El Paso Economic Indicators

Employment in El Paso contracted in November, and the unemployment rate ticked down. Year over year, wages increased while home prices fell and inventories rose.

Labor market

Employment falls

Payroll employment in El Paso decreased an annualized 0.9 percent (-820 jobs) from August through November (Chart 1). The largest declines were in professional and business services (-670 jobs) and leisure and hospitality (-530 jobs). The sectors with the largest gains were education and health services (400 jobs) and government (300 jobs). Year to date, payroll employment in El Paso has grown slightly.

Unemployment ticks down

El Paso’s unemployment rate ticked down in November to 4.6 percent from 4.7 percent in September (Chart 2). El Paso’s jobless rate is above that of both the state and the nation.

Wages increase

El Paso’s average hourly wages were $24.89 in November, an 8.5 percent increase from November 2024 (Chart 3). The state and nation also recorded year-over-year wage growth, with wages rising 5.1 percent in Texas and 3.6 percent in the U.S. in November. The nation also increased 3.8 percent in December. Average hourly wages in November were $35.27 in Texas and $36.90 in the U.S.

Housing

El Paso’s median home price declined 0.7 percent in November to $266,292 (Chart 4). Year over year, home prices fell 2.4 percent in the metro area and 3.4 percent in the state. El Paso inventories remained at 4.1 months in November, remaining below the six months that is generally considered a balanced housing market. Even so, home inventory levels in El Paso have increased from 3.7 months in November 2024. The state’s home inventories have also increased year over year, climbing from 4.4 months in November 2024 to 5.1 months in November 2025.