EL PASO - El Paso should have no trouble riding out the economic slowdown, even if the economy takes another turn for the worse, observed GECU CEO Harriet May.
“El Paso is different,” May explained. “We are the economy that has neither highs nor lows. We don’t get hurt badly by the downturns and we don’t get helped by the upturns. This is as close to a high as we’ve ever had right now.”
What drives the economy here, May suggested, is military growth at Fort Bliss, a new four-year medical school, and a “symbiotic” economy with Mexico.
“People from Mexico come over and buy things in El Paso, eat at restaurants, and vice versa. It’s a very good relationship,” May said.
Still, the slumping U.S. auto industry has affected jobs at Mexico’s Maquiladoris and Juarez auto manufacturing plants, which has impacted El Paso retail sales.
“It hasn’t been significant to this point but it’s starting to push down (retail sales) here a little bit,” May said.
While retail sales have dropped slightly, mortgages have not been a big issue, according to May, who was recently presented with a Herb Wegner Award.
But the $1.4-billion credit union is paying attention to the opportunity to refinance members who have subprime loans with other financials.
Overall, May is confident about the local economy and Texas. “We’re in good shape.”
