Average hourly wages in San Antonio’s private sector have picked up strongly in recent months. In March 2017, growth in the five-moving average of wages was 7.9%, according to data released by the Federal Reserve Bank of Dallas. In comparison, wage growth increased by 2.2% across Texas and 2.7% nationally. Total wages increased by 6.5% year over year.
Increased wages, combined with a decline in the unemployment rate helped propel the San Antonio Business-Cycle Index by 3.6% annualized in March, which is back above its long-term growth average. Home prices remain near historic highs, while home inventory is below the state’s level at 3.1 months’ supply. Job growth increased by 0.7% in Q1 2017, with improvement mixed across all sectors.
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