San Antonio ecomony ranked fastest-growing in the nation

SA has the fastest growing economy

SAN ANTONIO -- San Antonio has the fastest growing economy in the nation. That's according to a new report from the U.S. Department of Commerce, which ranked San Antonio-New Braunfels at the top among large metropolitan areas in 2015.

The report looked at the gross domestic product, or the value of all goods and services provided in our metro area, and found that increased at a rate of 5.9 percent.

"We're always at the top,” said San Antonio Chamber of Commerce CEO Richard Perez. “We're in the top five, we're in the top six, and we’re in the top three.”

Perez said San Antonio consistently shows high growth, although he didn’t expect the city to come in number one.

He said the reason for the city’s constant growth is in its diversity of economies.

"We've got aerospace, we've got healthcare and biosciences, we've got tourism, we've got the military, we've got manufacturing. You put that all together and it makes a really nice formula for success,” said Perez.

But it isn't all rosy.

The biggest part of that boom was natural resources and mining, an industry that saw an explosion at the end of 2014.

That was right before their bubble burst.

Queiva Richardson, the CEO of oil consultancy AIPC Energy, said the 2015 numbers likely reflect that boom that carried over from the year before. But she said the industry is starting to recover after what was a very difficult time.

“It hit quick, and it hurt hard,” said Richardson. “Just lately we've started to see a little bit of an increase. We've actually hit the $50 mark, which is something we've all anticipated.”

Perez said he also anticipates the next round of figures will reflect a slowing down, but also adds that San Antonio’s economy has never been boom or bust, describing it as slow and steady.

He predicts, once the holidays are over and 2017 begins, growth will start picking up even more.

"Come first of the year, we're going to be cranking right back up again,” said Perez.

According to the report, the second fastest-growing metro area was Austin-Round Rock. That market was led by growth in professional and business services.

(© 2016 KENS)


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