Texas Gov. Greg Abbott stopped in El Paso Thursday afternoon to meet with business leaders and discuss the region’s and state’s economic achievements.
After the closed-door roundtable discussion with local business leaders, the Republican governor spoke to the media about the growing diversity of the state’s economy beyond oil and gas, including becoming a national leader in finance, healthcare, agriculture, semiconductors and manufacturing.
Referring to El Paso, he mentioned a new 160,000-square-foot Schneider Electric manufacturing facility, part of a $100 million regional investment, and a new $150 million warehousing and distribution center for the Marshalls clothing stores. Both will bring about 1,500 new jobs to the El Paso area.
“The bottom line is that (these) jobs will help the El Paso area,” Abbott said.
Along with business, Abbott spoke briefly about the Nov. 8 election in which he ran against Democratic challenger Beto O’Rourke, who is from El Paso.
The governor also spoke about the border inspections he ordered in El Paso and at the other ports of entry into Texas last April to curb the number of undocumented and drug-free immigrants entering the country. He said the five-hour average wait times for the commercial trucks in ports were minimal compared to the Biden administration’s 18-month delay in securing the border.
“What we’re trying to do is address these challenges,” said Abbott, who clarified that the goal of the state’s Department of Public Safety is to inspect vehicles. As a result, lives may have been saved because many illegal drivers and unsafe vehicles failed to enter the country. However, he gave no examples of how the operation saved lives.
Tom Fullerton, a professor of economics and finance at the University of Texas at El Paso, said in an interview with El Paso Matters that the April 2022 decision to close the drug and migrant search border affected several El Paso businesses and others who do business in El Paso.
“The reversal of this policy has definitely removed a key impediment to regional business development,” Fullerton said. “Many businesses in El Paso complained about the governor’s actions because it was hampering the local economy.”
Fullerton said that while fuel and home prices remain high, macroeconomic conditions in El Paso remain good. However, he added that if interest rates continue to rise, there will be an economic slowdown and the borderplex region could fall into recession.
The Federal Reserve Bank of Dallas reported in August 2022 that El Paso continued its economic recovery in July. Among other indicators, unemployment remained low by historical standards, 4.7% in June and July 2022, but still above pre-pandemic levels. These percentages are higher than the state (4%) and the US (3.5%).
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