FINANCE SAN ANTONIO INITIATIVE DESCRIPTION
Imagine a San Antonio that is known as a financial hub. Imagine a San Antonio that has high wage, high skill jobs employing local residents. Imagine a San Antonio positioned to be a powerhouse across all industries.
In July 2005, City Councilman Art Hall took the lead in the creation of the Finance San Antonio project. A committee, comprised of industry and business representatives, was created by City Council, and charged with an in-depth evaluation of the financial services sector of the San Antonio economy. The Finance San Antonio Committee immediately set to work.
Comprised of a very diverse group of professionals, the Finance San Antonio Committee, under the direction of Terry Brechtel, was charged with five specific tasks:
1) Review and analyze the financial industry in San Antonio - what are
the
current assets and strengths of this sector of our economy? What
are the gaps
and opportunities, which need to be explored to
improve this sector of our
economy?
2) Review how we can further develop the financial industry in San
Antonio
to support our other targeted industries.
3) Review the feasibility of creating a financial district in San Antonio
to
help attract and develop financial industry programs and
corporations.
4) Review the interest currently shown by financial exchanges in San
Antonio,
such as the Chicago Stock Exchange, and review what San
Antonio can do to increase
the attractiveness from a business
perspective to encourage the opening of
a branch exchange.
5) Recommend additional educational endeavors to increase awareness
of finance
and financial careers among students in San Antonio and
South Texas.
With detailed analysis in hand, conducted in the same method as other major industry studies in San Antonio, the Finance San Antonio Committee was able to announce in October 2005 the true impact of the financial services industry in San Antonio, an impact that had gone largely unnoticed and unexamined prior to these efforts.
The financial services industry in San Antonio represents an annual impact to our local economy of $20.5 billion, paying the highest average wage of any industry in San Antonio, and has shown steady signs of growth over the past four years with more companies expanding and moving operations into San Antonio each year.
With the first phase of the evaluation complete, the Finance San Antonio Committee recommended the hiring of ICF Consultants to the City Council to assist in creating recommendations and action plans on how to help develop even further the financial services sector of the San Antonio economy, and how to use the strength of this sector to help accelerate economic growth across San Antonio.