Austin, Texas is the home to Tesla's new US factory. Along with the development in China and Europe, the American company continues to develop in the US market, seeking to expand citizens' access to the company's electric vehicles. Tesla CEO Elon Musk believes Austin has great prospects for development and will become the largest city that America has seen in 50 years.
Texas has long been a very attractive place for Musk. In 2013, the state was selected to host the SpaceX South Texas launch site, also known as the Boca Chica launch site. In June 2020, Musk announced that Tesla's next factory would be built in Austin, Texas. Later, in December 2020, Musk revealed that he was officially moving to Austin, taking the Musk Foundation along with him.
During an interview on the Joe Rogan Experience podcast, the "business magnet" said he believes Austin has huge potential. "It's going to be the biggest boomtown that America has seen in 50 years, at least—megaboom," Musk said.
He said Tesla chose Austin as the location for the automaker's next US plant because it looks "a bit like mini California." However, "I think we do need to make sure that...people who move here from California don't inadvertently recreate the issues that caused them to move in the first place," Musk said.
Not only Musk but also Tesla and SpaceX have made the decision to move to Texas. More and more business and company leaders are moving from traditional centers such as Silicon Valley to Austin. Tech giant Oracle recently announced plans to expand or relocate to the Austin region. Facebook and Google, which already have thousands of employees in Austin, are also looking for additional office space in the city.
The city has also become a center of interest for American relocation for much of the past decade. In the past 10 years, the Austin area had a net migration of 355,902 residents—a whopping 20.7% of its 2010 population of about 1.7 million, according to Business Insider.
"Austin offers people the cachet of a cool cultural center and a burgeoning tech hub paying high wages, while still remaining much more affordable than coastal markets like San Francisco, San Jose, and Seattle," Jeff Tucker, a senior economist at Zillow, told Insider.
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