Employment
Central New Mexico had approximately 364,500 jobs and 21,600 business establishments in 2015. The average weekly wage was $840, which was higher than the statewide average wage of $818. Bernalillo County serves as an employment hub for the four-county area as well as the state; in 2015, it held 87.4% of all jobs within the four-counties and 39.5% of jobs within New Mexico. The metropolitan area held 45% of the state’s employment.
Average Annual Employment, 2015
| Area | Average Establishments | Average Employment | Average Weekly Wage |
|---|---|---|---|
| Bernalillo County | 17,977 | 318,734 | $855 |
| Sandoval County | 2,183 | 29,154 | $804 |
| Torrance County | 320 | 3,228 | $725 |
| Valencia County | 1,126 | 13,421 | $594 |
| Central New Mexico | 21,606 | 364,537 | $840 |
| New Mexico | 56,844 | 806,199 | $818 |
Source: New Mexico Department of Workforce Solutions, Quarterly Census of Employment and Wages
New Mexico officially entered the recession in the first quarter of 2009 and, like the rest of the nation, has experienced significant job loss. Non-agricultural employment fell from a pre-recessionary high of 384,000 jobs in late 2007 to a low of 350,000 jobs in early 2012, a loss of nearly nine percent. Chart 1 shows the change in employment throughout the recession and post-recessionary period. Much like the rest of New Mexico, the four-county area has seen a modest recovery in job growth and, while other parts of the country have rebounded strongly, the job recovery in New Mexico has been subdued. Central New Mexico employment grew to nearly 370,000 jobs in the fourth quarter of 2015, which is a sign that the labor market is improving.
Employment (Jobs) in Central New Mexico, 2005 to 2015
Source: New Mexico Department of Workforce Solutions, Quarterly Census of Employment and Wages
The decline in employment has affected the unemployment rate in the four-county area, which rose from 3.7 percent in 2007 to 8.0 percent in 2010. Even given this steep rise in unemployment, Central New Mexico did not experience the high nationwide unemployment rates of the recession, which peaked at 9.6 percent in 2010. This fact is attributed primarily to a high number of job seekers in New Mexico dropping out of the labor force altogether, thereby dulling the impact of job loss on the unemployment rate. In 2014, the statewide unemployment rate was 6.7 percent, and the Central New Mexico rate was 6.6 percent. The national unemployment rate was 6.2 percent, which was the first time in recent history that it had dropped below the statewide rate and the Central New Mexico rate. In 2015, the gap widened further; the statewide and Central New Mexico unemployment rates were 6.6 percent and 6.2 percent, respectively, and the United States rate was 5.3 percent.
Labor Force, Employment and Unemployment - U.S., New Mexico & Central New Mexico, 2015
| Area | Civilian Labor Force | Employment | Unemployment | Unemployment Rate (Percent) |
|---|---|---|---|---|
| Bernalillo County | 318,387 | 299,513 | 18,874 | 5.9% |
| Sandoval County | 60,693 | 56,612 | 4,081 | 6.7% |
| Torrance County | 5,449 | 4,957 | 492 | 9.0% |
| Valencia County | 29,378 | 27,181 | 2,197 | 7.5% |
| Central New Mexico | 413,906 | 388,263 | 25,643 | 6.2% |
| New Mexico | 919,889 | 859,242 | 60,647 | 6.6% |
| United States | 157,130,000 | 148,834,000 | 8,296,000 | 5.3% |
Source: New Mexico Department of Workforce Solutions, Local Area Unemployment Statistics
Unemployment Rate, U.S., New Mexico & Central New Mexico 2005 to 2015
Source: New Mexico Department of Workforce Solutions, Local Area Unemployment Statistics
As illustrated, the largest industry in Central New Mexico is trade, transportation, and utilities, which includes retail and wholesale trade, and represents 17.2 percent of all jobs. Next are the education and health services, the professional and business services, and the leisure and hospitality industries. Regional employment has historically benefited from relatively stable local, state, and federal government industries, which make up over one-fifth of employment. Industries that have suffered the largest percentage declines in jobs include manufacturing, construction, information, and financial activities. By comparison, several service providing industries were resilient, with significant employment gains realized in the education and health services, and the leisure and hospitality industries, as the region has improved as a destination for tourists.
Another trend is a growing senior population that is demanding more health care services. The industry has expanded significantly in Sandoval County, with the construction of two regional hospitals, several medical clinics, and senior housing projects. The trade, transportation, and utilities industry is the largest in both Bernalillo and Valencia Counties. Sandoval County has a strong professional and business services industry, which makes up the largest percentage of the county’s employment. The largest industry in Torrance County is local government.
Top 10 Industries in Central New Mexico, 2015
| Rank | Industry | Average Employment | Percent of Total |
|---|---|---|---|
| 1 | Trade, transportation and utilities | 62,603 | 17.2% |
| 2 | Education and health services | 57,240 | 15.7% |
| 3 | Professional and business services | 55,628 | 15.3% |
| 4 | Leisure and hospitality | 42,005 | 11.5% |
| 5 | Local Government | 39,810 | 10.9% |
| 6 | State Government | 21,900 | 6.0% |
| 7 | Construction | 19,876 | 5.5% |
| 8 | Financial activities | 16,754 | 4.6% |
| 9 | Manufacturing | 16,392 | 4.5% |
| 10 | Federal Government | 14,217 | 3.9% |
- Total, all industries:
- Average Employment: 364,537
- Percent of Total: 100%
Source: New Mexico Department of Workforce Solutions, Quarterly Census of Employment and Wages