Find Out More About the San Antonio Area Economy & Job Market
San Antonio is enjoying a long and steady period of economic prosperity, anchored by its three primary industries—health care-biomedical, tourism, and the military—and bolstered by tourism and a diversity of economic ventures. Consistently high ranking among the major Texan cities, San Antonio was second only to Houston in job growth rate in 2004. Retail sales rose by almost 14% and retail vacancies fell by 0.7% between the fourth quarter of 2004 and 2003, even though more than 900,000 square feet of retail space was made available during that time. The tourist and hospitality industry is booming in San Antonio, with the local Fiesta alone bringing in about $250 million to the city each year.
Located in the state’s most rapidly growing area, San Antonio saw dramatic growth in 2004, with $2.2 billion worth of construction permits issued (previous typical rates were in the $1.4 billion to $1.6 billion range). In 2005 this trend looks set to continue, with a new Toyota plant being built in San Antonio, along with a Texas A&M campus, a new convention center hotel, and several large retail developments. The Toyota plant is expected to create over a hundred new jobs and an affordable new housing development is being built near it. According to a senior economist with the San Antonio branch of the Federal Reserve Bank of Dallas, San Antonio will see about 2.5% job growth in 2005, with an estimated 18,500 new jobs created.
Long range economic forecasts remain bright for San Antonio, with Waco economist Ray Perryman predicting an additional 87,340 jobs by 2009, with the biggest gains in services (37,440); trade (20,570); government (11,840); finance, insurance and real estate (5,020) and construction (4,420).
As part of the wider San Antonio region, Alamo Heights is also enjoying economic stability. While many residents take advantage of the short commute to places of work in San Antonio (the average commute time in Alamo Heights is 18 minutes), many find employment in local industries, which include finance, real estate, and a thriving retail sector.
Boerne has an extremely active tourist industry of its own, which bolsters a local economy based largely on agriculture. Yearly antique shows, a top golf tournament, and a technology expo bring further income to the town.
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