San Antonio's rapid population growth is setting the stage for an economic boom, particularly in the tech and science sectors, as the Alamo City races to meet the demand for jobs and harnesses the nationwide dispersal of tech opportunities. The city, known for its rich history and cultural tapestry, is now eyeing a significant socio-economic transformation as it gears up to accommodate a burgeoning population that is projected to hit four million by 2050.
Jaime Luttrell, the vice president for brand and communications at Greater SATX, noted the organization's focus on employment, telling FOX San Antonio, "Ultimately, our mission is jobs." The importance of such a mission is underlined by the city's nearly 20% population increase from 2010 to 2020, with an average of 130 new residents arriving daily. Jeff Fair, vice president of economic development for the Greater San Antonio Chamber of Commerce, highlighted the dual challenges facing the city: employing the influx of residents and meeting business needs for qualified workers.
Reflecting a nationwide trend, San Antonio's tech sector outpaced growth expectations during the early phase of the pandemic, as revealed by a report from the Brookings Institution. The local tech sector saw a job increase of 1.2% in 2020, adding 207 jobs, while in the same period, tech hubs like Austin experienced a slowdown. "As many markets roll into online payment systems and platform-based delivery, it took tech people to set all of that up. So even at the regional level, there was a momentum for tech that drove growth," said Mark Muro, a policy director at Brookings, in a statement noted by the San Antonio Report.
However, diversification and decentralization of the tech industry is not without its challenges. Established entities like USAA and Frost Bank are bolstering their tech workforce, while startups such as Jungle Disk are also expanding. Despite these advances, a recent report from Greater:SATX cautioned against creating an oversupply of entry-level tech talent, with many companies searching for workers who not only have an education but also possess experience. "That has been our biggest struggle to date," Greater:SATX's chief workforce officer, Romanita Matta-Barrera, admitted earlier this year, emphasizing the hunt for seasoned professionals with five to ten years of experience.
As organizations like Greater SATX and the Greater San Antonio Chamber of Commerce buckle down to attract high-paying technology and manufacturing businesses, focus intensifies in sectors where the city manifests its unique strengths: healthcare, biotech, aerospace, and IT. Yet, as San Antonio makes strides in diversifying its economy, local leaders and advocates underscore that there's much work to do in ensuring the growth of these industries translates into tangible socio-economic progress for its residents. David Heard, CEO of Tech Bloc, pointed out the relative slowness in expansion, saying, "In a world that is so driven by tech, we run the risk of a local economy that's relegated to second class status, if we don’t have these high-paying innovative tech jobs at all levels in our community," as reported by the San Antonio Report.
