Austin Says Its Under-Spending on ED

Denver spends $2.25 million. Oklahoma City forks over $2.4 million. Tabs for Dallas and Houston are $2.5 million and $3.75 million, respectively. By comparison, Austin allocates roughly $500,000 a year on economic development initiatives, according to the Greater Austin Chamber of Commerce.

Local leaders say Austin must step up financially to compete in the economic development derby. "Economic development is a fiercely competitive business and if you likened it to a gun fight, Austin's been showing up with a water pistol," says Gary Farmer, president of Heritage Title Co. and chairman of Opportunity Austin.

Opportunity Austin, in conjunction with the Austin chamber, is overseeing development of a five-year economic development strategy for Central Texas. That plan, expected to be unveiled Sept. 16. Stay tuned.

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