San Antonio’s economy projected to grow faster than most cities’ in 2023, report says

Despite recession concerns, San Antonio’s economy is projected to outperform that of most cities in 2023, according to a new forecast by a North Carolina-based think tank.

Indeed, the report by the Kenan Institute of Private Enterprises predicts the Alamo City’s economy will be among the 10 fastest-growing in the nation. SA’s gross domestic product is projected to grow 1.4% this year, the fifth-highest expected urban economic growth rate in the nation.

Two other Texas cities made the top 10 for economic growth in 2023. Austin took the No. 2 spot with a projected GDP growth rate of 2.8%, while Dallas came in at No. 7 at 1.3%.

San Antonio’s projected GDP growth rate for 2023 is lower than the city’s 2.6% expansion last year, according to the report. Still, the projected drop-off isn’t so bad, considering the the Kenan Institute expects the U.S. economy to drop into a recession later this year or early 2024.

“The economic pain caused by this downturn will be felt unevenly across the country,” the report said.

The Kenan Institute looked at the economic prospects of the nation’s 50 largest cities. Of those cities, 30% are expected to have economies that contract in 2023.

The most significant shrinkage is expected in Memphis, Detroit and Virginia Beach, all of which are expected to drop at least 1%, according to the report.

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This article appears in Jan 25 – Feb 7, 2023.