San Antonio’s economy boosted by retail sales

December 18, 2012 by  

Led by an impressive increase in consumer sales, San Antonio, Texas’ economy is winding up 2012 with an exceptionally good performance.

Retail sales soared by 12%, which experts say is the strongest growth in the city’s history. Travis Tullos, who is the chief economist for the Greater San Antonio Chamber of Commerce, points out that consumer sales power nearly three-quarters of any economy, so an increase of 12% in retail sales represents substantial growth throughout the entire economic system. Tullos said:

“We see the level of money moving through this economy being the most stellar it has ever been.”

Tullos says there have been basic changes in San Antonio’s economy spurred by a changing job market. There has been major growth in the number of service professionals like accountants and attorneys, jobs have opened up in the Eagle Ford oilfield, and there are more openings in skilled manufacturing. With these new opportunities, San Antonio is seeing record growth in wages, and enhancing its image as a great place to work.

Tullos also noted that other economic sectors were outperforming expectations, including housing, which is often touted as a bellwether for a community’s entire economy. San Antonio’s total employment has risen 2.1% for the first three quarters of 2012, and permits to build single-family homes have soared a huge 18%, following three straight years in which they were down by double digits.

San Antonio merchants could have flyer printing done to encourage shoppers to continue to patronize stores and maintain this encouraging surge in sales.