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Albuquerque's Job Growth and Earnings Data Shape City's Economic Future
Recent figures on jobs, business activity and earnings growth frame the choices facing local leaders on sustaining momentum.
How we reported this
Albuquerque ranks ninth nationally among large U.S. cities for overall economic growth, with both GDP and median earnings rising 30 percent from 2019 to 2023. The metro area recorded a 2023 GDP of $59.38 billion and per capita income of $61,857, serving as New Mexico's main economic center and accounting for half the state's activity.
Recent Indicators
Nonfarm payrolls reached 427,800 in late 2024, marking a 1.7 percent year-over-year increase. Education and health services added 2,400 jobs in that period, a 3.4 percent gain. The metro unemployment rate stood at 4.0 percent in the fourth quarter of 2024, while the seasonally adjusted rate fell from 6.9 percent in July to 5.9 percent in August.
Business and Wage Trends
Business applications rose 148 percent over five years, placing the city second among large metros in that category. Local wages increased 30 percent since 2019, which positioned Albuquerque ninth nationally for income growth.
Context for Next Steps
These figures from 2023 through late 2024 establish a baseline for decisions on supporting job sectors that showed gains and maintaining the pace of new business formation. Leaders can examine how education and health services contributed to payroll expansion and consider how the drop in unemployment aligns with broader workforce needs.
Attention may turn to policies that build on the 148 percent rise in applications and the consistent wage growth recorded since 2019. Data from city and federal sources show the metro area continuing to drive statewide economic output, which informs choices about resource allocation and sector development in the months ahead.