EL PASO, Texas (Border Report) – The area’s commerce has benefited from the lifting of border journey restrictions although a powerful greenback is shrinking the buying energy of shoppers from northern Mexico.
So says the most recent Borderplex Business Barometer report from the College of Texas at El Paso, which maintains that the economic system within the El Paso-Las Cruces-Juarez area continues its financial restoration regardless of chain-supply disruptions and the spike in COVID-19 circumstances because of the omicron variant.
“Despite all of the disruptions, uncertainties and well being points, the native economic system grew in a reasonably strong method all through 2021,” the UTEP report states. “Above common vaccination charges have allowed many lockdown restrictions to be lifted all through the Borderplex. In response, labor market situations improved considerably.”
November unemployment charges in El Paso dropped to five.0 p.c after hovering round 15 p.c on the peak of the pandemic in 2020. Las Cruces, New Mexico, is only a step behind with a 5.3 unemployment fee. The well being and hospitality (lodges) sectors expanded in each cities.
Throughout the border in Juarez, Mexico, manufacturing exercise stays sturdy regardless of provider points and the weak peso is attracting extra overseas funding, the report says. “On steadiness, the Chihuahua state economic system carried out very effectively in 2021, (with sturdy industrial exercise) serving to retail exercise surpass 2019 ranges throughout many of the first three quarters of the yr.”
The return of cross-border retail commerce didn’t shoot up waits at U.S. ports of entry, as feared. “Border wait instances didn’t enhance by very a lot, as cautious planning efforts by U.S. Customs and Border Safety have been profitable,” the report says.
That’s a reference to CBP adjusting staffing ranges at ports of entry as dictated by demand and native partnerships. The Metropolis of El Paso dedicates as much as $1.67 million a yr to the P3 Program, which pays time beyond regulation of customs officers to hurry up car site visitors at worldwide bridges.