Moderate Economic Growth Expected for El Paso

A new report from UTEP forecasts 2.1% GDP growth for El Paso in 2014. Job creation, higher income levels, and rising housing prices will spur the moderate growth rate. But the limited supply of new homes may hold back the economy from keeping up with the national economy, which is forecasted to grow at 3%. El Paso’s economy has underperformed expectations in 2013, due largely to sequestration, a slowdown in construction at Fort Bliss, and October’s federal government shutdown.

The below is a summary of UTEP’s forecasts for El Paso in 2014:

• GDP will increase 2.1% to $26.4 billion
• Employment will increase 2.0% to 414,189 jobs
• Median home value will increase 3.7% to $134,046
• Single-family home starts will decrease by 1.8% to 3,136

Read more at the El Paso Times