Robust Job Growth, High Home Sales Spur El Paso Economy
El Paso’s Business-Cycle Index increased by a 3.5% annualized rate in September 2018, mainly attributable to this border city’s labor market. Specifically, the metro’s payroll expanded by an annualized rate of 2.5%, with more than 5,700 jobs added, according to data released by the Federal Reserve Bank of Dallas.
Trade, transportation and utilities topped the payroll list, adding approximately 1,600 jobs in 2018. However, manufacturing and information did post losses over the same period. Unemployment was 4.3%. Dallas Fed analysts also noted that existing-home sales continue at an all-time high, with year-to-date sales at 8,702, 13.5% above year-ago levels. The median home price stood at $155,096.
El Paso’s total trade volume in August 2018 was $83.7 billion, a 6.5% increase from the $78.6 billion reported in August 2017. Analysts note that there were increases in both imports and exports.
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