City of Round Rock Market Research Report

Background

The City of Round Rock, located in Central Texas, is recognized as one of the fastest-growing regions in the United States. As of the 2020 census, the city's population was 119,468, reflecting its rapid expansion and economic vitality. Round Rock is renowned for its high quality of life, vibrant community atmosphere, and a diverse array of services catering to both residents and businesses. The city has been consistently recognized for its economic growth and livability, making it an attractive destination for new residents and businesses alike.

Key Strategic Focus

Round Rock's strategic focus centers on sustainable economic development, infrastructure enhancement, and community engagement. The city's comprehensive plan, Round Rock 2030, adopted in June 2020, serves as the guiding framework for long-term planning and community development. This plan emphasizes quality development standards that promote and sustain economic growth while providing sufficient infrastructure and services.

Financials and Funding

The City of Round Rock has demonstrated a strong financial position through strategic economic development initiatives. Between 2012 and 2019, the Round Rock Chamber of Commerce, in partnership with the city, facilitated 65 new or existing business projects, resulting in an annual economic impact of $3.3 billion and capital investments exceeding $1 billion. These efforts have generated 6,244 direct jobs, with a cumulative total of 10,071 jobs, contributing to the city's robust economic growth.

Pipeline Development

Round Rock's economic development pipeline includes several significant projects aimed at enhancing the city's infrastructure and business landscape:

The District: A $500 million mixed-use development spanning 66 acres, featuring luxury apartments, innovative tech offices, diverse retail spaces, and green areas for community engagement. This project is expected to generate approximately 5,000 jobs and significantly boost the local economy over the next two decades.

Amazon Facility: A new warehouse, distribution facility, and data center are being developed at the southwest intersection of CR 172 and McNeil Road. This development is anticipated to enhance the city's logistics and technological infrastructure.

Dell Technologies Expansion: Dell extended its 1993 economic development agreement with the city from 60 years to 106 years, ensuring a continued partnership until at least 2100. This extension underscores Dell's commitment to Round Rock and its role as a major economic driver.

Technological Platform and Innovation

Round Rock leverages several technological platforms and innovations to drive its economic growth:

Round Rock 2030 Comprehensive Plan: This plan serves as a strategic framework for the city's development, incorporating data-driven methodologies to guide land use, infrastructure, and community services.

Economic Development Incentives: The city offers various incentives, including tax abatements and infrastructure support, to attract and retain businesses, fostering a competitive business environment.

Leadership Team

The City of Round Rock is governed by a council-manager system, with the following key officials:

Mayor Craig Morgan: Elected in May 2017, Mayor Morgan has been instrumental in advancing the city's economic development initiatives and community engagement efforts.

City Manager Brooks Bennett: Appointed as City Manager, Bennett oversees the daily operations of the city, implementing policies set by the City Council and ensuring efficient service delivery to residents.

Competitor Profile

Round Rock operates within a dynamic economic landscape, competing with neighboring cities for business investments and talent. The city's strategic initiatives, such as the Round Rock 2030 plan and economic development incentives, position it favorably in attracting and retaining businesses. Additionally, Round Rock's proximity to Austin, a major tech hub, provides synergistic opportunities for collaboration and growth.

Strategic Collaborations and Partnerships

Round Rock's economic development is bolstered by several strategic collaborations:

Round Rock Economic Development Partnership: A public-private partnership between the City of Round Rock and the Round Rock Chamber of Commerce, this entity accelerates economic growth through business development and retention programs.

Momentum Investors: A five-year, public-private partnership between the Round Rock Chamber, City of Round Rock, and private-sector investors, Momentum plays a critical role in funding the execution of the chamber’s economic development strategy, directly contributing to the overall economic vitality of the region.

Operational Insights

Round Rock's operational strategies focus on maintaining a competitive edge through:

Infrastructure Development: Investments in infrastructure, such as the expansion of roadways and utilities, support the city's growth and enhance its appeal to businesses and residents.

Business-Friendly Environment: The city's proactive approach to supporting businesses, including offering tax incentives and streamlined permitting processes, fosters a thriving entrepreneurial ecosystem.

Strategic Opportunities and Future Directions

Round Rock's strategic roadmap includes:

Diversifying the Economic Base: By attracting businesses in sectors such as technology, manufacturing, and logistics, the city aims to create a resilient and diversified economy.

Enhancing Quality of Life: Continued investment in parks, cultural amenities, and community services ensures a high quality of life for residents, making Round Rock an attractive place to live and work.