Meta is proposing a 1,000-acre data center campus in El Paso, Texas, investing billions of dollars.
The project aims to leverage El Paso’s strategic location, climate advantages, and renewable energy resources to support Meta’s expanding digital infrastructure needs. The proposed campus would be one of the largest of its kind, with the potential to create thousands of jobs and stimulate economic growth. The project should boost housing demand.
High mortgage rates and their impact on affordability have not only slowed the sales of existing homes, but builders are pulling fewer permits than the area’s long-term historical average.
Strengths
El Paso County Planning Commission approved preliminary plans for 761 single-family homes on 320 acres east of Vollmer Road and adjacent to Briargate Parkway. Residents voiced concerns about traffic and density, but more homes are needed to house a growing population.
Weaknesses
The migrant crisis is taking a toll on El Paso’s economy. Border crossings have surged in recent weeks, resulting in the closure of customs offices and halting the movement of trains and trucks across the border at an economic cost of over $1.2 billion.
Economy
Total nonfarm employment in the El Paso metropolitan statistical area increased 0.2% from the same period the previous year to 340,900 payrolls in December, with approximately 400 more jobs compared with the previous month. The local month-over-month unemployment rate remained flat at 4.5% in December. December’s jobless rate was higher than it was at the same time in 2022 when it stood at 4.2%. Zonda forecasts the region’s unemployment rate will finish the year at 4.3%.
Community
The current population for El Paso is approximately 888,510 people and is projected to increase by 0.4% this year. Approximately 313,370 households are in the region, which is up 0.9% year over year. Forecasts show that household formation is expected to increase by an annual growth rate of 5.8% for 2028. Incomes increased by 4.1% from the previous year to $57,673.
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