Updated January 2018
Economic Competitiveness Overview
Per capita income is trending in the right direction, but not at the rate needed in order to achieve our 2020 goal. In 2014, we exceeded employment in target industries – those identified for their growth potential and salaries – and continued this trend in 2016. The 2015-2016 data for Entrepreneurship are not available online. The website reads: “the goal for the next release (planned for 2018) is to provide an expanded set of tables that incorporate long-planned enhancements, including a switch from the Standard Industrial Classification (SIC) system to the North American Industry Classification System (NAICS).” The 2014 numbers for startup density, which is defined as the number of firms less than 1-year old with at least one employee per 100,000 population, showed we were on track to reach our 2020 goal. San Antonio continues to see a decrease in professional certificates attained. The number of professional certificates measure does not include those that are granted outside of institutions of higher education. Those granted at public, private, nonprofit, and for-profit are included. While we are growing our STEM Economy, it is not at the rate we need to reach our 2020 goals. Our unemployment rate continues to decline, and at 3.7% we are near our 2020 target.
Why is this important?
Economic competitiveness is the engine of prosperity for San Antonio, and as such is interrelated to many of the other SA2020 Cause Areas. Take, for example, the relationship between economic competitiveness and education. It will become increasingly difficult for San Antonio to deliver impactful educational opportunities to its residents without a thriving economic environment from which to draw resources both in terms of capital and ideas. Likewise, investing in education and preparing our workforce of the future will allow San Antonio to compete globally for new employers and investments further fueling our robust community ecosystem. There is also a direct correlation between quality of life (parks, arts and culture, public transportation, etc.) and economic health. The better the amenities, the more companies, top talent, and leading educators will fuel our economy.