Economic Outlook in San Antonio
Periodically
we at ProRentUSA use available government indicators to update the state
of the San Antonio economy. Currently, with the U.S. doing a balancing
act on the brink of recession, talk of war with Iraq might provide a
temporary stimulus to the economy, say business analysts, but there
is some concern that a prolonged war would be costly to Americans in
increased oil prices, some weakening of the dollar, a stall in consumer
spending, and reduction in corporate profits. In November 2002, San
Antonio was the only major city in Texas with a net 12-month gain in
employment--adding 7,500 jobs just since July. The unemployment rate
in the metro area continued its decline to 5.0, well below the jobless
rates of the state (6.2) and nation (6.0). Big employment increases
were reported in mining and construction, as well as in the services
and government sectors which combined with wholesale/retail trade to
account for 75% of the area’s total jobs in November.
.
Though agriculture still plays an important role in the economy of the
San Antonio metropolitan area, health care and biomedical services now
represent the area’s largest industry, accounting for nearly 15%
of the region’s employment. Aerospace is also a growing sector,
employing about 10,000 people in the San Antonio area. Military accounts
for a big chunk of the local economy. Quarries report an annual payroll
of more than $50 million. And tourism continues to be a key economic
factor. San Antonio ranks high on Forbes magazine’s list of “Best
Places in America to do Business.” The area is served by excellent
road and rail systems and the San Antonio International Airport.
Visit the website of our local San
Antonio apartment locating expert.
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