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El Paso Economic Indicators

Economic Indicators
El Paso economy dashboard (August 2024)
Job growth (annualized)
May–Aug. '24
Unemployment rate
Avg. hourly earnings
Avg. hourly earnings growth y/y
2.8% 4.5% $22.07 -4.7%

El Paso job growth picked up in August, and the unemployment rate increased slightly. Year over year, wage growth was down, home prices were flat while inventories were up, and retail sales tax collections increased.

Labor market

Job growth increases

El Paso employment grew an annualized 2.8 percent (2,410 jobs) from May through August (Chart 1). The largest gains were in government (515 jobs) and leisure and hospitality (509 jobs). Job losses were greatest in manufacturing (-96 jobs) and information (-36 jobs).

Chart 1

So far in 2024, total nonfarm employment expanded an annualized 3.1 percent (7,143 jobs). Professional and business services added the most jobs on net (2,376), followed by government (1,109 jobs) and education and health services (1,072 jobs). Information is the only sector to experience net contraction (-206 jobs). El Paso’s job growth year to date in 2024 was higher than the state’s 2.2 percent and the nation’s 1.4 percent.

Unemployment rate ticks up

El Paso’s unemployment rate moved up slightly to 4.5 percent in August (Chart 2). This was higher than the state’s and nation’s rates of 4.1 and 4.2 percent, respectively.

Chart 2

Wage growth down from last year

El Paso’s average hourly wages were $22.07 in August, a 4.7 percent drop from August 2023 (Chart 3). The state and nation recorded year-over-year wage growth, with wages rising 4.5 percent and 3.8 percent, respectively. Average hourly wages in August were $33.07 in Texas and $35.21 for the nation. 

Chart 3

Housing

El Paso’s median home price declined 0.6 percent in August to $260,879 (Chart 4). Year over year, home prices were stable—falling 0.2 percent in the metro and 0.4 percent in the state. El Paso inventories increased to 3.8 months in August, remaining below the six months that is generally considered a balanced housing market. Even so, home inventory levels in El Paso have increased from 2.8 months in August 2023. The state’s home inventories have also increased year over year, climbing from 3.1 months in August 2023 to 4.4 months in August 2024.

Chart 4

Metro retail sales tax collections

In August, El Paso's retail sales tax collections, adjusted for inflation, grew 9.6 percent to $19.4 million, outpacing the state’s collections, which decreased 0.6 percent to $5 million (Chart 5). Year over year, the metro’s retail sales tax collections increased 10.6 percent, while the nation’s fell 0.7 percent.

Chart 5
 

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 Dhillon at isabel.dhillon@dal.frb.org. El Paso Economic Indicators is published every month after state and metro employment data are released.