San Antonio has a thriving economy and was ranked fourth among large cities for doing business in America, by Inc. magazine, 2004. San Antonio has developed a good and stable economy from its military bases, educational institutions, and medical research complex. Medical research facilities in San Antonio include the UTSA Health Science Center, Southwest Foundation for Biomedical Research, Texas Research Park, Wilford Hall Medical Center at Lackland and Brooks Air Force Base, and the Brooke Army Medical Center. With its mild climate and many amenities, San Antonio is a favorite retirement spot for Texans. It was chosen as one of the “Great Places to Start a Business in Retirement,” by Where to Retire magazine in 2004. San Antonio boasts a fast growing economy and a strong workforce. There has been nothing but job growth for 12 straight quarters and wages are climbing faster here than any other cities in Texas.
The aerospace industry has had a great economic impact on the city and includes companies that manufacture aircraft equipment and parts, service and repair aircraft, produce and distribute transportation equipment and supplies, and provide both scheduled and unscheduled air transportation.
With all of its tourists attractions and historicism, tourism is also plays a very important part in San Antonio’s economy. People come from all over the nation to see the Alamo, the Riverwalk, Six Flags Fiesta Texas, Sea World, and all of the other cultural places in the city. Tourism is actually the second largest industry, with over 80 million people visiting the city every year. The industry employs over 86,000 people and generates over $7.2 billion per year.
Toyota Motor Corp. opened a plant in San Antonio in 2003. The $850 million dollar plant has employed over 2,000 high-wage workers, and attracted many of its suppliers to build in the city as well.
Valero Energy Corp., USAA, Tesoro Petroleum Corp. H-E-B Supermarkets, Clear Channel Communications, SBC Communications, and Southwest Research Institute all have their headquarters located in San Antonio.