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:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)