Mayor Tim Keller Outlines Economic Development Vision for Albuquerque

July 20, 2018

Mayor Tim Keller outlined a new vision for economic development in Albuquerque at an event that gathered local businesses, community leaders and members of the public. Mayor Keller outlined the administration’s approach to creating economic opportunities, and staff from the Economic Development department joined Chief Administrative Officer Sarita Nair in a panel discussion about specific projects and work areas.

“Our city has enormous potential and it’s time we step up and fulfill it,” said Mayor Tim Keller. “Our vision for economic development focuses on creating more economic opportunities for our families, our local businesses, and our homegrown entrepreneurs. This starts by doing things a little differently. We’re going to play to our strengths to create quality jobs, foster broad-based growth, and ignite innovation.”

Economic development projects will focus on five areas to make a real impact on the economy:

Buying Local: Albuquerque can use our buying power to ensure local businesses are the providers of goods and services for the city, which will replace the millions of tax dollars currently sent to out-of-town vendors.

Smart Recruitment: We will support new enterprise creation, cluster development and support, and strategic attraction and recruitment of businesses that align with our priorities.

International Business: We can capitalize on our unique placement along two major interstates, international airport, and foreign trade zone while promote Albuquerque as a strategic location for foreign small to medium sized enterprises.

Creative Economy & Film: Our creative economy is an important element in the economic vitality of Albuquerque. Our unrivaled culture, cuisine, art, music, and film industries are key to economic development.

Increment of One: We can create jobs one at a time. We will invest with “an increment of one” in homegrown entrepreneurship and the game-changer businesses who are already here.

Placemaking: The measure of any great city is the degree to which people and places are connected. We will promote placemaking through both large redevelopments like the Rail Yards and smaller place-based events.

This approach to economic development is based on prioritizing local businesses, utilizing the best assets and opportunities Albuquerque has already developed, and growing the economy from within.

“Local and small businesses are the backbone of our economy,” said Chief Administrative Officer Sarita Nair. “We want to make sure that Albuquerque is not just a place where businesses can open up shop, but a place they will be able to thrive. The small businesses opening today are going to be the flagships of tomorrow. This plan is how we can create an environment where they can succeed.”

The Economic Development Department will also work closely with the newly created Office of Equity and Inclusion to create an inclusive economy that will enable businesses owned by women and people of color to have access to resources usually unavailable to underserved communities.

“We’re prioritizing equitable growth, jobs for folks from all walks of life, because we know it leads to a stronger economy,” continued Mayor Keller. “We’re going to do things differently so we get the results our city needs and an economy that works for everyone.”

You can find more information on the City Economic Development website: https://www.cabq.gov/economicdevelopment/.