Quote:
Originally Posted by arkitekte
370,000 residents in a metro area isn't as substantial as you might imagine. Don't forget that I also added "corporate wealth". Personal wealth should also be noted. Would you not say that Austin and Nashville are much more affluent than San Antonio?
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Hello. New here, but have enjoyed this forum for several years.
It's a fact that Nashville and Austin are more affluent, with moderately higher median incomes.
However, I don't think this plays as big a role in the slow pace of downtown development.
I think it has more to do with the industries that drive SA's economic engine - Military, Tourism, Medical, Manufacturing, and Oil and Gas.
Pound for pound, we have a much larger corporate base than Austin and a slightly larger base than Nashville, based on Fortune 500 company headquarters and small-to-mid size registered businesses.
The issue comes the types of people employed by these firms. SA DOES NOT have a significant tech presence like Austin, which attracts a ton of interest from late Generation X and millennial talent, thus forcing their downtown's hand. Nor does SA have Nashville's entertainment presence, which attracts the creative class in droves, again forcing their downtown hand.
Heck, SA's leading tech company - Rackspace - planted its roots in Windcrest - WINDCREST!
Tourism aside, our major economic engines require space to operate, space that downtown cannot provide.
Downtown is rising - I see this every day from my office on Houston St - but in order to attain exponential growth seen in Austin, we must foster a tech sector, we must produce housing that is affordable, and we must seek to recruit our larger corporations to open satellite offices downtown - see USAA.
We also have to change how we market SA to potential relocating companies and employees. Tired of traveling and seeing the Alamo and Sea World as the only representations of our city.
We're not too far from the goal, Randy and Weston Urban see the potential, as do many others.
When the gates do open, it will be a flood of activity. Just have to keep pushing.
Love this forum. Look forward to learning and sharing more!