San Angelo’s key indicators of economic health are somewhat stable, with a few key increases and decreases over Q2 of 2024, according to the Quarterly Economic Review released by the Chamber of Commerce.
They report the local economy is maintaining a “firm expansionary course,” with leading indicators like new residence permits and retail sales tax revenues trending upward, while manufacturing tax revenues decreased slightly though still topping $1 million quarterly.
The labor force continues its expansion as well, though not near the rate of growth that was seen after the huge COVID-19 drop off in 2020. 63,000 people work in San Angelo, 10,000 more than in 2015. It’s estimated there are a little under 2000 unemployed in San Angelo, an 11.4-percent decrease from last year.
Despite these positives, the average cost of a home has increased around 5.9 percent, while the average weekly wages have “fallen considerably”, an 11 percent decrease. Overall the Housing Affordability Index (HAI) has dropped 2.9 percent year over year: “Confirming that local residents are facing greater difficulty qualifying for a mortgage on an average priced home.”
Since 2017, the average home price has increased 45 percent, from 200,000 to 290,000, while earnings only increased 33 percent, for an average weekly wage of $800 in 2025.
San Angelo is currently outpacing the rest of the state in manufacturing, but the report expects this to cool down over the coming quarters, as trends in local manufacturing mirror nationwide issues, and supply and demand equalize.
The report says manufacturers have been selling their product for less, which they attribute for the decrease in the tax revenue. The report says that traditional manufacturing can expect to face significant competitive pressures and weaker pricing power over the next several quarters, as GDP growth is expected to slow in 2025 and 2026.
The numbers reflect that San Angelo, though ahead in many areas, mirrors larger nationwide trends of cautious consumers and stakeholders.
By The Numbers
(all data compares Q2 2024 to Q2 2025)
Economic Index: 0.7-percent increase
- 2025: 145
- 2024: 144
Business Cycle Index: 2.9-percent increase
- 2025: 144
- 2024: 140
Industrial Production Index: 0.9-percent increase
- 2025: 112
- 2024: 111
Housing Affordability Index: -2.9-percent decrease
- 2025: 136
- 2024: 140
Housing Permits: 18.5-percent increase
- 2025: 83
- 2024: 70
Labor Force: 1.6-percent increase
- 2025: 63,328
- 2024: 62,318
Unemployment: 11.4-percent decrease
- 2025: 3.1% (1,970, according to BLS June Report)
- 2024: 3.5% (2,178)
Hotel Occupancy: 1.9-percent increase
- 2025: 59.8%
- 2024: 58.7%
Retail Sales Tax Revenues: 1.7-percent increase
- 2025: $4.19 million
- 2024: $4.12 million
Manufacturing Tax Revenues: 9.2-percent decrease
- 2025: $478,331
- 2024: $526,600
