| San Antonio economy dashboard (November 2024) | |||
| Job growth (annualized) Aug.–Nov. ’24 |
Unemployment rate |
Avg. hourly earnings |
Avg. hourly earnings growth y/y |
| 1.3% | 3.9% | $30.82 | 8.4% |
San Antonio payrolls grew in November. Wages rose, and retail sales tax revenue ticked up. Homelessness increased from 2023 to 2024.
Business-cycle index
The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 1.7 percent in November (Chart 1).
Labor market
Employment growth continues
San Antonio payrolls rose in November, growing an annualized 2.2 percent (2,200 jobs). From August to November, payrolls grew 1.3 percent (3,800 jobs), with gains led by leisure and hospitality (4.8 percent, or 1,700 jobs), education and health services (3.2 percent, or 1,400 jobs), and professional and business services (2.2 percent, or 900 jobs) (Chart 2). Government, manufacturing and mining sectors lost jobs. Through November, total nonfarm employment growth in San Antonio was 1.0 percent annualized, slower than gains in Texas (1.6 percent) and the U.S. (1.4 percent).
Unemployment rate ticks up
The San Antonio unemployment rate ticked up to 3.9 percent in November (Chart 3). The unemployment rates in Texas and the U.S. both rose to 4.2 percent.
Wages rise
The average hourly wage in San Antonio rose to $30.82 in November from October’s $30.04. The three-month moving average of San Antonio wages grew an annualized 9.4 percent in November, while Texas smoothed wages rose 2.7 percent, and U.S. smoothed wages were up 4.5 percent. Smoothed hourly wages in San Antonio were $30.36, below both the state and national averages (Chart 4). In the past year, wages in San Antonio rose 6.4 percent—larger than the increases in Texas (4.5 percent) and the U.S. (4.0 percent).
Consumer spending
Sales tax receipts are a proxy for consumer spending patterns. San Antonio sales tax revenue, adjusted for inflation, rose 0.8 percent in November from the previous month, and Texas sales tax revenue increased 0.1 percent (Chart 5). Year over year, San Antonio sales tax revenue increased 2.0 percent, while the state’s sales tax revenue rose 5.0 percent.
Homelessness
Homelessness in San Antonio increased by 6.9 percent in 2024. Unsheltered homelessness rose 1.6 percent and sheltered homelessness increased 8.9 percent (Chart 6). Sheltered homelessness includes individuals in emergency shelter or transitional housing, while unsheltered homelessness refers to those living in areas not meant for habitation. San Antonio accommodated the rise in sheltered homelessness with increased government funding for housing.
This is a lower increase than that seen in Texas as a whole; according to the Texas Homeless Network, unsheltered homelessness increased 23 percent in 2024. These statistics are based on point-in-time counts of individuals experiencing homelessness, and any fluctuations, especially for unsheltered individuals, may be due to surveying changes.
NOTE: Data may not match previously published numbers due to revisions.
About San Antonio Economic Indicators
Questions or suggestions can be addressed to Ethan Dixon at [email protected]. San Antonio Economic Indicators is published every month during the week after state and metro employment data are released.
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