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Market Report

San Antonio Market Report

4Q 2020

San Antonio’s Economic Recovery Hinges on the Uncertain Tourism Revival, Yet a Quick Reopening Mitigated the Initial Damage

Service sectors recover some jobs after hit in spring. Prior to the health crisis, the unemployment rate stood 50 basis points below the national average at 3 percent in February. However, like much of the country, San Antonio’s labor force contracted sharply in the months of March and April as the metro shed 118,500 jobs, pushing the unemployment rate up to 13.7 percent. During those two months, the bulk of jobs were lost in the leisure and hospitality sector, and the education and health services sector, which posted losses of 64,200 and 22,200 personnel, respectively. The state’s quick reopening helped those two sectors regain positive momentum, combining to add 52,700 jobs back to the workforce from May through September. At the end of the third quarter, the unemployment rate was down to 5.7 percent; nevertheless, recovering the rest of the jobs lost will be more difficult as many employers remain financially burdened.
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