From the awesome Texas Real Estate Research Center come these news items illustrating my belief that San Antonio is still a stable, growing market for residential real estate:
A great place to live
"San Antonio has been named the fifth best large metropolitan city in America for relocating families by Worldwide ERC and Primacy Relocation. The two companies examined several factors, including job growth figures for 2007, percentage of nearby top-ranked colleges, average in-state tuition for four-year public colleges, the amount of pediatricians per 100,000 population, and taxes."
Job growth
San Antonio's "entire private sector grew by 1,000 jobs, and medical facility growth gave a leg up on employment in the education and health sectors, which posted 900 new jobs. Commercial activity continued influencing the construction and mining sector, which posted an increase of 200 jobs. San Antonio's business-cycle index from April 2007 to April 2008 outpaced the growth in Austin, Dallas, and Fort Worth, but lagged behind the strong gains in Houston."
Foreclosures declining
Although still higher than 2007 levels, foreclosure filings in the San Antonio metro area continue to decline for the past four out of five months.
"Lenders filed to auction far fewer single-family residences, accounting for the bulk of the decline.... Some property types still are experiencing growth in defaults. Foreclosures postings for commercial property and condos were up 23.5 percent and 50 percent, respectively, between June and July."
South Texas Medical Center impact
"The total estimated annual billings and economic impact associated with the inpatient and outpatient visits to Medical Center facilities: Approximately $600 million. Full- and part-time Medical Center employment was up 5 percent in 2007 - to nearly 28,000 workers. There are, according to Medical Foundation officials, another 29,000 people who are employed by non-medically related businesses or organizations in the Medical Center. A total of more than $190 million was spent on research in 2007 in the Medical Center - an 8 percent increase over 2006 and a 54 percent increase over 2000. Leading the way was the Health Science Center, where research spending was up more than $13 million in 2007 compared to 2006. All of this momentum is attracting more players to the area. America Development & Investments Ltd., for example, is working with another Metroplex company, Reliant Healthcare Partners, to develop a roughly $24 million 60-bed rehabilitation hospital."
Fort Sam Houston expansion
"The U.S. Army has awarded Satterfield & Pontikes Construction Inc. a $33.4 million contract to build a new primary health care clinic on the grounds of Fort Sam Houston."
Fort Sam Houston is San Antonio's largest employer. For a ranking of San Antonio's other large employers, which include USAA, AT&T, Wachovia, and Citibank, visit the San Antonio Economic Development Foundation's webpage: www.sanantonioedf.com/index.php/xarpages/major_employers .
In other news: another of my favorite places, the McNay art museum at the edge of Alamo Heights, has reopened after adding a new exhibition center.
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