Comprehensive Housing Market Analysis - El Paso
C O M P R E H E N S I V EH O U S I N GM A R K E TA N A L Y S I SEl Paso, TexasU.S. Department of Housing and Urban DevelopmentOffice of Policy Development and ResearchAs of April 1, 2014SummaryHousing Market AreaOteroDoña AnaNew MexicoTexasEl PasoHudspethMexicoThe El Paso Housing Market Area(HMA) on the western border of Texasconsists of El Paso County. It is bordered by New Mexico to the northand is separated from Mexico by theRio Grande River to the south. TheHMA is home to the University ofTexas at El Paso (UTEP) and theFort Bliss Army Base.Market DetailsEconomic Conditions . 2Population and Households . 5Housing Market Trends . 6Data Profile . 10EconomyRental MarketNonfarm payrolls in the El Paso HMAaveraged 287,400 jobs during the 12months ending March 2014, up 2,500jobs, or 0.9 percent, compared withthe number of jobs recorded duringthe previous 12-month period. Mostjob growth occurred in the wholesaleand retail trade, education and healthservices, and leisure and hospitalitysectors. Nonfarm payrolls are projectedto increase at an average annual rateof 0.9 percent during the 3-year forecast period.The rental housing market in the HMAis currently balanced, with an estimatedoverall rental vacancy rate of 6.0 percent, up from 4.4 percent in April 2010.The apartment market is also balanced,with an estimated vacancy rate of 6.6percent, down from 7.5 percent in 2010(Reis, Inc.). During the forecast period,demand is expected for 2,975 newmarket-rate rental units (Table 1). The1,175 units currently under constructionwill satisfy a portion of that demand.Sales MarketThe sales housing market in the HMAis currently balanced. The currentestimated sales vacancy rate is 1.5percent, down from 1.6 percent inApril 2010. Demand is expected for9,175 new homes, including 500 mobilehomes, during the forecast period(Table 1). The 560 homes currentlyunder construction and a portion ofthe estimated 6,200 other vacant unitsin the HMA that may reenter the market will satisfy some of the demand.Table 1. Housing Demand in theEl Paso HMA During theForecast PeriodEl Paso HMASalesUnitsRentalUnitsTotal demand9,1752,975Underconstruction5601,175Notes: Total demand represents estimatedproduction necessary to achieve a balancedmarket at the end of the forecast period.Units under construction as of April 1, 2014.A portion of the estimated 6,200 other vacant units in the HMA will likely satisfy someof the forecast demand. Sales demand includes an estimated demand for 500 mobilehomes. The forecast period is April 1, 2014,to April 1, 2017.Source: Estimates by analyst
2Economic ConditionsTE l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I She El Paso HMA, one of theprimary entry points for tradeand population flows between Mexicoand the United States, derives a significant economic benefit from its proximity to Mexico. Mexican nationalsspend 4.5 billion per year in Texasborder retail, approximately 10 to 15percent of which is spent in the cityof El Paso (The Borderplex Alliance).The 47,200 jobs currently in the wholesale and retail trade sector accountfor 16 percent of all jobs in the HMA,a substantial number of which resultfrom the economic interaction betweenthe two countries.The largest sector in the HMA is thegovernment sector, which accountsfor nearly 24 percent of total nonfarmpayrolls (Figure 1). The HMA is hometo Fort Bliss Army Base, headquartersof the William Beaumont Army Medical Center and the U.S. Army SergeantsMajor Academy. As the leading employer in the HMA, with approximately28,650 troops and 8,350 civilian personnel, Fort Bliss has an estimated 3.1 billion annual economic impacton the HMA (U.S. Army). The 2005Defense Base Closure and Realignment(BRAC) Commission Report positivelyaffected Fort Bliss. The base was transformed into a heavy armor trainingpost that included 11,500 new troopsFigure 1. Current Nonfarm Payroll Jobs in the El Paso HMA, by SectorMining, logging, & construction 4.5%Government 23.9%Manufacturing 6.2%Wholesale & retail trade 16.4%Other services 3.3%Transportation & utilities 4.8%Leisure & hospitality 10.7%Information 2.0%Financial activities 4.2%Education & health services 13.7%Professional & business services 10.2%Note: Based on 12-month averages through March 2014.Source: U.S. Bureau of Labor Statisticsfrom the 1st Armored Division (pre viously stationed in Germany) andunits from Fort Sill, Oklahoma, andFort Hood, Texas. An estimated15,900 military jobs and 380 civilianjobs transferred to Fort Bliss, bringingthe total number of troops stationedat Fort Bliss to 35,000 by 2013. Inaddition, the U.S. Air Force is in theprocess of moving the newly configuredSecurity Forces Regional TrainingCenter to Fort Bliss, the military’spreferred site for the training opera tion. When complete, the move wouldbring between 8,000 and 10,000 airmento Fort Bliss each year for securityforces training, beginning in September 2015.The state government subsector ac counts for nearly 15 percent of allgovernment sector employment in theHMA. UTEP is a major contributorto the HMA economy, with 23,000students enrolled and about 3,700faculty and staff employed. The univer sity has an estimated annual economicimpact of 1.3 billion on the HMA(Institute for Policy and EconomicDevelopment at UTEP). The HMAis also home to another large stateeducation institution, the Texas TechUniversity Health Sciences Center ElPaso campus, a 4-year medical schoolthat enrolls approximately 420 studentsand 250 residents. The school employs1,200 faculty and staff and has a 205million operating budget. The largegovernment presence in the HMAhelped insulate the local economy fromthe sustained economic downturnthat occurred across most areas of thecountry from late 2007 through mid2009. Table 2 provides a list of thelargest employers in the HMA; twoof the top three are in the governmentsector.
E l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S3Economic Conditions ContinuedTotal nonfarm payrolls in the El PasoHMA have increased by an averageof 2,350 jobs, or 0.9 percent, a yearsince 2000. From 2004 through 2008,nonfarm payrolls in the HMA in creased by an average of 4,625 jobs,or 1.8 percent, annually, to an averageof 278,100 jobs in 2008. During thisperiod, the professional and businessservices, the government, and the min ing, logging, and construction sectorsled job growth, with average annualincreases of 1,200, 1,100, and 800 jobs,or 4.2, 1.9, and 6.1 percent, respectively. The economy of the HMA began to decline in 2009, when payrollsdecreased by 4,600 jobs, to 273,500.Table 2. Major Employers in the El Paso HMAName of EmployerNonfarm Payroll SectorNumber ofEmployeesFort Bliss Army BaseT&T Staff Management, Inc.University of Texas at El PasoSierra Providence Health NetworkRMPersonnelDish Network CorporationAlorica Inc.ReadyOne IndustriesGC Services Limited PartnershipTexas Tech University HealthSciences CenterGovernmentProfessional & business servicesGovernmentEducation & health servicesProfessional & business servicesInformationProfessional & business servicesManufacturingProfessional & business ,7501,3001,2001,200Notes: Excludes local school districts. Fort Bliss employment includes 28,650 militarypersonnel who are not included in the nonfarm payroll data.Source: El Paso Regional Economic Development CorporationTable 3. 12-Month Average Nonfarm Payroll Jobs in the El Paso HMA,by Sector12 Months EndingTotal nonfarm payroll jobsGoods-producing sectorsMining, logging, & constructionManufacturingService-providing sectorsWholesale & retail tradeTransportation & utilitiesInformationFinancial activitiesProfessional & business servicesEducation & health servicesLeisure & hospitalityOther servicesGovernmentMarch 2013March 9,50030,8009,60068,700Absolute PercentChange Change2,500– 2000– 2002,8001,400400100– 300– 1007005000100Notes: Numbers may not add to totals because of rounding. Based on 12-monthaverages through March 2013 and March 2014.Source: U.S. Bureau of Labor Statistics0.9– 0.60.0– 1.11.13.13.01.7– 2.4– 0.31.81.70.00.1Job losses during 2009 were concentrated primarily in the manufacturingand the wholesale and retail trade sectors, which lost 2,400 and 2,000 jobs,or 12.2 and 5.7 percent, respectively.The decline in manufacturing wasprimarily a result of jobs relocatingacross the border to Mexico. During2010 and 2011, nonfarm payrollsbegan to improve and increased by3,150 jobs, or 1.1 percent, annually,to 279,800 jobs. Growth during theperiod was partially a result of signif icant employment gains in the education and health services, leisure andhospitality, and government sectors,which increased annually by 1,300,1,050, and 700 jobs, or 3.5, 3.7, and1.0 percent, respectively.Nonfarm payrolls in the HMA totaled287,400 jobs during the 12 monthsending March 2014, an increase of2,500 jobs, or 0.9 percent, comparedwith the number of jobs recordedduring the 12 months ending March2013 (Table 3). During the 12 monthsending March 2014, hiring was strong est in the wholesale and retail tradesector, which added 1,400 jobs, a 3.1percent increase. Much of the growthin this sector is a result of an increasein the retail trade subsector, whichadded 1,225 jobs. Some of the growthis attributed to Wal-Mart Stores, Inc.,which opened a new supercenter thatadded 300 jobs. The education andhealth services sector, which accountsfor approximately 14 percent of allnonfarm jobs in the HMA, added700 jobs, an increase of 1.8 percent,during the 12 months ending March2014. The job increases in this sectorare partially the result of expansionsat a number of medical facilities, in cluding El Paso Children’s Hospital.The HMA is the leading medical
Economic Conditions ContinuedE l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S4services provider in the west Texasregion and is becoming a regionalcenter for healthcare research andeducation because of the numerousaforementioned hospital expansionsand the construction of the GayleGreve Hunt School of Nursing at theTexas Tech University Health SciencesCenter El Paso campus, which is ex pected to employ 600 nurses whencomplete. The leisure and hospitalitysector also recorded strong growthduring the past year. During the 12months ending March 2014, the leisureand hospitality sector added 500 non farm payroll jobs, a 1.7-percent increase,primarily because new restaurants andhotels opened in the HMA. The 146room TownePlace Suites by Marriott opened in the HMA in March 2014,and the 101-room Hampton Inn Suites,currently under construction, is ex pected to be complete in early 2015.this sector is a result of State FarmMutual Automobile Insurance Com pany closing its city of El Paso officeand laying off 162 employees. Themanufacturing sector, which declinedby 200 jobs, or 1.1 percent, to 17,800jobs during the 12 months endingMarch 2014, is the only sector to haveexperienced a net decline in the numberof jobs since 2000 (Figure 2). The lossof jobs was widespread across varioussubsectors within the manufacturingsector. The Boeing Company closedtwo buildings and laid off 160 workers,and Leviton Manufacturing Company,Inc., is in the process of closing its plantin the HMA and has already laid off138 workers, with 262 more employeesexpected to lose their jobs by the endof the year. During the 12 monthsending March 2014, the professionaland business services sector lost 100jobs, or 0.3 percent, falling to 29,400jobs. This decrease was because TheHoover Company plant in the HMAclosed its call center, leaving 200 peo ple without jobs. Partially offsettingthe loss, Alorica, a call center andcustomer management outsourcingDespite the overall improvement innonfarm payroll jobs, three sectors re corded job losses during the 12 monthsending March 2014. The financialactivities sector declined by 300 jobs,or 2.4 percent. Much of the decline inFigure 2. Sector Growth in the El Paso HMA, Percentage Change, 2000 to CurrentTotal nonfarm payroll jobsGoods-producing sectorsMining, logging, & constructionManufacturingService-providing sectorsWholesale & retail tradeTransportation & utilitiesInformationFinancial activitiesProfessional & business servicesEducation & health servicesLeisure & hospitalityOther servicesGovernment– 60– 50– 40– 30– 20– 1001020Note: Current is based on 12-month averages through March 2014.Source: U.S. Bureau of Labor Statistics3040506070
solutions company, hired 100 peoplein response to client growth and em ployee promotions. Despite the lossesin these three sectors, the unemployment rate averaged 8.5 percent duringthe 12 months ending March 2014,down from 9.3 percent during theprevious 12-month period; from 2005through 2008, the unemployment rateaveraged 6.5 percent. Figure 3 illustratestrends in the labor force, resident em ployment, and the unemployment ratein the HMA from 2000 through 2013.Figure 3. T rends in Labor Force, Resident Employment, and Unemployment Rate in the El Paso HMA, 2000 Through ident employment2009200820072006202004202020202020Labor loyment rate12.0345,000Labor force andresident employmentUnemployment rateSource: U.S. Bureau of Labor StatisticsDuring the 3-year forecast period, non farm payrolls are expected to increasean average of 0.9 percent a year. Jobgrowth during the forecast period isexpected to continue in the wholesaleand retail trade, education and healthservices, and leisure and hospitalitysectors. Expected job expansions dur ing the forecast period include a 6 mil lion Hennes & Mauritz (or H&M) store,which will result in a 43,000-squarefoot addition to the 95-store The OutletShoppes mall in the city of El Paso.The expansion is expected to add 200jobs by the end of 2014. In addition,Sierra Providence Health Networkand the Texas Tech Univer sity HealthSciences Center, El Paso campus, areworking together on a multimilliondollar hospital in northwest El Paso.The hospital will have up to 140 bedsand offer training to about 75 medicalresidents. Construction is scheduledto begin in the fall of 2014 and to becomplete in the fall of 2016.Population and HouseholdsThe current population of theEl Paso HMA is an estimated831,900, which reflects an averageFigure 4. Population and Household Growth in the El Paso HMA,2000 to Forecast14,000Average annual changeE l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I S5Economic Conditions Continued12,00010,0008,0006,0004,0002,00002000 to 20102010 to currentPopulationCurrent to forecastHouseholdsNotes: The current date is April 1, 2014. The forecast date is April 1, 2017.Sources: 2000 and 2010—2000 Census and 2010 Census; current and forecast—estimates by analystannual increase of about 7,825, or 1.0percent, from the April 2010 censuspopulation of 800,647. From 2000 to2010, the population grew by an aver age of 12,100, or 1.7 percent, annually(Figure 4). Net in-migration duringthat decade accounted for slightly morethan 20 percent of the population gain;the remainder of the growth came fromnet natural change (resident birthsminus resident deaths). Populationgrowth in the HMA was strongestfrom 2006 to 2009, when the population increased by an average of 14,650,or 2.0 percent, annually. The growthpeaked at about 16,800 people in 2009.
6Population and Households ContinuedFigure 5. Components of Population Change in the El Paso HMA,2000 to ForecastE l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I SAverage annual change12,00010,0008,0006,0004,0002,0000– 2,0002000 to 20102010 to currentNet natural changeCurrent to forecastNet migrationNotes: The current date is April 1, 2014. The forecast date is April 1, 2017.Sources: 2000 and 2010—2000 Census and 2010 Census; current and forecast—estimates by analystFigure 6. Number of Households by Tenure in the El Paso HMA,2000 to ,00040,00020,00002000Current2010RenterOwnerNote: The current date is April 1, 2014.Sources: 2000 and 2010—2000 Census and 2010 Census; current—estimates byanalystNet in-migration has been positivesince 2007, averaging 5,800 peopleannually, primarily because of militarypersonnel being reassigned to FortBliss and growth in the number ofmilitary retirees (Figure 5).An estimated 272,300 householdsreside in the HMA, which is an in crease of 3,925 households, or 1.5percent, annually since 2010. Thenumber of households in the HMAincreased by 4,650, or 2.2 percent,annually from 210,022 households in2000 to 256,557 households in 2010.The homeownership rate in the HMAdecreased from 2000 to 2010, from63.6 to 63.0 percent (Figure 6). Thehomeownership rate, which has de creased slightly since 2010, is currentlyestimated at 62.3 percent.During the 3-year forecast period, thepopulation is expected to increase byan average of 9,600, or 1.1 percent,annually. By April 1, 2017, the totalpopulation is projected to be 860,700.The number of households is expectedto grow by 3,400, or 1.2 percent, an nually to reach approximately 282,500by April 1, 2017. Additional demographic data on the HMA appear inTable DP-1 at the end of this report.Housing Market TrendsSales MarketThe sales housing market in theEl Paso HMA is currently balanced,with an estimated 1.5-percent salesvacancy rate. Approximately 5,875new and existing single-family homessold during the 12 months endingMarch 2014, up 3 percent comparedwith the 5,725 homes sold during theprevious 12 months but still 3 percentless than the average of 6,200 homessold annually during the peak homesales years of 2005 through 2007. Bycomparison, current single-familyhome sales are 8 percent more than
Sales Market Continuedthe average number of homes soldfrom 2010 through 2011. The availableinventory of new and existing homes inthe HMA averaged about a 7.8-monthsupply during the 12 months endingMarch 2014, an increase from the 7.4month supply averaged during the sameperiod a year earlier (Real Estate Cen ter at Texas A&M University). Duringthe 12 months ending March 2014,the average sales price for new andexisting homes increased 1 percent, to 158,800, compared with the averageprice of 157,000 during the previous12 months. Single-family home priceswere up 7 percent from the averagesales price of 149,100 from 2010through 2011. Despite recent improve ment, the current average sales pricefor homes in the HMA was 1 percentless than the peak price of 160,900recorded during 2008. Sales prices inthe HMA for new homes with approx imately 1,000 square feet and two-cargarages start at 100,000.E l P a s o , T X C O M P R E H E N S I V E H O U S I N G M A R K E T A N A LY S I SFor the 12 months ending March 2014,REO (Real Estate Owned) homesales totaled 1,350, down more than2 percent from the 1,385 REO salesduring the 12 months ending March2013. The level of REO sales has beenrela tively unchanged since 2010. Theaverage sales price of an REO homewas 120,700 during the 12 monthsending March 2014, which was down3.2 percent from the average price of 124,600 for such homes during theFigure 7. Single-Family Homes Permitted in the El Paso HMA, 2000to s: Includes townhomes. Current includes data through March 2014.Sources: U.S. Census Bureau, Building Permits Survey; estimates by 00207Housing Market Trends12 months ending March 2013. Therate of distressed mortgages in theHMA remains below the nationalaverage of 5.2 percent. The numberof home loans in the HMA that were90 or more days delinquent, were inforeclosure, or transitio
(HMA) on the western border of Texas consists of El Paso County. It is bor- dered by New Mexico to the north and is separated from Mexico by the Rio Grande River to the south. The HMA is home to the University of Texas at El Paso (UTEP) and the Fort Bliss Army Base. Summary. Economy . Nonfarm payrolls in the El Paso HMA
Mobile Alabama Comprehensive Housing Market Analysis as of ctober . Executive Summary 3. Comprehensive Housing Market Analysis Mobile, Alabama. U.S. Department of Housing and Urban Development, Office of Policy Development and Research. Market Qualifiers. During the 12 months ending September 2019, nonfarm payrolls in the HMA increased by 1,700
Baton Rouge ouisiana Comprehensive Housing Market Analysis as of uly Economic Conditions 5 Comprehensive Housing Market Analysis Baton Rouge, Louisiana U.S. Department of Housing and Urban Development, Office of Policy Development and Research Rouge. The HMA is also crossed by major rail lines and Interstate Highway 10, making it attractive to
Crisis response system recognize roles in housing advocacy and rapid connection to permanent housing. Strong referral linkages between crisis response system and permanent housing. Unified, streamlined, and user-friendly process for applying for rapid re-housing, permanent supportive housing and/or other housing interventions.
Affordable Housing Need in Scotland ii List of abbreviations ARCAnnual Return on the Charter AHSP Affordable Housing Supply Programme ASHE Annual Survey of Hours and Earnings CCHPR Cambridge Centre for Housing and Planning Research CHMA Centre for Housing Market Analysis CIH Chartered Institute of Housing CSR Comprehensive Spending Review ECO Energy Company Obligation (Scheme)
SECTION 2 COMPREHENSIVE CITIZEN PARTICIPATION PROGRAM. Knox County, Nebraska County-Wide Housing Study with Strategies for Affordable Housing - 2018 2.2 KNOX COUNTY SURVEY RESULTS Top Housing Needs Housing for Middle-Income Families. Single Family Housing Rental Housing (General). Housing Choices for First-Time Homebuyers.
Comprehensive Housing Market Analysis Buffalo-Cheektowaga-Niagara Falls, New York. U.S. Department of Housing and Urban Development, Office of Policy Development and Research. Market Qualifiers. As a result of the restrictions put in place in early March to slow the spread of COVID-19, nonfarm payrolls in the Buffalo HMA significantly declined
U.S. Department of Housing and Urban Development, Office of Policy Development and Research Executive Summary Housing Market Area Description The Tuscaloosa housing market area (HMA) is coterminous with the . Education & Health Services 8% Professional & Business Services 11% . SMP Automotive Systems Alabama, Inc. Manufacturing: 1,375 .
housing authorities in England (2012). The Chartered Institute of Housing (CIH) and BMENational run a Housing Rights website specifically aimed at answering housing eligibility queries in regard to new migrants. Information on housing eligibility in Scotland can be found on the Housing Rights website at . Housing Rights in Scotland
