San Antonio Economic Indicators

March 28, 2024

San Antonio payroll job growth and wages picked up in February. In addition, unemployment increased, retail sales tax revenue ticked down, and existing-home sales rose.

Business-cycle index

The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 0.8 percent from January to February, slightly slower than the 1.2 percent rise from December to January (Chart 1).

Labor market

Unemployment rate edges up

The San Antonio unemployment rate ticked up to 3.9 percent in February (Chart 2). This matches the 2023 high of 3.9 percent reached in October. The jobless rate was the same in the region, the state and the U.S.

Employment growth rises

San Antonio payrolls increased an annualized 2.3 percent in February (2,249 jobs) (Chart 3). Job gains were driven by government (9.7 percent, or 1,416 jobs) and construction (5.8 percent, or 314 jobs). All other sectors experienced positive monthly growth except mining (-4.5 percent, or 27 jobs), education and health services (-2.8 percent, or 427 jobs), and trade, transportation and utilities (-1.3 percent, or 225 jobs). Year-to-date total nonfarm employment grew 0.2 percent in San Antonio compared with gains of 3.1 percent in Texas and 1.9 percent in the U.S.

Wages rise

San Antonio wages rose an annualized 4.3 percent in February, slower than Texas' increase (7.4 percent) but faster than the nation's (4.0 percent). The three-month moving average of hourly wages in San Antonio was $28.86, below both the state average of $32.43 and the national average of $34.48 (Chart 4). In the past year, wages in San Antonio have risen 4.1 percent, slower than the increases in Texas (5.0 percent) and the U.S. (4.3 percent).

Retail sales tax revenue

San Antonio's revenue from sales tax, adjusted for inflation, declined 0.6 percent in February, less than the state's decline of 7.4 percent (Chart 5). Year over year, the six-month moving average for sales tax revenue fell 2.0 percent in February, the same decline as in January. State sales tax revenue increased a slight 0.2 percent in February compared with February 2023. San Antonio's year-over-year sales tax revenue has declined for 10 straight months.

Existing-home sales

Existing-home sales in San Antonio jumped 9.2 percent in February compared with a 4.0 percent increase statewide (Chart 6). This follows a 12.4 percent jump in January in San Antonio. Year-over-year sales are up 10.9 percent in San Antonio and up 2.2 percent for the state.

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