El Paso Economic Indicators

Employment in El Paso grew slightly in May, while the unemployment rate ticked up further. The number of single-family housing permits was relatively unchanged in April, and trade volumes continued to trend upward.

Labor market

Employment grows

Payroll employment in El Paso increased an annualized 1.7 percent (1,500 jobs) from February through May (Chart 1). Government experienced the largest gains (400 jobs), followed by trade, transportation and utilities (380 jobs). Only professional and business services experienced a notable decline (-330 jobs). Year to date, payroll employment in El Paso has grown 1.9 percent.

Unemployment rate continues to edge up

El Paso’s unemployment rate ticked up further in May to 4.5 percent from 4.4 percent in April (Chart 2). This is the third consecutive month that the unemployment rate has increased in the metro area. El Paso’s jobless rate remains above both the state (4.1 percent) and the nation (4.2 percent).

Housing

The three-month moving average of single-family housing permits was little changed in El Paso in April (Chart 3). Single-family housing permits (smoothed) were up 0.8 percent in El Paso compared to April 2024 but down 6.3 percent in Texas.

Trade

El Paso’s economy is highly dependent on international trade. The three-month moving average of smoothed trade volumes through El Paso grew to $170.4 billion in April, 16.3 percent higher than the start of the year (Chart 4). Both imports and exports have been climbing steadily. The three-month moving average of imports has grown 18.7 percent since December, and exports have risen 12.5 percent.