Job Growth Up and Unemployment Down in Albuquerque

September 17, 2018

U.S. Bureau of Labor Statistics jobs data for July 2018 reveals an increase in Albuquerque jobs on a year-over-year basis and a significant dip in unemployment. The City’s economic dashboard includes information about job growth by sector, gross receipts tax distribution, and unemployment data. The data indicates continued progress toward economic recovery in Albuquerque.

“These trends are encouraging because it signals that Albuquerque is finally starting to recover from the recession and is catching up to the rest of the country,” said Mayor Tim Keller. “Our recent announcement of over 1,000 jobs coming to downtown Albuquerque is just the start of building an economy that creates good-paying jobs so families have the chance to get ahead.”

Compared to July 2017, Albuquerque added 8,600 jobs across most private and government sectors, an increase of 2.2 percent. This brings the total jobs available in the Albuquerque Metro to 395,500, which is now only about 0.2 percent lower than the level seen before the 2008 economic recession. Unemployment fell to 4.8 percent compared to 6.3 percent in July 2017. The U.S. rate was 4.1 percent in July 2018.

Professional and business services added the most jobs in July with 3,700 jobs, followed by construction, which added 1,700 jobs compared to the same time last year. For an interactive map that pinpoints local project developments, see Business First’s Construction Watch. While Albuquerque’s job growth rate had been lagging behind the national average, we are now seeing growth that is above the national average, which was 1.6% in July. 

Mayor Keller’s administration will soon be adding economic data on racial equity to its ABQ Economic Dashboard. Studies show that equitable growth creates the strongest economies. In addition, economic development efforts will focus on smart recruitment, retention, and expansion to continue to grow our economy by attracting businesses that create good paying jobs for our residents.

The City’s economic development plan can be viewed at: https://www.cabq.gov/economicdevelopment.