Business Growth Remains Strong in Cedar Park, TX Despite Pandemic

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Business Growth Remains Strong in Cedar Park, TX Despite Pandemic

Despite the COVID-19 pandemic’s economic challenges, the Texas economy remains one of the strongest in the country. The Austin metro area, in particular, stands out for its resilience in the face of this crisis. In fact, when comparing unemployment numbers, economic growth, and workforce qualifications across the US’s largest metropolitan areas, it becomes apparent that Austin’s swift recovery is not only logical but also well-deserved.

The greater-Austin area sees recovery from the pandemic

The COVID-19 pandemic dealt a significant blow to the global economy. In Austin, over 128,600 individuals lost their jobs due to pandemic-related business challenges, reports Austin Chamber. However, as of July 2020, 60,000 of those jobs had been recovered, thanks in part to the growth in industry sectors such as financial activities, manufacturing, transportation, construction, and business services.

According to data from the Bureau of Labor Statistics, Austin is in the top two performers among the nation’s 50 largest metropolitan areas, due to the low unemployment rate. At a local level, Williamson County, the home of Cedar Park, is the county with the lowest unemployment rate (5.1%) in the greater [RM1] [CW2] Austin area, as reported by the Federal Reserve Bank of Dallas.

Cedar Park continues to incentivize business growth

Like the state of Texas, Cedar Park prides itself on its pro-business climate, which is known for having no personal income or corporate taxes, straightforward permitting processes, financial incentives, and a growing talent pool.

Through financial incentives and streamlined permitting, the city of Cedar Park proactively encourages economic investment and growth from incoming and existing businesses. Currently, economic development projects in Cedar Park range from master-planned business parks, like the Scottsdale Crossing Technology Center, to public recreational facilities, like The Crossover indoor sports complex.

Most recently, the Cedar Park City Council unanimously approved an agreement with Rose City Partners to purchase and develop a 13.411-acre tract for Cedar Park Town Center. With plans to include at least four Class-A office buildings and a two-story parking garage, the project will bring more investment and employment opportunities to the area.

Cedar Park encourages and enables workforce education

In the business community, Cedar Park is known for having a highly educated population — with over 57% of residents holding an Associate’s Degree or higher. Regardless, the City of Cedar Park continues to provide relevant and accessible workforce industry training to its citizens with the support of statewide initiatives like the Texas Workforce Commission’s Skill Development Fund.

In partnership with Workforce Solutions Rural Capital Area (WSRCA) and Austin Community College, the City of Cedar Park’s Economic Development Department maintains a program to support job seekers and employers with skills development grants, workforce training, career services, and childcare services. This program empowers employers with resources, including funds for recruiting, guidance on job postings, and wage and labor information, while also supporting job seekers with how-to workshops, resume reviews, and career fairs.

The TWC’s Skills Development Fund encourages collaboration between Workforce Development Boards and businesses to increase workers’ skill levels and wages. Accordingly, the City of Cedar Park’s Economic Development Department supports businesses in training their workforce. Recently, the City formed a partnership with NOV and Voltabox to provide specialized workforce training with Skills Development Fund grants from the TWC.

In 2019, the Skills Development Fund helped 72 businesses create over 3,100 new jobs and upgrade more than 9,000 existing workers’ training. In 2020, the initiative continues with its mission of developing a better-trained, higher-paid workforce, despite and beyond the COVID-19 pandemic.

Cedar Park is open for business

Cedar Park is widely known as one of the best U.S. cities for families, but it is quickly becoming more than that! Thanks to its pro-business climate and increasingly educated workforce, the vibrant community is a great place to grow your business while also raising your family — all without leaving the city. Learn more about why doing business in Cedar Park makes sense.