Austin, Texas, February 6, 2026
The Austin City Council has greenlit an economic development agreement with South Korean genetic testing firm 3billion, which aims to establish a North American lab in the city. This initiative is expected to create around 200 full-time jobs in Austin’s growing life sciences sector, offering significant economic benefits and supporting local childcare initiatives. The lab, set to open in 2026, will enhance the city’s position as a hub for biotechnology and medical innovation.
Austin Approves Economic Agreement to Bring Genetic Testing Lab
Austin, Texas – The Austin City Council has approved an economic development agreement with South Korea-based genetic testing firm 3billion, facilitating the establishment of a North American laboratory in the city. This initiative is expected to create approximately 200 full-time jobs and bolster Austin’s growing life sciences sector.
Details of the Agreement
The agreement includes a Business Expansion Program that offers $1,000 for each eligible Austin hire over a 10-year period, with total incentives capped at an estimated $200,000. Additionally, a transfer of $20,637 to the Childcare Assistance Reserve Fund is part of the deal. City staff project that the project could generate about $2.3 million in fiscal benefits over the same period. Incentive payments will be reimbursed only after property taxes are paid and an independent review confirms the company’s compliance with performance benchmarks. Funding for the award will depend on annual appropriations to the Economic Incentive Reserve Fund.
Company’s Plans for Austin
3billion plans to open a 12,994-square-foot genetic testing lab at 13620 Ranch to Market Rd 620, with capacity for up to 50,000 tests annually and an estimated $8.1 million capital investment. The facility is expected to generate 200 full-time positions with an average salary above $95,000. The company aims to deploy automated, AI-driven variant interpretation to expedite diagnoses.
Economic Impact and Timeline
City staff estimate the project could return approximately $2.3 million in local tax and fee revenue over the 10-year term, while limiting direct city incentive payments to about $200,000. The lab is anticipated to be operational later in 2026, contributing to Austin’s expanding life-science cluster.
Background Context
Austin has been actively fostering its life sciences sector through various initiatives. In April 2025, the city introduced a new zoning designation to support the growth of biotech, diagnostics, medical, pharmaceutical, and research facilities. This move aims to build upon the hundreds of companies and tens of thousands of jobs already present in the region. The establishment of 3billion’s lab aligns with these efforts, further solidifying Austin’s position as a hub for life sciences innovation.
FAQ
What is the purpose of the economic development agreement approved by the Austin City Council?
The agreement facilitates the establishment of a North American laboratory by South Korea-based genetic testing firm 3billion in Austin, aiming to create approximately 200 full-time jobs and strengthen the city’s life sciences sector.
What incentives are included in the agreement?
The agreement includes a Business Expansion Program offering $1,000 for each eligible Austin hire over a 10-year period, with total incentives capped at an estimated $200,000, and a transfer of $20,637 to the Childcare Assistance Reserve Fund.
Where will 3billion’s laboratory be located in Austin?
The laboratory will be located at 13620 Ranch to Market Rd 620, covering 12,994 square feet with capacity for up to 50,000 tests annually and an estimated $8.1 million capital investment.
When is the laboratory expected to be operational?
The laboratory is anticipated to be operational later in 2026.
How does this development fit into Austin’s broader economic strategy?
This development aligns with Austin’s efforts to expand its life sciences sector, including the introduction of new zoning designations to support biotech, diagnostics, medical, pharmaceutical, and research facilities, building upon the existing industry presence in the region.
Key Features of the Agreement
| Feature | Details |
|---|---|
| Incentive Program | Business Expansion Program offering $1,000 per eligible Austin hire over 10 years, capped at $200,000, plus a $20,637 transfer to the Childcare Assistance Reserve Fund. |
| Laboratory Details | 12,994-square-foot facility at 13620 Ranch to Market Rd 620, capable of processing up to 50,000 tests annually, with an $8.1 million capital investment. |
| Job Creation | Approximately 200 full-time positions with an average salary above $95,000. |
| Operational Timeline | Laboratory expected to be operational later in 2026. |
| Economic Impact | Estimated $2.3 million in local tax and fee revenue over 10 years, with direct city incentive payments limited to $200,000. |
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