Texas Gov. Rick Perry recently revealed that Apple has expansion plans in Texas. According to the report, the Cupertino based company plans to invest $304 million in new facilities in Austin, TX that will provide 3,600 new jobs. Apple intends for the complex to provide offices for customer support, sales and accounting for the entire region.
In order to make the offer more appealing for Apple executives and to attract the tech giant in the area, the local authorities had to come up with a sign of good faith. The Texas Enterprise Fund granted $21 million to Apple, to be paid in the next 10 years. "Apple is known for its bold innovation and game-changing designs, and the expansion of their Austin facility adds to the growing list of visionary high-tech companies that have found that Texas' economic climate is a perfect fit for their future, thanks to our low taxes, reasonable and predictable regulations, fair legal system and skilled workforce" explained Rick Perry the benefits. In addition, Apple announced they will open a new retail store in Houston at the Highland Village Shopping Center, on March 16th, just in time for the first day of availability for the new iPad.
Bringing Apple and its large investment to Austin is perceived as a success for Texas Enterprise Fund, the most efficient tool to attract new business in the area. TEF was created almost 10 years ago, and during this time the state controlled organization managed to help create over 62,000 new jobs and attract $15.4 billion in capital investment, simply by investing $443.4 million in enticements.
Source: Apple to spend $304M on new Austin, Tex., campus, creating 3600 new jobs