The San Antonio area will see a surge of 27,300 jobs in 2011, for an above-average net gain of 3.2 percent, a senior economist predicted Tuesday. Keith Phillips, the Federal Reserve senior economist based in San Antonio, stated a 2.1 percent gain would equal a net job growth of 17,600. San Antonio’s average yearly job growth over the past two decades has been 2.2 percent.
San Antonio’s job growth also is expected to outpace that of Texas overall. Just like the city’s diverse economy, San Antonio’s job gains will materialize from a variety of industries. Military, call centers, finance/insurance, Toyota and drilling activity in the Eagle Ford shale area in South Texas have produced strong job gains in San Antonio in recent months, Phillips said.
Other growth industries in 2010 were health care (with 4.5 percent job growth) and manufacturing (3.9 percent). Government, trade and finance grew moderately, about 2 percent, Phillips said. But the U.S. leading indicators index is consistent in signaling a continued recovery from the 2007-09 recession, Phillips said. The chance for a double-dip recession in 2011 is less than 5 percent, he added.
“The markets are self-correcting,” Phillips said. “Opportunities arise, and people will take risks. The mechanisms of the self-corrections are hard to see, but there is a lot of liquidity out there.”
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