Economy
San Antonio has a diversified economy with four primary focuses: financial services, government, health care, and tourism. Located about 10 miles northwest of Downtown is the South Texas Medical Center, which is a conglomerate of various hospitals, clinics, and research (see Southwest Research Institute) and higher educational institutions.
The city is also home to one of the largest military concentrations in the United States. The defense industry in San Antonio employs over 89,000 and provides a $5.25 billion impact to the city's economy.
Twenty million tourists visit the city and its attractions every year, contributing substantially to the city's economy. The Henry B. Gonzalez Convention Center alone hosts more than 300 events each year with over 750,000 convention delegates from around the world. Tourism employs 94,000 citizens and makes an economic impact of over $10.7 billion in the local economy as revealed in the Economic Impact Study conducted every two years by the San Antonio Tourism Council and the research team of Dr. Richard Butler and Dr. Mary Stefl of Trinity University. Tourism also brings new annual revenues to the City of San Antonio and other governmental entities with the hotel & motel tax, sales taxes and other revenues from hospitality agreements and contracts. This number exceeded over $160 million in the 2004 study.
Of the 140 Fortune Global 500 companies headquartered in the US, San Antonio is home to two: Valero Energy Corp #33, and Tesoro Petroleum Corp #317.
San Antonio is home to five Fortune 500 companies: Valero Energy Corp, Tesoro, USAA, Clear Channel Communications and NuStar Energy. H-E-B, the 19th largest private company in the United States is also headquartered in San Antonio. Other companies headquartered in San Antonio are: Kinetic Concepts, Frost National Bank, Harte-Hanks, Eye Care Centers of America, Bill Miller Bar-B-Q Enterprises, Taco Cabana, Whataburger, Rackspace, NewTek, and Carenet Healthcare Services.
Other large companies that operate regional headquarters in the city include: Nationwide Mutual Insurance Company, Kohl's, Allstate, Chase Bank, Philips, Wells Fargo, Toyota, Medtronic, Sysco, Caterpillar Inc., AT&T, West Corporation, Citigroup, Boeing, QVC, and Lockheed Martin.
In between the beginning of 1997 and March 11, 1998, San Antonio lost several major company headquarters. In 1997 Titan Holdings and USLD Communications had sold their operations to larger companies. After a Los Angeles buyout specialist purchased Builders Square, the company's operations were moved out of San Antonio.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)