January 13, 2017
A recent report from CBRE noted that El Paso’s industrial market was doing very well. And according to the University of Texas’ Border Region Modeling Project, the border city’s economics are looking up, as well.
In the “Borderplex Economic Outlook to 2018 Report,” analysts indicated that El Paso’s unemployment – below 6% — was at its sustained lowest since the early 1970s. The unemployment and increased workforce participation rates are driving population growth; the report forecast net-domestic out-migration to “slow to a trickle” by 2018, offset by “a steady influx of migrants from abroad.” Though this will push unemployment rates up, total El Paso employment is forecast to surpass 446,000 by 2018.
Migration should also lead to an increase in housing starts (though an increase in borrowing costs might somewhat dampen this). Apartment construction is expected to decline, then level off, at 800 units through 2018, as well.
For comments, questions or concerns, please contact Amy Sorter
For advertising information, please contact Joni Margotta