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2018 - The Year of Growth

The stock market is up, unemployment is down, and taxes are being cut.
The headlines at the beginning of 2018 all point to a great economy, and all
the right ingredients for a year of growth. This is great news for the housing
industry, and impacts each member of GSABA. But what does it all mean?
At the 2018 San Antonio Housing Forecast on January 5th, Wells Fargo Senior
Economist Mark Vitner said that all signs point to a big year, including slower
regulatory growth, low unemployment, and consumer confidence being at
30-year highs. These national trends impact Texas in a big way, as our state
is one of the largest economies in the country. While other states struggled
to recover from the recession, Texas bounced back quickly, adding 1.9 million
non-farm jobs since 2009 according to the Federal Reserve Bank of St. Louis’
Economic Data service. Texas has also averaged a growth of 444,000
Bryan Smith residents each year since the economy began to recover. This explosive
President
growth leads the nation and has created hot housing markets in all major
cities in Texas.
What about San Antonio? Jack Inselmann of Metrostudy offered this: “It’s going to be a great year for our industry
in 2018. San Antonio has below-average unemployment with rising wages-making it primed for growth in home
buying.” While our city continues to grow and change, we will face some hurdles along the way. One of the most
important challenges that San Antonio will face in 2018 is the affordability of housing. Materials costs are up, labor
shortages are widespread, and government regulation takes a big bite out of our business. How can we continue
to provide homes for first-time home buyers, retired couples, and working-class families? Jack Inselmann says San
Antonio will have to see a growth in lot deliveries to keep pace with construction in 2018.
One of the key industries that is vital to San Antonio’s economy is the military. Joint Base San Antonio (JBSA), which
encompasses all military bases within the San Antonio region, has become a hub for military training, leadership,
and development. Brigadier General Heather Pringle, Commander of JBSA, spoke at the Housing Forecast about
some of the ways that the military and the development community can work together to coexist and ensure that
the city grows responsibly and protects the military missions located here in the Alamo City. As more high-tech and
high ranking military members are stationed in San Antonio, they will look to our industry to provide affordable
housing for their families, especially when they know nothing about San Antonio. The military community has
become intricately linked with our city’s overall economy, and we must stand ready to meet the needs of these new
San Antonians.
The economy is looking great for businesses in San Antonio in 2018. One of the best ways to expand your business
this year is to connect with some part of our Association. There’s a place for everyone, and we’d love to have you.
Building a network within our industry starts at GSABA.

6 FEBRUARY 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION