The state of Texas is home to one of the strongest economies in the United States. San Antonio has been one of the cities that has been driving this growth. Part of the trend is driven by strong population growth, but other factors are also playing an important role.
Why Are San Antonio Businesses Growing So Strongly?
In June, Forbes conducted a study that showed that San Antonio is the third fastest growing city for high wage jobs. Here are some of the factors that are driving the trend.
Rapid Population Growth
San Antonio is one of the ten fastest cities in the United States. One of the biggest reasons is that people are starting to relocate from states like California with higher costs of living. They are seeking refuge in cheaper cities in Texas, such as San Antonio.
More Diversified Economy
For many years, the Texas economy has been very dependent on oil production. Oil revenues have started to dry up, because people are seeking alternative forms of energy. This has taken its toll on many cities that rely on oil revenues.
San Antonio has taken a different direction. Rather than watching their economies atrophy due to limited oil supplies and plummeting demand, they have invested in new economies. San Antonio is quickly becoming a major technology center. It will probably never compare to technology epicenters like Silicon Valley or even Washington D.C., but technology companies are growing rapidly in San Antonio.
Limited Red Tape
San Antonio has made promoting business growth one of its top priorities for many years. Their policies of deregulation are starting to pay major dividends. Companies are more eager to start businesses in San Antonio than other areas, because they don’t have to deal with the same red tape.
Great Funding Opportunities
Securing funding has been one of the hardest things for many businesses throughout the country. Many cities complicate things even further by placing strict limitations on the types of lenders customers can work with. Fortunately, there are many different ways San Antonio entrepreneurs can fund their businesses. San Antonio allows companies to raise short-term capital with very promising loans.
Financing opportunities are also propelling growth by spurring customer spending. Customers can take out title loans in San Antonio, which make it easy for them to get the money they need to make important, short-term purchases when they are otherwise in a bind. As long as they can pay their loans back within 30 days, they are good to go.
San Antonio Will Lead the United States Economy in the Months to Come
I first visited San Antonio almost 20 years ago. Even though I was a teenager at the time, I can’t say that I was impressed with the state of the economy. It seemed almost everyone was working very low-wage jobs and few people could make a living doing anything that wasn’t related to the oil industry. By contrast, I was much more impressed with the economy in San Francisco, where I vacationed a couple years later.
Those times have changed considerably. San Francisco is a dying city, as it is becoming overcrowded and facing massive problems with poverty. On the other hand, San Antonio has surprisingly become home to one of the strongest economies in the country.
I can’t begin to emphasize the turnaround, except to say that big things are on the horizon for San Antonio. The city will undoubtedly lead the national economy in the months and years to come. What do you expect to happen with the San Antonio economy?