San Antonio has a diversified economy moreso than Austin's by a good margin. Austin is more Tech and Government. San Antonio's economy swings it's bat in every direction. The largest Finance, Governement National Defense, Manufaturing, Healthcare Biomedical. Then there is convention and tourism, which is enormous. Austin can't touch San Antonio on those strengths. Austin wins in High Tech industry and that would be it.
The article below is dated Oct, 2005, right before the San Antonio boom. I'm sure it has gotten even better.
http://www.sanantonio.gov/news/NewsMayorCouncil/nrfinanceindustry.asp?res=1280&ver=true
Finance industry emerges as San Antonio's leading economic generator
- Committee presents initial findings of study of finance industry in San Antonio -
A new economic impact study shows that San Antonio’s financial industry is the city’s leading economic engine, generating more than $20 billion a year in jobs that earn an average annual salary of $52,612.
The numbers were compiled as a result of a study led by Finance San Antonio, the ad hoc committee created last July by the San Antonio City Council at the request of District 8 City Councilman Art A. Hall, which has the task of assessing the city’s finance industry.
Terry Brechtel, Finance San Antonio committee chair, said that the data compiled by the city’s Economic Development Department along with representatives from the Federal Reserve Bank asserts that the finance industry is the largest economic generator for San Antonio and the study is conservative and comparable to other previous industry studies.
Sectors included in the study are banking and credit, investment activities, insurance, funds, trusts and other financial vehicles, accounting and bookkeeping.
The total economic impact of the finance industry is $20.5 billion and it provides 50,469 jobs with total wages at $2.66 billion. The average annual wage for the industry is $52,612 compared to the average wage in San Antonio of $33,911. This data was compiled using data from 2004.
When compared to the aerospace, healthcare, hospitality and information technology industries, the finance industry:
registers the largest economic impact by almost double the second-ranked industry (healthcare)
pays the highest average wages
pays the second highest amount of total wages
employs the third largest number of people, and
this study further substantiates that San Antonio has a diversified economy.
In addition, San Antonio’s employment numbers in finance and insurance top other major Texas cities including Dallas/Ft. Worth, Houston and Austin.
“It is time for us to look at the finance industry in a different way and focus on its strengths to help further solidify other economic generators such as the bioscience technology, hospitality, information technology, telecommunications, automotive manufacturing, logistical/distribution, and aircraft maintenance industries,” said Brechtel.
The committee will continue to conduct research on the economic impact of the finance industry in San Antonio. They will also hire a consultant to conduct a gap analysis and provide input regarding methods for encouraging the growth of the industry. A final presentation and additional findings will be presented to the mayor and city council in December.
“For years San Antonio has sold itself short in terms of perception of quality of employment and range of wages, but recent studies including this one, are helping to reshape our view of San Antonio,” said District 8 City Councilman Art A. Hall. “There is much to be done, but by developing an action plan to help strengthen the finance and insurance sector of our economy, and help build the rest of our economy through increased resources, we have the chance to truly impact, for the better, the future of San Antonio.
“These results put us in a different class of city. By having finance as our leading industry changes the way we and others will view San Antonio.”
Members of the Finance San Antonio Ad Hoc Committee are:
Terry M. Brechtel, Chair
Michael Burke, MDB Capital Ventures
Alan Chesler, Ehrenberg Chesler
Karen Diaz, Federal Reserve Bank of Dallas
Randy Goldsmith, The University of Texas Health Science Center at San Antonio
Don Gonzales, Estrada Hinojosa & Co.
Jim Greenwood, Valero
Doug Heath, SBC
Mario Hernandez, San Antonio Economic Development Foundation
Bill McCartney, USAA
Lanham Napier, Rackspace Managed Hosting
Alex Perez, Cox Smith and Matthews
Keith Phillips, Federal Reserve Bank of Dallas
Laura Powell, UBS Paine Weber
Carlos Resendez, Presidio Asset Management
Jorge Rodriguez, Coastal Securities
Raul Rodriguez, North American Development Bank
Robert Rodriguez, Southwestern Capital Markets
Mickey Roth, Intercontinental Asset Management
Floyd Wilson, Frost Bank
Ramiro Cavazos, City of San Antonio Economic Development Department, Ex Officio
Milo Nitschke, City of San Antonio Finance Department, Ex Officio
Staff members supporting this committee include:
Dr. Steven Nivin, City of San Antonio Economic Development Department
Albert Garza, City of San Antonio Economic Development Department
Marina Sifuentes, City of San Antonio Economic Development Department
About Finance San Antonio Ad Hoc Committee
On July 14, 2005, the San Antonio City Council, at the request of District 8 City Councilman Art A. Hall, created the Finance San Antonio Ad Hoc Committee, whose purpose is to make recommendations to the city council on actions that could be taken to increase the attractiveness of San Antonio to the financial industry and further promote the development of this sector of the city’s economy.
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