Photo courtesy Hunt Institue
According to the most recent report released by the Hunt Institute for Global Competitiveness at UTEP, the economy is showing some signs of recovery in the region, even as the Covid-19 Pandemic and surge continues.
Monday’s report show that Las Cruces had strong job recovery over the numbers from August, while El Paso has remained nearly stagnant. In El Paso, bankruptcy filings increased 54.3% in October from September.
The report add that as truck crossings showed improvement, passenger and pedestrian crossings continued to struggle at the international bridges.
Overall, In September, non-farm employment showed signs of improvement across the tri-city region. While El Paso nonfarm employment remained nearly stagnant, adding 600 jobs over August, Las Cruces non-farm employment saw its strongest increase on a month-over-month basis since the onset of COVID-19 with 2,200 jobs gained in September.
In Juárez, nonfarm employment increased for the fourth month in a row, with 2,800 jobs added in September.
Officials added that, on a year-over-year basis non-farm employment in September continued to be down in El Paso and Las Cruces by 15,300 jobs lost and 5,000 jobs lost, respectively.
The Leisure and Hospitality sector continued to be the hardest hit sector in El Paso and Las Cruces, with year-over-year decreases in September for each MSA of 6,700 jobs (-17.6%) and 2,900 jobs (-33.7%), respectively.
According to the institute, total bankruptcy filings in El Paso are down throughout 2020 in comparison to 2019.
“During the January to October 2020 period, total bankruptcy filings in El Paso fell by approximately 37% when compared to the same period in 2019,” officials shared. “However, in October, bankruptcy filings increased 54.3% from September in El Paso.”
The extension of the travel restrictions due to Covid-19 continues to discourage cross-border travel and economic activity for large numbers of people across border cities.
During the January to September 2020 period, the El Paso and Santa Teresa PoEs were the most severely impacted across major U.S. border ports of entry in terms of truck crossings with loaded containers, which roughly translates to a 32% decrease at each port.
Officials shared that truck crossings with loaded containers remained nearly stagnant at the El Paso Port of Entry (PoE) in September with respect to August with a 0.9% increase, while Santa Teresa PoE increased by 6.3%.