El Paso Economic Indicators

Employment in El Paso grew in February, and the unemployment rate was unchanged. Meanwhile, year-over-year wage growth in the metro area was faster than the state. The median home sales price was little changed, while inventory increased further.

Labor market

Employment grows

El Paso employment increased an annualized 2.5 percent (2,200 jobs) from November through February (Chart 1). Government experienced the largest gains (1,100 jobs), followed by trade, transportation and utilities (650 jobs). Financial activities experienced the largest decline (-160 jobs), followed by information (-150 jobs). Year to date, payroll employment in El Paso has grown 1.8 percent, only slightly below the state’s 1.9 percent growth.

Unemployment rate unchanged

El Paso’s unemployment rate held steady at 4.1 percent in February (Chart 2). El Paso’s jobless rate now matches that of the state and the nation.

Wages increase

El Paso’s average hourly earnings increased in February to $24.51 from $24.08. Average hourly earnings remain below the state’s average of $34.30. Year over year in February, wages in the metro area were up 6.8 percent (Chart 3). Meanwhile, wages grew at a slower rate in both Texas (5.9 percent) and the U.S. (4.0 percent) over the same period.

Housing

El Paso’s median home price was little changed in February at $269,538 (Chart 4). Home prices have experienced little growth over the past year, up only 0.4 percent year over year. Meanwhile, inventories increased to 3.9 months of supply in February, up from 3.4 months in February 2024. Even so, inventories remain below six months, the level generally considered a balanced housing market.