El Paso, Texas, was designated as having the third best job growth in the country in 2008 at one time by Forbes Magazine and now the city continues its defying performance in the face of a national economic bust.

Jobs have increased, home sales have been on the rise throughout 2008 and prices have held steady (which is the biggest news for this locality). The trend lines on home sales statistics reported by Realtors in the region, point to drops month after month when looking at 2007. However, month to month, the sales have increased throughout most of the year, demonstrating a trend line that the El Paso market is picking up steam.

On pricing, five months through 2008 showed median price increases over the same month a year ago, and in the 6 months where prices dropped, it was in the 1 to 2 percent range – in essence, flat. In this economic environment, that’s a success and points to a strong market.

The biggest factor of this market growth will be the military personnel scheduled to arrive in the coming few years to Fort Bliss. U.S. Congressman Silvestre Reyes boasts about the realignment to the post on his web site:

“Due to BRAC (Base Realignment and Closure), Fort Bliss will grow by 11,500 troops, making it the largest gainer in military personnel, and the Army has announced that they will move additional troops to Fort Bliss over the next several years as we close bases in Germany. In the end, Fort Bliss is expected to grow by over 20,000 new troops, which means about 60,000 soldiers and family members in all.

These troops and their families will have a huge positive impact on our community. New jobs will be created to support these new families, and it is estimated that the potential boost to our economy is over $4 billion annually.”

Residents of El Paso need to get ready for a rapid increase of jobs and resources. Investors should buy now for the coming growth.

Published: February 6, 2009

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