News about the tech industry has been pretty quiet lately, as the industry faces a recession. However, not all technology fields are the same or face the same challenges.
The picture is a little brighter in Texas, where high-tech industries account for nearly 5% of the state's GDP and more than 9% of its 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 are one of the key industries, and so are computer manufacturing and consulting services. Those industries haven't seen the layoffs that other high-tech industries have,” Torres said.
The Austin area has a particularly thriving high-tech industry, with companies like Tesla and Samsung investing heavily.
“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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