the scientists that have jobs in Austin with Hormel attributed their desire to relocate to the are to the “state-of-the-art” facilities that are being provided.
According to Gail Dennison, Hormel’s director of public relations, the institute is planning on the addition of 65 more scientists within the next few years. There will also be other jobs created in Austin by the expansion of the institute as more lab technicians will be needed to assist in the research.
Part of the money used to add to the already existing facilities came from local residents who participated in a fund-raising project referred to as the “Grow Science, Grow Austin” campaign. Area citizens contributed $1.4 million dollars, which exceeded the goal of $1 million.