El Paso, TX Business Overview
Successful businesses and enterprises are in good company in El Paso, where sectors such as the military and retail are flourishing. Several other target industries have also been identified that should bring good jobs and prosperity to the region for years to come.
Fort Bliss and the William Beaumont Army Medical Center have an annual $6 billion economic impact on El Paso and the surrounding region, and an even larger Beaumont hospital is being planned for 2017. A study by the University of Texas at El Paso's Institute for Policy and Economic Development points out that Fort Bliss stations 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, while Sunland Park Mall offers convenient access to residents in western El Paso.
Also available are The Outlet Shoppes at El Paso, Las Palmas Marketplace and Bassett Place Mall. New offerings include Fountains at Farah, open since fall 2013, and the Venue at Montecillo, which opened in fourth-quarter 2013.
The former El Paso Regional Economic Development Corp. and the Paso del Norte Group have come together to establish the Borderplex Binational Economic Alliance to represent the economic development interests of El Paso, Juarez, Mexico and Las Cruces, N.M. Officials with the Borderplex Alliance say they now represent a bi-national metro area of 2.7 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.