San Antonio City Council may have recently faced a budget crunch, but the city’s economy is still drawing international attention. UK-based global forecasting firm Oxford Economics has named the Greater San Antonio region one of just five North American "Cities to Watch" in its 2026 Global Cities Index.

“Texas’ metros have outpaced most leading US metros, but San Antonio has done so at a quieter and more balanced pace,” wrote the report’s authors. “Its consistent GDP growth over the last few years, together with steady employment gains, has helped it emerge as a city to watch.”

The company pointed to several factors driving economic growth, among them tourism and large employers like USAA, University of Texas at San Antonio, and the UT Health San Antonio Multispecialty and Research Hospital. It particularly highlighted Joint Base San Antonio, which supports a military and civilian workforce, defense contractors, and several Veterans Affairs hospitals.

The nod comes as the region's economic development partnership, greater:SATX, reports it has already beaten its 2026 goals. So far this year, the group says its efforts have helped land 7,098 announced jobs and $4.8 billion in capital investment.

"San Antonio differentiates itself as a community that knows how to effectively collaborate, where partnership drives deals," greater:SATX president and CEO Sarah Carabias Rush said in a release.

This year's biggest wins, according to the release, include Industrial Electric Manufacturing's new facility at Brooks, Toyota Motor Manufacturing’s South Side plant, and 1,200 new jobs from H-E-B. Germany-based Blackwave also chose Port San Antonio's Tech Port campus for its first U.S. manufacturing operation.

Despite some weaknesses like extreme temperatures and lower income equality, Oxford Economics says the outlook is sunny for San Antonio. According to the forecast, San Antonio is on track to outpace most leading metros in GDP and job growth through 2030, with finance, retail, and manufacturing leading the way. It says most of the growth will be driven by population gains.

“As a relatively affordable place to live and do business, San Antonio will continue to appeal to businesses and consumers alike, and we anticipate it rising up our rankings going forward,” wrote Oxford.

The five North American "Cities to Watch" include:

• Boise, Idaho
• Durham, North Carolina
• Edmonton, Alberta
• Jacksonville, Florida
• San Antonio, Texas