July 8, 2019
The El Paso Business Cycle Index expanded in May 2019, increasing by an annualized 3.2%. The metric was stronger than April’s 2.3% gain, with the Federal Reserve Bank of Dallas noting that labor-market gains and increases in wages and retail sales were the main reasons behind the higher number.
On the labor side, unemployment was at 3.5%, its lowest level since 1990, when the series first began. During the first five months of 2019, area payrolls expanded by 2%, annually.
Meanwhile, in housing, existing home sales increased by 3.7% year over year, while inventories continue declining. In May 2019, the inventory stood at 3.4%, below the six months considered a balanced market.
It’s time to register for this year’s Connect Texas Multifamily Conference on Aug. 15! For information and to register, click here.
For comments, questions or concerns, please contact Amy Sorter