Local economists: San Antonio, Texas should see continued growth
Forecast calls for 2.25-2.75% increase in local job market
SAN ANTONIO - It should be another good year to do business, both in San Antonio and the state of Texas, according to two local economists.
They detailed their forecasts to members of the San Antonio Hispanic Chamber of Commerce Wednesday morning.
Dr. Keith Phillips, senior economy policy advisor for the Federal Reserve Bank of Dallas, said he expects Texas’s economy to hold strong through 2013.
Last year, he said, the Lone Star State was one of the top in the nation for job growth.
“We were the third strongest,” he said. “And I think we’re going to continue to be at the top.”
Phillips said the strength of the state’s economy is due to energy, exports and the lack of housing problems that other states are seeing.
In fact, he said the state’s housing market, and housing sales, in particular, will continue to make strides.
"That's going to create more jobs in the construction sector, as well as lumber and wood, stone clay, glass, furniture and fixtures and all these other areas," Phillips said.
The local economy should also fare well, according to Dr. Steven Nivin, chief economist with the SABER Research Institute.
"It's really across the board. A lot of different sectors are going to be showing growth this year," he said.
Nivin said he expects job growth for the San Antonio area to be anywhere from 2.25-2.75 percent.
And he said those new jobs should cover nearly every industry.
While people across the country are concerned about the fallout from the federal sequestration, Nivin said he does not expect the cuts to have much of an impact locally.
"I just think the overall fundamentals of the economy here are strong enough to override any of the negative impacts here," Nivin said. "The functions that our military has here -- mainly, being the home of medical and military training -- that to some extent provides some insulation.”
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