While e-commerce may be taking over some sectors of retail, the service sector continues to be in high demand. According to the Bureau of Labor Statistics (BLS), employment in the Leisure and Hospitality sector grew 6.0% year-over-year.
Over 973,000 sq. ft. of space is currently underway, with a majority of the supply stemming from the Northeast and Northwest submarkets.
2019 was a strong year for developers. Construction employment in the San Antonio-New Braunfels MSA increased about 12.3% year-over-year in November, according to the BLS.
The unemployment rate decreased quarter-over-quarter from 3.2% in August to 2.9% in November. 2019 was the first year where the unemployment rate fell below the 3.0% mark since the BLS began tracking it in the 1970s.