Growth and Challenges in San Antonio's Job Market
According to recent statistics provided by Workforce Solutions Alamo, the unemployment rate in the San Antonio-New Braunfels area crept up to 4.2% this June, marking an increase from May's 3.5% and June 2023's 3.8%. Despite this uptick, our region remained more resilient than the state as a whole, which saw its rate rise to 4.5%.
Silver Lining: San Antonio-New Braunfels metropolitan area now boasts the second-lowest unemployment rate among the state's large metro areas.
The city's labor force grew substantially, with nearly 14,000 new individuals joining the ranks of job seekers in just a month and over 34,000 over the past year. This surge hints at a vibrant community eager to engage in the workforce, yet it also makes evident the challenges of matching jobs to job seekers.
State and National Statistics
Across Texas, the story was similar, as the unemployment rate jumped to 4.5% in June, up from 3.8% in May. The national scene mirrored this trend, with the U.S. unemployment rate increasing to 4.3%, up from 3.7% in May.
Industry Insights
Despite rising unemployment, San Antonio-New Braunfels showed resilience by adding 23,800 jobs since June 2023, achieving a 2.0% growth rate.
Private Education and Health Services, Construction, Manufacturing, Financial Activities, Leisure and Hospitality, Mining and Logging, and Other Services led the charge with significant job gains, painting a picture of major industry growth amidst the economic shifts.
However, not all industries shared this positive trajectory. Trade Transportation and Utilities, Professional and Business Services, and Government sectors faced challenges, losing jobs over the month. Some of this change is likely due to typical seasonal changes in employment for these fields.
As San Antonio navigates the economic currents to come, our ability to capitalize on growth in key sectors while addressing unemployment challenges will be crucial to sustaining and growing our economy. Your membership in the Greater Chamber can help you and your organization access partners and resources to help you thrive in any labor market.
Source: https://www.workforcesolutionsalamo.org/dataviz/labor-market-data/