Economy Remains Soft in October

A report issued by the Federal Reserve Bank of Dallas indicated that growth in the San Antonio economy remained soft in October 2018, with the Business-Cycle Index expanding at a 2.2% annualized rate. While higher than September 2018’s 2.1% expansion, the number remained below the long-term average of 2.9%.

Dallas Fed analysts pointed to anemic job growth, which increased by 0.6% year to date, and 1% over the three months ending in October. Professional and Business Services took the largest hit, losing jobs at a rate of 12.7%.

Also falling was housing affordability, as the percentage of homes sold that medium-income households can afford decreased from 55.8% in Q2 2018 to 54.7% in Q3 2018. The median home price in San Antonio as of September 2018 was $222,089.

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