With projects stemming from the Eagle Ford Shale and other industries fueling economic growth across the region, San Antonio is to beginning to see job growth two percentage points higher than the national average. As such, vacancy is set to fall to 5.5 percent by the end of the year—the lowest rate since well before the recession.
Marcus & Millichap reports that employers are set to add 31,800 jobs in 2013, amounting to an annual growth rate of 3.6 percent. Much of the growth will be concentrated in the transportation, education and leisure and hospitality sectors, while companies such as Halliburton will also significantly expand operations.
Halliburton, the oilfield services company headquartered in Houston, recently announced it will complete construction of a 400,000-square-foot facility in the southern area of the metro and ultimately hire 1,500 new workers. Marcus & Millichap notes that 75 percent of the new positions will be local hires with salaries averaging $70,000.
Read more...MARKET SNAPSHOT: Job Growth in Key Industries Spurs Multifamily Renaissance in San Antonio | Multi-Housing News Online
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