El Paso Economy: Strong Housing Market, Decent Employment Growth

The El Paso economy in November 2018 was marked by a decline in payrolls, but continued decent year-to-date employment growth. Furthermore, the housing market is still humming along, according to data released by the Federal Reserve Bank of Dallas.

Payrolls dropped at an annualized rate of 4.1%, though expanded at a 1.4% annualized rate on a year-to-date basis. Unemployment was 4.1%, unchanged from October 2018. In housing, annualized sales totaled 8,578, a 7.3% increase from the year before. The median price of $154,007 was 0.6% higher than what was reported in November 2017.

Dallas Fed analysts added that existing-home inventories in November were 4.1 months, well below the six months of supply that signify a balanced market.

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