Albuquerque Monitors Local Economic Conditions Through City Data Resources

Albuquerque ranks ninth nationally among large U.S. cities for overall economic growth according to city economic reports. The ranking rests on 30 percent GDP expansion and 30 percent median earnings growth recorded from 2019 to 2023.

Employment Indicators

The Albuquerque metropolitan area seasonally adjusted unemployment rate fell to 5.9 percent in August from 6.9 percent in July. The metro unemployment rate stood at 4.0 percent in the fourth quarter of 2024. Nonfarm payrolls reached 427,800 as of December 2024, an increase of 1.7 percent or 7,300 jobs from the prior year. Education and health services posted the strongest sector gain at 3.4 percent.

Business Formation Data

Business applications rose 148 percent over the last five years, placing Albuquerque second among large cities on this measure. Women entrepreneurs placed the metro area eighth nationally for women-owned businesses. These figures appear in regional economic analyses prepared for local government use.

Income and Output Measures

Albuquerque recorded a 2023 GDP of 59.38 billion dollars, equal to half of New Mexico total economic activity. Per capita income reached 61,857 dollars while median household income stood at 54,100 dollars in the same year. City budget documents and federal reserve data compile these totals for ongoing review.

Local government offices maintain public dashboards and snapshot reports that compile the employment, payroll and business application numbers. These resources allow staff to follow month-to-month and year-to-year shifts without requiring new primary data collection. The same documents place the metro area results alongside national comparisons so decision makers can see relative standing.

Education and health services job gains receive particular attention in the payroll summaries because the sector accounts for a measurable share of the overall increase. Business application growth is presented as a separate indicator that reflects new firm formation rather than existing employer expansion.

Residents and businesses can consult the referenced city and regional reports directly to review the full tables and methodology notes that accompany each statistic.