San Antonio Economic Indicators

October 28, 2024

San Antonio payrolls grew in September, and wages registered solid growth, while retail sales tax revenue increased slightly. The supply of housing inventory decreased.

Business-cycle index

The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 3.8 percent from August to September, narrower than the 9 percent rise from July to August (Chart 1).

Labor market

Employment growth continues

San Antonio payrolls were little changed in September, growing at an annualized 0.1 percent (93 jobs), though a large drop in government payrolls hid strong growth.

In the third quarter, employment rose an annualized 3.6 percent (Chart 2). Job gains were widespread, driven by leisure and hospitality (5.8 percent, or 2,026 jobs), government (4.2 percent, or 1,941 jobs), construction (8.5 percent, or 1,412 jobs), trade, transportation and utilities (2.6 percent, or 1,314 jobs), and educational and health services (2.9 percent, or 1,294 jobs). The information sector lost 208 jobs over the period, or 4.9 percent annualized decline.

Year-to-date total nonfarm employment growth in San Antonio has been sluggish at 1.3 percent, slower than Texas (2.3 percent) and the U.S. (1.5 percent).

Unemployment rate declines

The San Antonio unemployment rate ticked down to 3.7 percent in September (Chart 3). The unemployment rate in Texas held steady at 4.1 percent, and the U.S. rate fell to 4.1 percent.

Wages increase

The three-month moving average of San Antonio wages grew an annualized 3.6 percent in September, while smoothed Texas wages rose 2.8 percent and smoothed U.S. wages were up 4.3 percent. The three-month moving average of hourly wages in San Antonio was $29.87, below both the state average of $33.22 and the national average of $35.22 (Chart 4). In the past year, smoothed wages in San Antonio have risen 5.4 percent, which is larger than the increase in Texas (4.4 percent) and the U.S. (3.8 percent).

Retail sales tax revenue

The six-month moving average of San Antonio sales tax revenue, adjusted for inflation, rose an annualized 1.4 percent in September compared with the previous month, and smoothed Texas sales tax revenue increased 1.0 percent (Chart 5). Year over year, the six-month moving average of San Antonio sales tax revenue increased 3.3 percent, while the smoothed state sales tax revenue ticked up 0.6 percent.

Housing

The supply of existing housing inventory fell to 4.7 months in September but remained higher than the state's 4.3 months of supply (Chart 6). This is the third month in a row of steady or falling inventory in the Alamo City. Since October 2012, inventories have remained below six months, which is generally considered a balanced housing market.

Median home prices rose 2.5 percent in September but were down 1.6 percent over the past year. Meanwhile, home prices in Texas rose 1.0 percent in September and were up 0.4 percent over the past year.

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