I come out of high tech management and Austin historically had been a weak tech location as compared to other areas around the country. Dallas actually for many years had better tech than Austin, believe it or not. But then in the 2000's+ Austin really started to get much more solid in tech. Part of the reason for this was the creation of new VC funds in Austin after Austin Ventures imploded. Plus, Austin got discovered as being hip due to SXSW, etc. So, the tech industry here has really started to become a solid, but still behind the bay area, and spots on the East Coast. The long-term outlook is very good.
If you dig into tech here a bit deeper, it's still driven today quite a bit by being the 2nd/3rd/4th location for tech companies on the west coast. They setup here as a lower cost location to supplement other higher cost centers. Some of those cost advances are waning. When recessions hit, 2nd locations are always hit harder. Whenever I went thru a recession over the years, I'd always cut other locations ahead of key, prime locations, for many reasons. Austin actually has never seen what a recession will do to it because of tech, because the tech industry here didn't get strong enough until after the last recession in 2008. People don't know what's coming, if we do hit a hard recession. Now of course the activity by Apple and Elon will blunt the impact, but even they will put the brakes on activity during a recession.
The surrounding suburbs will also feel it. You'd be amazed at how many tech industry workers live in Buda, Leander, etc. The State government and University will also limit the damage obviously.
I can't talk personally to the health insurers but got off the phone yesterday with a health insurance broker who told me the whole industry is in complete turmoil. I could go into more detail on the conversation, but you can google it. They are making money because they all raised rates dramatically. The fear is that costs are spiraliing out of control so fast they may keep having to do it.
I can't stand Elon Musk. I think the Cybertruck is the dumbest vehicle created in history. But, you have to acknowledge when the world's richest man wants to spend a lot of money in your city and build a lot of businesses. If you look at the history of cities around the country, many of them were "made" by one or a few key companies or people. For example, Portland was made by Nike, Tektronix and a few other companies. Elon's impact here, if he doesn't waver, will be substantial over time.