iPhone processors manufactured in Austin
Several smartphone experts consider the iPhone 5 to be an immediate success with consumers across the country. According to CNET, some smartphone industry specialists predict Apple will sell 47.5 million units by the end of the year.
The iPhone 5 features a 4-inch screen, a retina display and numerous other options that have made it a popular choice for many smartphone users. However, Austin workers have also contributed to the smartphone's success, as Fox News reports that the device's processor is manufactured at the city's Samsung's facility.
People who are pursuing some of the homes for sale in Austin could significantly be affected by Apple because the company also plans to expand its operations within the city.
Apple's impact on Austin
Eve Richter, the economic development and emerging technologies coordinator for the Austin Chamber of Commerce, said that Apple intends to construct a new Texas facility. This office will be located in Austin and could create more than 3,600 jobs.
Austin is already home to a few Fortune 500 companies, including Exxon Mobil and Whole Foods Market. Additionally, Xtreme Power, MHD Enterprises and Vital Farms were among a group of more than 60 businesses on the 2012 Inc. 5000 list.
The Austin American-Statesman notes that Apple is investing $304 million in the development of a facility in the northern portion of the city. This building is being constructed on 38.3 acres of land on Palmer Lane and will provide numerous opportunities for local businesses.
Apple grossed $42 billion in revenue this year, as of September 2012, and the new jobs it will create at the facility have an average annual wage of $63,950. These positions will primarily deal with operations service, support and finance tasks for Apple's business in North and South America.
The new facility is currently scheduled to be completed by 2021, but Austin officials have already shown significant support for the project. Apple will receive $36 million in state, city and county incentives over the next 10 years as part of an economic development agreement. The company plans to invest at least $56.5 million in the first phase of the project, which could be finished within three years.
U.S. Bureau of Labor Statistics data shows that Austin had an unemployment rate of 5.3 percent in October 2012. The addition of a new Apple facility could bring new economic opportunities to Austin that may help the city further reduce its jobless rate.