According to a new study commissioned by the Responsible Growth Alliance (RGA), the real estate development industry generates $35.7 billion in annual economic activity and supports 133,500 jobs in the San Antonio area. Workers in this specific field have seen close to a 12 percent jump in income, generating almost a quarter billion dollars annually in tax revenues. Additionally, RGA found that the real estate development industry now supports 7.4 percent more total jobs in the San Antonio regional economy.
It is because of this rapid growth, that workers have been able to enjoy higher wages, with the industry’s total local payroll rising from $5.6 billion to $6.6 billion. The industry’s large ripple effects have contributed $232.8 million to area taxing entities. “It’s easy to see all the new buildings and development in every corner of our city,” RGA President Scott Farrimond said. “What you might not always see are the tens of thousands of your neighbors whose work is behind each new project- the concrete contractors, electricians, architects, bankers, engineers, plumbers, and so many more whose skills are vital to San Antonio’s thriving economy.”
The RGA commissioned economic analysis and public policy consulting firm TXP to study the industry and help with the results. The RGA is an affiliation of industry groups that are deeply involved in local real estate development and work to ensure continued job growth, quality of life, affordable housing and the real estate development capabilities essential to a growing metropolitan area.
The study revealed that the real estate industry generates a little less than $68 million a year in taxes for public schools, more than $90 million for the City of San Antonio through sales and property taxes plus CPS Energy revenues, and more than $10 million for Bexar County.
“Those revenues from the real estate development industry to city, county, and other taxing entities fund essential services like schools, roads, police, healthcare and much more,” Farrimond said. “That’s just one more way our industry’s 133,500 employees contribute every day to making the San Antonio area a great place to live, work, learn, and play.”
TXP also highlighted the industry’s ability to provide a financial step up to workers that don’t have college degrees. The study also showed that real estate development supports almost 52,000 construction jobs in the San Antonio area.
“Construction-related occupations in San Antonio have relatively modest formal education requirements, almost two-thirds require a high school degree or less, compared to about one-third of the jobs in the rest of the local economy,” the report states. “However, these construction jobs are comparatively high-paying, averaging $38,621 in annual compensation, 17 percent more than the $33,002 figure for jobs with similar education requirements elsewhere in the local economy.”
