San Antonio area takes one of top spots for economic growth
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The San Antonio area had some of the fastest economic growth among large U.S. metros in 2023, according to new federal data.
Why it matters: As the region's population booms, the economy is right there alongside it.
- But the gains aren't distributed evenly. The area's tourism industry, which much of downtown still relies on, has grown more slowly.
By the numbers: The San Antonio metro area's gross domestic product increased by 4.6% from 2022 to 2023, hitting $150 billion in 2023, per the data from the U.S. Bureau of Economic Analysis (BEA).
- That was the fourth highest growth rate among metro areas with a population over 1.5 million.
Zoom in: The agriculture, forestry, fishing and hunting industries drove much of the growth in the San Antonio-New Braunfels metro area, generating $150 million in the region in 2023 — up from $68 million in 2022, per the BEA data released last month.
- Mining, quarrying and oil and gas extraction also made gains, rising from nearly $2 billion in economic output in 2022 to more than $3 billion in 2023.
- Retail trade and professional and business services saw some increase as well.
The big picture: Statewide, Texas is a hotspot for economic impact from outdoor recreation such as hunting, shooting and trapping.
Between the lines: Economic growth was slower in fields related to San Antonio's established tourism industry — arts, entertainment, recreation, accommodation and food services.
- That sector increased from $6.3 billion in 2022 to $6.4 billion in 2023.
What we're watching: How the 2025 economy will fare.