Economy
More than 70 Fortune 500 companies have offices in El Paso, including The Hoover Company, Eureka, Boeing, and Delphi (auto parts).
El Paso is an important entry point to the U.S. from Mexico. Once a major copper refining area, chief manufacturing industries in El Paso now include food production, clothing, construction materials, electronic and medical equipment, and plastics. Cotton, fruit, vegetables, livestock, and pecans are produced in the area. With El Paso's attractive climate and natural beauty, tourism has become a booming industry as well as trade with neighboring Ciudad Juárez.
El Paso is the Operational Headquarters of Helen of Troy Limited, a NASDAQ listed company that manufactures personal health care products under many labels such as OXO, Dr. Scholl's, Vidal Sassoon, Sunbeam, among others. Also headquartered in El Paso is Western Refining, listed on the New York Stock Exchange, and Spira Footwear, and Fred Loya Insurance, an insurance company.
Until 1996, El Paso was home to El Paso Natural Gas Company. It is now in Houston, Texas under the name El Paso Corporation. Farah Clothing Company was also headquartered in El Paso until 1998 when Farah along with other clothing manufacturing companies such as Levi's, moved their plants in search of cheaper labor. In the 1980s El Paso was known as the blue jeans capital of the world because it produced over 2 million pairs of jeans every week from different jean companies in El Paso. As of 2006, the only remaining companies in the clothing industry are Wrangler and a smaller company by the name of Border Apparel.
The military installation of Fort Bliss is a major contributor to El Paso's economy. Fort Bliss began as a Cavalry post in 1848. Today, Fort Bliss is the site of the United States Army's Air Defense Artillery Center and produces approximately $80 million in products and services annually, with about $60 million of those products and services purchased locally. Fort Bliss' total economic impact on the area has been estimated at more than $1 billion, with 12,000 soldiers currently stationed at the Fort. During the 2005 round of Base Realignment and Closure (BRAC), Fort Bliss came out an enormous winner. By 2013, BRAC growth is expected to add almost 28,000 new troops, 16,000 new spouses, and 21,000 new children to the El Paso community. The growth is expected to create a strong economic ripple throughout the El Paso area. With the growth in Fort Bliss, the economy is expected to profit an additional $10 billion by 2012, and an additional $5 billion each year after that.
In addition to the military, the federal government has a strong presence in El Paso to manage its status and unique issues as a border region. The Immigration and Customs Enforcement (ICE), the Drug Enforcement Administration (DEA), and the Customs and Border Protection Agency (CBP) all have agency operations in El Paso to regulate traffic and goods through ports of entry from Mexico. Including these agencies, government job growth in the area is expected to rise to 64,390 jobs by 2007. Many small businesses have arisen to meet the needs of the growth of Fort Bliss, including automotive, food and retail clothing companies. More specialized companies have emerged which are related directly to the Military itself including (but not limited to) flag and Guidons manufacturers and tailoring and uniform companies
Education is also a driving force in El Paso's economy. El Paso's three large school districts are among the largest employers in the area, employing more than 19,000 people among them. The University of Texas at El Paso (UTEP) has an annual budget of nearly $250 million and employs nearly 3,600 people. A 2002 study by the university's Institute for Policy and Economic Development stated that the University's impact on local businesses has resulted in $349 million.
Call center operations make up 7 of the top 10 business employers in El Paso. With no signs of growth slowing in this industry, in 2005 the 14 largest call centers in El Paso employed more than 10,000 people. The largest of these in terms of employees are EchoStar, MCI/GC Services, and West Telemarketing.
Analysts in the area say that job growth in 2005 will be in the form of health care, business and trade services, international trade, and telecommunications.
Items and goods produced: petroleum, metals, medical devices, plastics, machinery, automotive parts, food, defense-related goods, tourism, boots
Read more about this topic: El Paso, Texas
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)