San Antonio Economic Indicators

San Antonio payrolls contracted while the unemployment rate rose in November. Wages registered a strong annual increase. Sales tax revenue in San Antonio rose faster than in Texas. Apartment rents declined from a year prior and remained lower than the state and nation.

Business-cycle index

The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, ticked up an annualized 0.1 percent in November (Chart 1).

Labor market

Employment declines

San Antonio payrolls declined an annualized 0.3 percent in November. San Antonio payrolls declined 1.0 percent year to date (Chart 2). Payrolls declined 2.8 percent (8,300 jobs) from August through November, with the greatest declines in government (down 10.6 percent, or 5,200 jobs lost), leisure and hospitality (down 8.8 percent, or 3,300 jobs lost), and professional and business services (down 2.8 percent, or 1,100 jobs lost). Declines in employment were especially pronounced in the federal government, down 22.3 percent. Over the same period employment in trade, transportation and utilities had the strongest growth (2.7 percent, adding 1,400 jobs). From November 2024 to November 2025, total nonfarm employment in San Antonio declined 0.7 percent, while state employment grew 0.1 percent and national employment grew 0.5 percent.

Unemployment rate rises

The San Antonio unemployment rate rose to 4.2 percent in November (Chart 3). The jobless rate is the same in Texas (4.2 percent in November) and higher in the U.S. (4.4 percent in December).

Wages record strong annual increase

The average nominal hourly wage in San Antonio increased to $31.94 in November (Chart 4). Wages are seasonally adjusted and smoothed with a three-month moving average. Year over year, wages grew a strong 5.2 percent in November, while wages in Texas rose 4.4 percent and U.S. wages grew 3.7 percent. Earnings in San Antonio continue to be lower than the state ($34.94) and nation ($36.91).

Consumer spending

Sales tax receipts are a proxy for consumer spending patterns. San Antonio sales tax revenue, smoothed and adjusted for inflation, increased 8.1 percent in December 2025 from December 2024, while Texas’ receipts rose 3.0 percent (Chart 5).

Apartment market

Year-over-year apartment rent declined 1.4 percent in San Antonio in November while declining 1.0 percent in Texas and increasing 1.7 percent in the U.S. (Chart 6). San Antonio rents were $1,240 in November, lower than the state ($1,400) and nation ($1,760). Rents declined 0.1 percent from October in both San Antonio and Texas but were unchanged nationally.