The Culture of Business
More great economic news for San Antonio, this time from The Economist:
The second thing that stands out is Texas. The focus on just the very top of the league table for large metro areas actually understates the performance of the Lone Star State. Looking at all metropolitan areas, 8 of the top 20 and 17 of the top 50 metros, in terms of percentage employment growth, are in Texas. California represents the flip side of the coin. Three of the bottom ten metro areas are in California. And the Los Angeles metropolitan area is the single worst performer in absolute terms; employment there is 366,000 jobs short of the December 2007 level. But: California is catching up. In the year to October, the state of California added more jobs than any other state, including 20,000 more than Texas. Los Angeles added just under 80,000; good news, but there is a ways to go to claw back all of the lost ground.
The San Antonio Express News has more:
San Antonio also logged healthy job gains in construction and tourism during the last six months, he said.
If present growth trends for new jobs continue, the city would add about 20,000 positions by late spring, Tullos said, even accounting for losses in city, county and state government positions. That would take the area closer to the 31,000 jobs created during the boom year of 2006.
Tullos’ report shows the regional office, industrial and retail properties posted an expansion of 2.3 percent in square footage. The city is generating “lots of activity in retail space,” he said.
The city’s industrial properties showed strong growth in rental revenue of 6.8 percent in the six-month period, largely as a result of the Eagle Ford Shale, the report noted. However, office space rentals were “anemic,” the report said.
Tullos said the tourism sector also has been a strong performer.
The report’s economic index for the city’s tourism industry that combined room demand and rental revenues showed a growth rate of 7.3 percent in the April-September period. Although still healthy, it was slower than the 9.2 percent for the same period in 2011.