Since Opportunity Austin's launch in 2004, 76 companies have relocated to the region. The group's five-year goal calls for 100 relocations. Also members of Opportunity Austin have made 367 visits to companies outside the region to talk to them about Austin, compared with the program's initial goal of 500 visits throughout its five-year duration.

"Austin has some of the highest potential of any place in the country," says Mac Holladay president and chief executive officer of Market Street. Holladay addressed a meeting of Opportunity Austin investors on Wednesday. "There has been a reversal and you're back in the game. ...But this is only the end of the beginning and there's still more to be done."

The region has been successful in diversifying its economy in sectors like wholesale trade, finance and insurance and health care and social assistance. Holladay says a continuation of efforts to diversify is key so that the area economy doesn't become dependent on one particular sector like it did on technology in the 1990s.

Following up on major successes like the relocation of Hewlett Packard and Home Depot data centers and the retention of Freescale Semiconductor 's headquarters, Opportunity Austin has also logged more recent wins. In August, educational software firm CompassLearning relocated its headquarters to Austin from San Diego.

Holladay says at the halfway mark Opportunity Austin should examine a few courses of action going forward. His recommendations to the group's board include: realigning the Chamber's business retention and expansion program with its recruitment efforts to more effectively target certain business sectors, partnering with the University of Texas on a more effective incubation program to commercialize research, pursuing solutions to regional transportation issues, and addressing power outages and rates with Austin Energy .

Farmer says the group will review the recommendations and decide whether acting on them makes sense based on cost and other considerations. He says transportation in particular is an issue many business owners are concerned about.

"It's important that we speak with one voice when it comes to trying to correct these problems," he says. "We don't know what the answer is but it's clear that a solution is needed."

The group was born out of significant losses the region had experienced in the years following the technology bust. Between 2000 and 2003, the region lost 3.7 percent of its work force, or 25,000 jobs. At that time, the area was also coping with an unemployment rate not experienced since the 1980s. The $12 million Opportunity Austin initiative sought to grow jobs by a total of 72,000 and regional payroll by $2.9 billion.

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