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Texas businesses could be up for a tariff refund

The Friday ruling could lead to a chaotic refund process.

News

Texas businesses were some of the <a class="gtmContentClick" data-vars-link-text="hardest hit" data-vars-click-url="https://www.axios.com/local/dallas/2025/03/05/trade-war-escalation-texas-trump-tariffs-dallas" data-vars-content-id="fc83efe4-2f71-4c4a-b229-c8ce5433b190" data-vars-headline="Texas businesses could be up for a tariff refund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/dallas/2025/03/05/trade-war-escalation-texas-trump-tariffs-dallas" target="_self">hardest hit</a> under President Trump&#x27;s <a class="gtmContentClick" data-vars-link-text="tariffs" data-vars-click-url="https://www.axios.com/economy/tariffs" data-vars-content-id="fc83efe4-2f71-4c4a-b229-c8ce5433b190" data-vars-headline="Texas businesses could be up for a tariff refund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/economy/tariffs" target="_self">tariffs</a>, but now they could be among the biggest winners after the U.S. Supreme Court struck down a swath of the <a class="gtmContentClick" data-vars-link-text="tariffs" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/03/31/san-antonio-texas-trump-tariffs-trade-auto-cars" data-vars-content-id="fc83efe4-2f71-4c4a-b229-c8ce5433b190" data-vars-headline="Texas businesses could be up for a tariff refund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/03/31/san-antonio-texas-trump-tariffs-trade-auto-cars" target="_self">tariffs</a> on Friday.Why it matters: Roughly $126 billion is now potentially <a class="gtmContentClick" data-vars-link-text="up for grabs" data-vars-click-url="https://www.axios.com/2026/02/20/trump-tariffs-states-refunds" data-vars-content-id="fc83efe4-2f71-4c4a-b229-c8ce5433b190" data-vars-headline="Texas businesses could be up for a tariff refund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/02/20/trump-tariffs-states-refunds" target="_self">up for grabs</a> nationwide. But the <a class="gtmContentClick" data-vars-link-text="ruling" data-vars-click-url="https://www.axios.com/2026/02/20/trump-tariffs-supreme-court-illegal" data-vars-content-id="fc83efe4-2f71-4c4a-b229-c8ce5433b190" data-vars-headline="Texas businesses could be up for a tariff refund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/02/20/trump-tariffs-supreme-court-illegal" target="_self">ruling</a> could lead to a chaotic refund process — and it&#x27;s unclear who gets to pocket that cash.

Winter isn't done with San Antonio

San Antonio's recent warm weather doesn't mean winter is officially in the rearview.

Climate

San Antonio&#x27;s recent <a class="gtmContentClick" data-vars-link-text="warm weather" data-vars-click-url="https://www.axios.com/local/san-antonio/2026/01/08/san-antonio-warm-winter-weather-allergies-cedar" data-vars-content-id="70e02679-42b5-4d28-bfc9-38322a91caca" data-vars-headline="Winter isn&#x27;t done with San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2026/01/08/san-antonio-warm-winter-weather-allergies-cedar" target="_self">warm weather</a> doesn&#x27;t mean winter is officially in the rearview.Why it matters: Even as <a class="gtmContentClick" data-vars-link-text="spring creeps closer" data-vars-click-url="https://www.axios.com/local/san-antonio/2026/01/14/san-antonio-winters-warming-outlook" data-vars-content-id="70e02679-42b5-4d28-bfc9-38322a91caca" data-vars-headline="Winter isn&#x27;t done with San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2026/01/14/san-antonio-winters-warming-outlook" target="_self">spring creeps closer</a>, the National Weather Service says South Texas can still squeeze out a late-season chill.

Speed puzzling is gaining traction in San Antonio as the new bar trivia

Jigsaw puzzling isn't just a solitary bad-weather activity anymore — it's snapping into place as a social sport across the U.S.

Culture

Jigsaw puzzling isn&#x27;t just a solitary bad-weather activity anymore — it&#x27;s snapping into place as a social sport in cities across the U.S., including San Antonio.Why it matters: Puzzling&#x27;s shift from solo to social mirrors a bigger trend: People are turning <a class="gtmContentClick" data-vars-link-text="analog" data-vars-click-url="https://www.axios.com/2025/10/23/analog-bag-screen-free-wellness" data-vars-content-id="cf2006fb-205c-4dbf-9be6-912a2eee9ea9" data-vars-headline="Speed puzzling is gaining traction in San Antonio as the new bar trivia" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/23/analog-bag-screen-free-wellness" target="_self">analog</a> or <a class="gtmContentClick" data-vars-link-text="&quot;grandma&quot; hobbies" data-vars-click-url="https://www.axios.com/2024/12/07/needlepoint-grandma-hobbies-tiktok" data-vars-content-id="cf2006fb-205c-4dbf-9be6-912a2eee9ea9" data-vars-headline="Speed puzzling is gaining traction in San Antonio as the new bar trivia" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/12/07/needlepoint-grandma-hobbies-tiktok" target="_self">&quot;grandma&quot; hobbies</a> into in-person communities.

What ChatGPT secretly thinks about San Antonio

San Antonio landed in the top 10 U.S. cities for plenty of cultural attributes.

Researchers have found that large language models (LLMs), such as <a class="gtmContentClick" data-vars-link-text="ChatGPT" data-vars-click-url="https://www.axios.com/2026/02/09/chatgpt-ads-testing-go-free" data-vars-content-id="79da5904-f4a8-442c-8538-f637e593fed5" data-vars-headline="What ChatGPT secretly thinks about San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/02/09/chatgpt-ads-testing-go-free" target="_self">ChatGPT</a>, are just as <a class="gtmContentClick" data-vars-link-text="biased" data-vars-click-url="https://www.axios.com/local/chicago/2026/02/13/study-chatgpt-bias-chicago-oxford-kentucky-llm-city-stereotypes-ranking" data-vars-content-id="79da5904-f4a8-442c-8538-f637e593fed5" data-vars-headline="What ChatGPT secretly thinks about San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/chicago/2026/02/13/study-chatgpt-bias-chicago-oxford-kentucky-llm-city-stereotypes-ranking" target="_self">biased</a> as the rest of the world, including in their perception of San Antonio.The big picture: To gauge AI inequality and bias, internet scholars at the University of Oxford and the University of Kentucky <a class="gtmContentClick" data-vars-link-text="recently compared" data-vars-click-url="https://journals.sagepub.com/doi/10.1177/29768624251408919" data-vars-content-id="79da5904-f4a8-442c-8538-f637e593fed5" data-vars-headline="What ChatGPT secretly thinks about San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://journals.sagepub.com/doi/10.1177/29768624251408919" target="_blank">recently compared</a> 91 U.S. cities with populations over 250,000 across a range of categories, including social and physical attributes, food quality, governance, politics, and business climate.

San Antonio homeowners are staying put

S.A. sellers in 2025 owned homes for more than 7 years.

Real Estate

San Antonio-area homeowners are staying in their houses for the longest time in at least 25 years, largely thanks to their low <a class="gtmContentClick" data-vars-link-text="mortgage rates" data-vars-click-url="https://www.axios.com/local/san-antonio/2023/07/19/texas-housing-supply-mortgages" data-vars-content-id="6ddbdce4-1c1c-4727-9572-872bb6a142cb" data-vars-headline="San Antonio homeowners are staying put" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2023/07/19/texas-housing-supply-mortgages" target="_self">mortgage rates</a>, data shows.By the numbers: San Antonio metro <a class="gtmContentClick" data-vars-link-text="sellers" data-vars-click-url="https://www.axios.com/local/san-antonio/2026/01/21/san-antonio-real-estate-home-values-decline" data-vars-content-id="6ddbdce4-1c1c-4727-9572-872bb6a142cb" data-vars-headline="San Antonio homeowners are staying put" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2026/01/21/san-antonio-real-estate-home-values-decline" target="_self">sellers</a> at the end of 2025 had owned their homes for an average of 7.4 years.

San Antonio home values are dropping

The state's downturn reflects a regional trend.

More than three-quarters of San Antonio homes lost value over the past year, a recent <a class="gtmContentClick" data-vars-link-text="Zillow analysis" data-vars-click-url="https://www.zillow.com/research/home-value-decline-35724/" data-vars-content-id="32c0c3ed-6899-4873-9acd-8fdacaefca08" data-vars-headline="San Antonio home values are dropping" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/home-value-decline-35724/" target="_blank">Zillow analysis</a> shows.Why it matters: It&#x27;s a major reversal in a market that <a class="gtmContentClick" data-vars-link-text="spent the pandemic" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/03/13/covid-housing-market-trends-prices" data-vars-content-id="32c0c3ed-6899-4873-9acd-8fdacaefca08" data-vars-headline="San Antonio home values are dropping" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/03/13/covid-housing-market-trends-prices" target="_self">spent the pandemic</a> with skyrocketing prices. Still, most homeowners &quot;have plenty to feel good about,&quot; the real estate site <a class="gtmContentClick" data-vars-link-text="reports" data-vars-click-url="https://zillow.mediaroom.com/2025-11-17-53-of-U-S-homes-lost-value-in-the-past-year,-the-most-since-2012" data-vars-content-id="32c0c3ed-6899-4873-9acd-8fdacaefca08" data-vars-headline="San Antonio home values are dropping" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://zillow.mediaroom.com/2025-11-17-53-of-U-S-homes-lost-value-in-the-past-year,-the-most-since-2012" target="_blank">reports</a>.

Why San Antonio homebuyers are backing out

Deals are especially collapsing in the Sun Belt.

More San Antonio <a class="gtmContentClick" data-vars-link-text="homebuying" data-vars-click-url="https://www.axios.com/2025/11/04/homebuyer-age-first-time" data-vars-content-id="6db14897-6cc5-4417-9144-d8b1e4c24260" data-vars-headline="Why San Antonio homebuyers are backing out" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/11/04/homebuyer-age-first-time" target="_self">homebuying</a> contracts are being canceled, according to a Redfin <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://www.redfin.com/news/contract-cancellations-september-2025/" data-vars-content-id="6db14897-6cc5-4417-9144-d8b1e4c24260" data-vars-headline="Why San Antonio homebuyers are backing out" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/contract-cancellations-september-2025/" target="_blank">report</a>.The big picture: Homebuyers are backing out of deals at &quot;a fairly high rate&quot; as their <a class="gtmContentClick" data-vars-link-text="negotiating power grows" data-vars-click-url="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" data-vars-content-id="6db14897-6cc5-4417-9144-d8b1e4c24260" data-vars-headline="Why San Antonio homebuyers are backing out" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" target="_self">negotiating power grows</a> and economic uncertainty mounts, among other reasons.

San Antonio's apartment boom is slowing

S.A. remains a top spot for new units but trails in Texas.

Business

While San Antonio remains a top U.S. metro for new apartments in 2025, it trails behind other major cities — including its Texas peers — as <a class="gtmContentClick" data-vars-link-text="developers ease off" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/06/11/apartment-building-slows-san-antonio-texas" data-vars-content-id="8da3e21e-767e-4d72-9ba4-257820011f0a" data-vars-headline="San Antonio&#x27;s apartment boom is slowing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/06/11/apartment-building-slows-san-antonio-texas" target="_self">developers ease off</a> after several years of growth.Why it matters: The city&#x27;s apartment pipeline is cooling after a pandemic-fueled boom. Still, developers continue to bet on <a class="gtmContentClick" data-vars-link-text="growth" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/05/16/san-antonio-texas-population-growth-census" data-vars-content-id="8da3e21e-767e-4d72-9ba4-257820011f0a" data-vars-headline="San Antonio&#x27;s apartment boom is slowing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/05/16/san-antonio-texas-population-growth-census" target="_self">growth</a> and <a class="gtmContentClick" data-vars-link-text="affordability" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/06/03/san-antonio-rent-affordability-income-2025-zillow" data-vars-content-id="8da3e21e-767e-4d72-9ba4-257820011f0a" data-vars-headline="San Antonio&#x27;s apartment boom is slowing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/06/03/san-antonio-rent-affordability-income-2025-zillow" target="_self">affordability</a> across Texas and in San Antonio.

Student rents are rising quicker than everyone else's in San Antonio

Student rents grew a little faster, on average, than market-rate rents in San Antonio since 2020.

Student rents grew a little faster, on average, than market-rate rents in San Antonio over the past five years, according to Moody&#x27;s data shared with Axios.Why it matters: Expensive student housing adds to the already high <a class="gtmContentClick" data-vars-link-text="cost of college" data-vars-click-url="https://link.axios.com/click/41591333.29/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDQvMTcvY29sbGVnZS1jb3N0LXN1cnZleT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/633dcc04d70fb9875101ab66B06cc07d2" data-vars-content-id="8dc97183-542a-49fc-9840-20dc6387ea9d" data-vars-headline="Student rents are rising quicker than everyone else&#x27;s in San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/41591333.29/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDQvMTcvY29sbGVnZS1jb3N0LXN1cnZleT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/633dcc04d70fb9875101ab66B06cc07d2" target="_self">cost of college</a>.

The best time to buy a house in San Antonio is Oct. 12-18

Researchers found prices below the seasonal peak.

<a class="gtmContentClick" data-vars-link-text="House hunters" data-vars-click-url="https://www.axios.com/2025/10/01/homebuying-millennials-gen-z-giving-up" data-vars-content-id="b52f72aa-3b98-41c1-ba48-a23111a15314" data-vars-headline="The best time to buy a house in San Antonio is Oct. 12-18" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/01/homebuying-millennials-gen-z-giving-up" target="_self">House hunters</a>, mark your calendars for next week. That may be your best time to buy a home in the San Antonio area.Why it matters: Prices in the metro will be about 5.4% below seasonal peak, with 17.6% more active listings than average, according to a Realtor.com <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.realtor.com/research/best-time-to-buy-2025" data-vars-content-id="b52f72aa-3b98-41c1-ba48-a23111a15314" data-vars-headline="The best time to buy a house in San Antonio is Oct. 12-18" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.realtor.com/research/best-time-to-buy-2025" target="_blank">analysis</a>.

Investors are still buying San Antonio houses

Investors are pulling back across the U.S., but not Texas.

Institutional investors are still <a class="gtmContentClick" data-vars-link-text="buying up houses" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/09/17/san-antonio-real-estate-trends-look-outside-metro" data-vars-content-id="2ee17fc5-b14a-4232-a886-294c2f7aa5e9" data-vars-headline="Investors are still buying San Antonio houses" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/09/17/san-antonio-real-estate-trends-look-outside-metro" target="_self">buying up houses</a> in the <a class="gtmContentClick" data-vars-link-text="San Antonio" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/08/11/san-antonio-homes-sell-loss-housing-market" data-vars-content-id="2ee17fc5-b14a-4232-a886-294c2f7aa5e9" data-vars-headline="Investors are still buying San Antonio houses" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/08/11/san-antonio-homes-sell-loss-housing-market" target="_self">San Antonio</a> area and across Texas, even as their activity slows, according to ATTOM, a real estate data firm.Why it matters: Investors often compete with first-time home buyers. While they have <a class="gtmContentClick" data-vars-link-text="pulled back" data-vars-click-url="https://www.axios.com/2025/03/10/covid-home-prices-trends" data-vars-content-id="2ee17fc5-b14a-4232-a886-294c2f7aa5e9" data-vars-headline="Investors are still buying San Antonio houses" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/03/10/covid-home-prices-trends" target="_self">pulled back</a> from the U.S. housing market in recent years, Texas remains a hotspot for them.

Nearly half of San Antonio's online shoppers look outside the city for homes

San Antonio's online shoppers are increasingly eyeing homes outside the market, a new report shows.

San Antonio&#x27;s online shoppers are increasingly eyeing homes outside the market, a new report shows.Why it matters: <a class="gtmContentClick" data-vars-link-text="Once-affordable areas" data-vars-click-url="https://www.axios.com/2025/08/01/real-estate-home-prices-nyc-florida" data-vars-content-id="7a78e57d-5f1c-4f42-81ad-f80c53de103b" data-vars-headline="Nearly half of San Antonio&#x27;s online shoppers look outside the city for homes" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/08/01/real-estate-home-prices-nyc-florida" target="_self">Once-affordable areas</a> are becoming out of reach, and some buyers in expensive markets are eyeing cheaper ones instead.

Some San Antonio homes could sell at a loss

There are a lot more sellers than buyers in the market.

Roughly 10% of San Antonio area home listings were at risk of selling at a loss in May, the fifth-highest share among the country&#x27;s 50 largest metros, <a class="gtmContentClick" data-vars-link-text="per Redfin" data-vars-click-url="https://www.redfin.com/news/selling-at-a-loss-2025/" data-vars-content-id="7f6c751c-f428-4640-b461-b2eb8b8f9d49" data-vars-headline="Some San Antonio homes could sell at a loss" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/selling-at-a-loss-2025/" target="_blank">per Redfin</a>.The big picture: There are a lot more <a class="gtmContentClick" data-vars-link-text="sellers" data-vars-click-url="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" data-vars-content-id="7f6c751c-f428-4640-b461-b2eb8b8f9d49" data-vars-headline="Some San Antonio homes could sell at a loss" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" target="_self">sellers</a> than buyers in the U.S. real estate market, according to Redfin.

Developers pull back on new apartment projects

Permits are down 56% from pandemic highs.

Multifamily housing permits have plunged in San Antonio, falling well below pandemic-era levels, according to Redfin.Why it matters: A wave of newly built <a class="gtmContentClick" data-vars-link-text="apartments" data-vars-click-url="https://www.axios.com/2024/09/23/apartment-building-construction-rent-prices" data-vars-content-id="0122bfbd-1959-4555-8a84-958e5b9c2609" data-vars-headline="Developers pull back on new apartment projects" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/09/23/apartment-building-construction-rent-prices" target="_self">apartments</a> helped curb rent hikes over the past few years. For many <a class="gtmContentClick" data-vars-link-text="renters" data-vars-click-url="https://www.axios.com/local/san-antonio/2025/06/03/san-antonio-rent-affordability-income-2025-zillow" data-vars-content-id="0122bfbd-1959-4555-8a84-958e5b9c2609" data-vars-headline="Developers pull back on new apartment projects" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2025/06/03/san-antonio-rent-affordability-income-2025-zillow" target="_self">renters</a>, that break is fading.

Axios Austin

🏡 Homes turning over more slowly

Homes are turning over more slowly in San Antonio

A bar chart showing the home turnover rate in the San Antonio metro area from 2019 to 2025, through September of each year. In 2019, 3.9% of sellable homes were sold, compared to 2.4% in 2025.

Real Estate 🏠

San Antonio homeowners are staying put

San Antonio home values are dropping

Homes are turning over more slowly in San Antonio

Why San Antonio homebuyers are backing out

San Antonio's apartment boom is slowing