Apple will invest $304 million in a new Austin campus, more than doubling its workforce.
The company was lured to the Texas city by a $21 million grant from a state fund designed to attract high-tech companies. It's the biggest incentive the state has paid out so far. In exchange, Apple has agreed to add 3,600 employees over the next decade. The jobs will run the gamut from customer support and sales to accounting.
Governor Rick Perry told the Associated Press that "investments like this further Texas’ potential to become the nation’s next high-tech hub."
Texas has two funds dedicated exclusively to wooing technology companies and top researchers to Texas. Has it worked? Depends on who you ask. According to the Associated Press:
A report in November by the political watchdog group Texans for Public Justice found that companies receiving money from the Texas Enterprise Fund created 22,349 jobs by the end of 2010, or roughly 37 percent of the 59,100 jobs that the governor’s office said the participating firms had promised to create as of summer 2010.
Perry’s office said it only measures the fund’s cumulative results — not year by year or contract by contract, since the terms of individual deals change as they are renegotiated. Under that measure, grant recipients promised to create 23,410 jobs by the end of 2010 and exceeded expectations by delivering 33,400.
Photo credit: Robert Galbraith/Reuters