Former Mayor Henry Cisneros offered a new expectation Tuesday, saying the oil and gas development likely will bring a total of 10,000 jobs to the city within three years.
The 2011 Milken Institute Best-Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary, and technology growth. The ranking placed San Antonio in the top spot for 2011.
Forbes has just released its latest report of America’s Next Boomtowns. It placed Austin in the #1 slot and it placed San Antonio in the #4 spot. What does that mean for this area that is strategically located right between both cities? Clearly, it means there will be major activity in this growth corridor. The future is very bright indeed for this area, making it the sweet spot for Texas growth.
“Some 37% of all net new American jobs since the recovery began were created in Texas.”
“Our look at America’s Best Places for Business showcases the stark contrast between Texas—with its low-cost, pro-business regulatory environment (5 cities among the top 25, led by Austin at No. 7)—and overregulated and wildly expensive California (home to 8 cities that rank in the bottom 25, including No. 200 Merced). Texas was one of the last economies to succumb to the recession and one of the first to bounce back, while California is limping along with an unemployment rate of 11.7% (only Nevada’s is worse).
Besides Austin, Texas also placed San Antonio and Dallas in the top 10. San Antonio, ranked No. 8, is among the fastest-growing metro areas in the U.S. (the population increased 25% since 2000). It has been buoyed by defense spending and hiring at Toyota Motor’s truck assembly plant. Dallas (No. 10) has been one of the most resilient economies during the recession and could add 190,000 jobs in the next three years.”
“State tally up 20.6 percent, while Bexar County rises 23.1 percent. Nearby counties grew, too. Wilson and Comal counties grew 32.4 percent and 39 percent, respectively. The biggest gainers were Guadalupe County, which grew by 47.8 percent; and Kendall County, 40.7 percent.”
Vacancy rates have plummeted in the past six years in San Antonio from over 20 percent in 2005 to 8.4 percent as of this May, and rents are rising. “Right now is the time to be a landlord,” Alan Cooper, president of Wakefield Realtors in San Antonio. “There’s literally no vacancy loss. It’s a week or two between tenants, just enough time to turn a house around.”
“The latest company looking at setting up shop in San Antonio is Halliburton, which is eyeing San Antonio for a “supersite” for their company operations in the region to serve development of the Eagle Ford shale.”
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