El Paso, TX Business Overview
Military, retail anchor local economy
PHOTO CREDIT: Photo: U.S. Air Force/Staff Sgt. Anthony Nelson Jr.
The business community is in good company in El Paso, where sectors such as the military and retail are flourishing. The recently formed Borderplex Alliance has also identified several other target industries that should bring good jobs and prosperity to the region for years to come.
The Greater El Paso Chamber of Commerce gives its members a powerful voice in the community, backing many livability improvement projects, such as the $750 million investment by the Texas Department of Transportation to complete the Outer Loop (Loop 375); working to establish the Paul L. Foster Texas Tech School of Medicine; and commissioning an economic impact study of Fort Bliss. Visit the chamber's website for more information and to learn how to get involved.
Fort Bliss and the William Beaumont Army Medical Center have an annual economic impact of $6 billion on El Paso and the surrounding region, and an even larger $1 billion Beaumont hospital is being planned for 2016. The impact numbers are from a study by the University of Texas at El Paso's Institute for Policy and Economic Development. The study points out that Fort Bliss employs 29,000 soldiers and 8,000 civilians, and Beaumont employs 3,350 people.
Several malls make shopping easy for El Paso residents and people from neighboring cities such as Juarez and Las Cruces. Freedom Crossing Mall at Fort Bliss is open to the public, with shopping, dining and entertainment that includes a 10-screen movie theater. Cielo Vista Mall on the east side of El Paso also serves the nearby communities of Fabens and Socorro. Other shopping desinations include The Outlet Shoppes at El Paso, Bassett Place Mall, Fountains at Farah and The Venue at Montecillo.
The former El Paso Regional Economic Development Corp. and the Paso del Norte Group have come together to establish the Borderplex Alliance, to represent the economic development interests of El Paso, Juarez, Mexico and Las Cruces, N.M. Officials with the Borderplex Alliance say it now represents a bi-national metro area of 2.5 million people that encompasses two states and two nations. The Alliance's mission is to economically strengthen the entire region.
Borderplex officials have targeted industries they believe will be major contributors to the regional economy in the near and long-term future. They are automotive, clean technologies, data and contact centers, defense and homeland security, high-tech electronics, life sciences, manufacturing/suppliers, and shared services.
Partners in the Borderplex Alliance economic effort include the Greater El Paso Chamber of Commerce, the City of El Paso, Innovate El Paso, the Rio Grande Council of Governments and the Desarrollo Economico de Ciudad Juarez.