Federal Reserve Bank of Dallas
11/05/2024 | Press release | Distributed by Public on 11/05/2024 13:12
El Paso Economic Indicators
November 05, 2024
| El Paso economy dashboard (September 2024) | |||
|
Job growth (annualized) June-Sept. '24 |
Unemployment rate |
Avg. hourly earnings |
Avg. hourly earnings growth y/y |
| 2.3% | 4.4% | $22.44 | -2.9% |
El Paso's economy expanded in September, with payrolls rising. Unemployment held steady. Single-family housing permits rose further, and trade volumes continued to trend upward.
Labor market
Employment expands
El Paso employment increased an annualized 2.3 percent (2,000 jobs) from June through September (Chart 1). Sectors that experienced the fastest growth included professional and business services (2,190 jobs) and education and health services (580 jobs). Meanwhile, government experienced the largest decline (-1,900 jobs) followed by manufacturing (-100 jobs). Through the third quarter, employment grew an annualized 2.7 percent (7,080 jobs), outpacing the state's 2.3 percent increase.
Unemployment rate unchanged
El Paso's unemployment rate held steady at 4.4 percent for the seventh straight month in September (Chart 2). The metro's jobless rate is higher than both the state's and nation's unemployment rates. Even so, El Paso's unemployment rate remains below its long-run, prepandemic average of 6.5 percent.
Housing
El Paso single-family housing permits, which have been trending upward since June, inched higher in September (Chart 3). Smoothed single-family permits increased 2.3 percent in September, slower than the state's 4.4 percent rise. The supply of homes in El Paso has remained constrained. Home inventories in El Paso were unchanged in September at 3.7 months of supply, below the state's 4.3 months. Around six months of inventory is generally considered a balanced housing market.
Trade
El Paso's economy is heavily dependent on international trade. Total smoothed trade volumes continued to grow in August, reaching an annualized $155.5 billion (Chart 4). Total trade volumes were up 20.4 percent year over year in August. Imports increased 18.3 percent, while exports rose 23.8 percent.
NOTE: Data may not match previously published numbers due to revisions. The El Paso metropolitan statistical area includes El Paso and Hudspeth counties.
About El Paso Economic Indicators
Questions or suggestions can be addressed to Isabel Brizuela at [email protected]. El Paso Economic Indicators is published every month after state and metro employment data are released.