San Antonio Economic Indicators

August 22, 2024

San Antonio payrolls grew slightly, and wages registered solid growth in July, while retail sales tax revenue marginally decreased.

Business-cycle index

The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 2.5 percent from June to July, narrower than the 3.1 percent rise from May to June (Chart 1).

Labor market

Unemployment rate holds steady

The San Antonio unemployment rate remained 3.7 percent (Chart 2). The unemployment rates in both Texas and the U.S. were higher at 4.1 percent and 4.3 percent.

Employment growth weakens

San Antonio payrolls increased an annualized 0.8 percent in July (815 jobs) (Chart 3). Job gains were driven by trade, transportation and utilities (4.0 percent, or 673 jobs), financial activities (3.7 percent, or 305 jobs), construction (5.9 percent, or 319 jobs), and manufacturing (3.6 percent, or 185 jobs). All sectors experienced monthly growth except leisure and hospitality (-4.5 percent, or 558 jobs), educational and health services (-2.2 percent, or 339 jobs), government (-0.9 percent, or 141 jobs), information (-5.1 percent, or 75 jobs) and professional and business services (-0.2 percent, or 24 jobs). Year-to-date total nonfarm employment grew 1.2 percent in San Antonio, lower than Texas (1.7 percent) and the U.S. (1.6 percent).

Wages rise

San Antonio wages grew an annualized 10.9 percent in July, while Texas wages rose 3.9 percent and U.S. wages were up 3.7 percent. The three-month moving average of hourly wages in San Antonio was $29.48, below both the state average of $32.90 and the national average of $34.98 (Chart 4). In the past year, wages in San Antonio have risen 5.0 percent, faster than the increase in Texas (4.9 percent) and the increase in the U.S. (3.8 percent).

Retail sales tax revenue

San Antonio sales tax revenue, adjusted for inflation, shrank 1.8 percent in July compared with the previous month. The state sales tax revenue increased 3.2 percent over the same period (Chart 5). Year-over-year San Antonio sales tax revenue increased 2.6 percent, while state sales tax revenue rose a slight 0.3 percent.

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