Albuquerque Shows Stronger Economic Handling Than Many Global Peer Cities

Albuquerque ranks ninth nationally for overall economic growth, with GDP and median earnings each rising 30 percent from 2019 to 2023. That record sets the metro area apart from many comparable cities worldwide that recorded slower rebounds in the same period, based on figures from the city's Department of Finance and Administrative Services economic dashboard.

The numbers matter now because local leaders track them for budget and development decisions in the Albuquerque metropolitan area. Faster growth here can influence hiring, housing demand and public services over the next several budget cycles.

Nonfarm payrolls reached 427,800 in December 2024, an increase of 1.7 percent or 7,300 jobs from the prior year. Education and health services accounted for the largest share of that expansion, adding 2,400 positions for a 3.4 percent gain and representing 17 percent of all nonfarm payroll jobs in the metro area, according to regional labor summaries.

Business formation trends

Business applications climbed 148 percent over five years, lifting Albuquerque to second place among large U.S. cities for entrepreneurial activity. That pace of new filings points to a local environment more supportive of startups than conditions reported in many peer metros abroad that have seen flatter application counts.

The unemployment rate stood at 4.0 percent in the fourth quarter of 2024, up from 3.6 percent a year earlier because the labor force expanded faster than employment. City economic reports link the shift to continued population and workforce gains rather than widespread layoffs.

Next steps for tracking

City staff will continue to monitor payroll counts, business filings and sector-specific hiring through quarterly updates issued by the Department of Finance and Administrative Services and partner agencies. Residents and firms can review those releases on the city's economic dashboard site to adjust plans for hiring or expansion.