San Antonio Economic Indicators

San Antonio payrolls grew, and the unemployment rate fell in July.  Wages registered a strong annual increase. Sales tax revenue in San Antonio grew faster than Texas sales tax revenue. Rents inched higher but remain lower than last year and compared to the nation.

Business-cycle index

The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 5.7 percent in July (Chart 1).

Labor market

Employment growth continues

San Antonio payrolls rose in July, growing an annualized 7.5 percent. San Antonio payrolls grew 3.0 percent year to date (Chart 2). Payrolls grew 4.1 percent (12,200 jobs) from April through July, led by gains in educational and health services (9.5 percent, or 4,200 jobs) and leisure and hospitality (5.4 percent, or 2,000 jobs). Over the same period, the federal government and information sectors lost jobs. Year over year, total nonfarm employment growth in San Antonio was 2.3 percent, faster than Texas (1.5 percent) and the U.S. (1.0 percent).

Unemployment rate declines

The San Antonio unemployment rate declined to 3.7 percent in July (Chart 3). The jobless rate is higher in Texas (4.0 percent) and the U.S. (4.2 percent)

Wages record strong annual increase

The average nominal hourly wage in San Antonio edged down to $31.70 in July from June’s $31.77 (Chart 4). Wages are seasonally adjusted and smoothed with a three-month moving average. Year over year, wages grew a strong 7.4 percent in July, while wages in Texas rose 4.5 percent and increased 3.8 percent in the nation. Earnings in San Antonio continue to be lower than both the state ($34.47) and nation ($36.33).

Consumer spending

Sales tax receipts are a proxy for consumer spending patterns. San Antonio sales tax revenue, smoothed and adjusted for inflation, increased 4.9 percent in July 2025 from July 2024, while Texas’ receipts rose 4.0 percent (Chart 5).

Apartment market

Year-over-year apartment rents declined 1.8 percent in San Antonio in July and grew 2.2 percent in the U.S. (Chart 6). San Antonio rents remain below the U.S. average at $1,290 in July compared to nearly $1,900 nationally. Rents were flat from June to July in San Antonio but increased 0.1 percent nationally.