The Story of How El Paso Evaded Recession Revealed
The recession, which started in December 2007, and whose grave effects were felt the following year, lead to an abrupt escalation in the number of foreclosure cases worldwide. The financial crisis has caused companies to lay off a huge number of their employees, or worse, to stop their operations.
This is the reason why foreclosure activities have been out of control. Though the entire world was suffering during those times, one place has been unaffected by the financial depression. El Paso, a city in West Texas, has experienced an economic breakthrough during these troubled times.
El Paso used to have a sluggish economy, and a high unemployment rate, but after Fort Bliss started operating, what used to be a deprived city has become one of the fastest growing cities in the United States.
Fort Bliss is an American military base, the size of which is comparable to Rhode Island. It is one of America’s biggest military installations, created in 2005 when an expansion of the existing base was acted upon as per the Base Closure and Realignment Commission (BRAC).
The soldiers and military personnel have since moved to the city, along with their families. According to the Directorate of Environment, the number of soldiers expected was close to 20,000; the soldiers’ families, the military personnel plus their dependents were estimated to be 113,000. The increase in population has caused a housing shortage within the community and has created demand for additional units. With this demand, real estate companies have planned and constructed housing projects in strategic parts of El Paso. Place Properties, one of these companies, has 4,000 housing unit projects distributed across the country.
The housing demand is forecasted to continue since overseas military base closures, such as in Germany, will move these soldiers to El Paso. Military life is fleeting, so most units are occupied through rent and not by house purchase.
Aside from the economy improvement derived from housing, the overall growth of the city has progressed. Jobs were created; salaries grew. Education has also been a major part of the city’s economy. Business outsourcing programs have entered the scene in the form of call centers. Fourteen call centers built in the city have employed 10,000 people.
El Paso is fortunate to have its unique geographic features. Because of its similarity to the Middle East battlefield, the biggest training area, Fort Bliss, was established in the region; allowing the soldiers to practice drills in the city’s desert and mountainous territory.
As with the other countries that have recently encountered recession, there is still hope for recovery for other cities. A responsible government to look over the country’s day-to-day activities and responsible citizens are the key components. They can determine the best features of any location and enhance them. Once their city is stable, investors will be attracted and will start to establish the businesses that could provide more jobs and boost the community’s economy. It wouldn’t take long before they can taste the bliss that Fort Bliss has brought to El Paso.
