Business Growth in New Mexico
The education and health sectors, as well as government, were the fastest growing sectors in 2007, according to the New Mexico Department of Workforce Solutions.
Education and health services added 3,500 jobs and government, including tribal governments, added 1,900 jobs. (Employment in casinos and other tribal enterprises is categorized as government employment by the state).
The seasonally adjusted employment rate for New Mexico was 3.7 percent in December 2007, up from 3.4 percent in November, according to the state. The national unemployment rate was 5 percent.
New Mexico added 7,300 jobs over the last year and it ranks 28 th for job growth. The rate of job growth from December 2006 to December 2007 was 0.9 percent. Job growth peaked at 3.6 percent in June 2006, but has been weakening ever since. Current levels are the lowest since 2003, according to state officials.
Construction employment was down 0.9 percent from December 2006. And significant layoffs in semiconductor manufacturing, which shed 1,800 jobs in 2007, offset other employment gains.
Employment in mining is growing, but production of oil and natural gas is declining. Employment growth in natural resources and mining was 3.1 percent.
The transportation, warehousing and utilities industry had an employment growth rate of 3.7 percent. Educational and health services rose 3.2 percent.
Employment in the state's film industry, which is categorized under the information industry, has been as many as 3,000 jobs above baseline levels, depending on production activity. It can log swings of employment as large as 2,000 jobs in one month, said state officials. The information industry reported 300 jobs more than December 2006. But even with the film industry growth, there is weakness in telecommunications and employment levels in the information sector are still below the peak employment levels set in spring 2001.
Job growth in leisure and hospitality was just 0.8 percent while government employment increased at the rate of one percent, or 1,900 jobs, because of jobs in state, local, and tribal government.
In Albuquerque , the seasonally adjusted unemployment rate was 3.5 percent in December, up from 3.3 percent in November. Unemployment fell one tenth of a percentage point from last December's rate of 3.6 percent. Payroll employment rose 0.1 percent, with retail trade adding 700 jobs, the government sector growing by 300 jobs and transportation, warehousing and utilities growing by 100. Construction and professional services sectors were down 200 jobs.
From December 2006, the strongest job growth was in transportation, warehousing and utilities with an increase of 3.7 percent. Retail trade grew by 2.2 percent, adding 1,000 new jobs in 2007.
Information, Driven in part by film productions, expanded by 2.2 percent, or 200 jobs. Education and health services increased 2.1 percent with 1,000 jobs. This sector is the top employer in Albuquerque behind professional and business services. That sector gained 500 jobs over the year for a growth rat of 0.8 percent.
Government employment grew by 1.1 percent over the year, as local government added 600 jobs and state government added 300. Government comprises about 20 percent of all nonfarm wage and salary employment in the city.
Manufacturing employment was down 1, 100 jobs, or 4.5 percent, primarily due to layoffs at Intel (NASDAQ: INTC). Wholesale trade employment was also down, falling by 100 jobs or 0.7 percent.
In Santa Fe , the unemployment rate in December was 2.7 percent, down from December 2006 when it was 3 percent. The City lost 200 jobs in December as employment declines in government, construction and other services offset advances in retail trade and financial activities.
Over 2007, job growth was 3.5 percent with 2,200 new jobs. Job growth in the area is about four times higher than the statewide average, making Santa Fe the fastest growing metro area in the state.
The education and health services sectors added 700 jobs, more than any other industry. Local government added 500 jobs and state government added 100 while the federal government lost 100.
The film industry helped boost the information sector with 400 jobs. The professional and business services industry also gained 400 jobs. Only the construction industry reported fewer jobs than in December 2006.
Source: NM Business Weekly
2008
Population Growth Update
NM POPULATION NOW TOPS 2 MILLION: New Mexico 's population has finally topped 2 million , according to UNM's Bureau of Business and Economics, reports the Albuquerque Journal! The US Census Bureau was anticipating this milestone would occur in 2008, but UNM's estimate is considered a more accurate measure of the current population, and their figures indicate that we actually rolled past the 2 million mark last year. In fact, on April 11, 2006 , to precise!
So, New Mexico now has roughly four times the population of Wyoming . Of course, we're still probably smaller than just the city of Houston , and New York City has us beat many times over! The population has grown really fast, with fewer than 200,000 people living in NM in 1900, through reaching the 1 million mark in 1970, and then doubling again since then.
The demographics have changed quite a bit as well. Likewise, we have become more urbanized. In 1900, only 15% of the state's population was located in Bernalillo County ; by 1950, that percentage had grown to 21%, and currently 30% of the state's people live right here in Bernalillo County . The percentage of folks clustered aright around Albuquerque is even higher if Sandoval County (with Rio Rancho, Placitas , and Corrales) and Valencia County (including Bosque Farms, Los Lunas , and Belen ) are included as part of the Greater Albuquerque Metro Area.
Ethnicity figures indicate that about 44% of New Mexicans now are Anglos, while 43% are Hispanic, 9% are Native Americans, and only 2% African American. Women also outnumber men, 51% to 49%. This is a complete reversal of the ratio in 1950, and significantly different fro the figure in 1900, when only 47% of residents were female, to 53% male.
We've also been aging over the past century. The median age was 21 in 1900, 24 in 1950 and now is 34. Predictions are that the state will get even older on average in future years, as the boomers age and more retirees head here. It's anticipated that seniors 65 and older will account for 26% of the population by 2030.
Per Capita real GDP - $31,986, 40th of 50 states (2006)
Per Capita income - $29,673, 44th of 50 states (2006)
Unemployment - 3.10% 6th out of 50 states (2008)