It was a very productive day today as we began our Austin, Tx. fact finding jobs tour. Austin has implemented several innovative job creating projects that can easily be reproduced in the City of San Diego. I wanted to share a few of these projects with you:
“Circuit of the Americas”
This morning I viewed the site of the “Circuit of the Americas” in Austin. This project will be the premiere motorsports facility in the United States when construction is completed next year and will provide a major economic benefit to the city of Austin. The race track and surrounding facilities are going to provide over 1,100 construction jobs and will host some of the most prestigious racing events in the world: the Formula 1 United States Grand Prix from 2012 through 2021, and MotoGP from 2013 to 2022, generating an estimated $250 million each year.
“Samsung Semiconductor Facility”
I was excited to learn about the success of Austin’s Samsung Semiconductor today. This 2.5 million square-foot facility has had $9 billion invested in it since 1996 and was built in only 14 months. My favorite part: During construction, the City of Austin set up an on-site satellite office open 24/7 to process permits as quickly as possible. San Diego needs to have the same attitude as we encourage businesses to relocate and expand here.
“Austin Technology Incubator”
Ended the day with a visit to the Austin Technology Incubator. The center currently supports 28 companies and has helped 50 companies receive $75 million in capital over the last 3 years. Best of all: It has produced an economic impact of $100 million in the region and graduates 6-8 companies each year. I am proposing a similar concept for San Diego in my “Pathway to Prosperity” plan.