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Texas high-tech sector resilient amid industry-wide downturn

The news about the high-tech industry has been pretty bad lately, as the industry faces a recession. But not all technology sectors are the same or face the same challenges.

In Texas, where high tech accounts for nearly 5% of state GDP and more than 9% of employment, the outlook is a little more optimistic than in other parts of the country, according to a new report from the Dallas Federal Reserve.

The Texas economy is much more than the old stereotype of oil, cotton and cattle, according to Luis Torres, senior business economist at the Dallas Federal Reserve.

“The growth of the Texas high-tech sector and the growth of employment have grown at a higher rate, true, than even at the level of California and the United States,” he said.

Many high-tech jobs from California have migrated to Texas, and the state’s specific mix of high-tech industries has made it more resilient amid a slowdown in the overall sector.

“Semiconductors, an important one, computer manufacturing and also consulting services. And in those industries, those layoffs were not seen as they were seen in other technology industries,” Torres said.

High tech has especially flourished in the Austin area, where companies like Tesla and Samsung have made large investments.

“It’s just expanding job opportunities for the people who are here,” said Jeremy Martin, president and CEO of the Austin Chamber of Commerce.

And he added that it has created a magnet to attract more high-skilled workers to Austin.

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