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City Economic Reports Detail Albuquerque Performance
Data compiled by local government sources describe rankings, payroll totals and sector contributions across the metropolitan area.
How we reported this
Albuquerque ranks ninth nationally for overall economic growth according to analyses from city government sources, with a 30 percent expansion in local GDP and a 148 percent increase in business applications recorded over the last five years.
Growth Metrics Reported by City Dashboard
The Albuquerque metropolitan area recorded a GDP of 59.38 billion dollars in 2023, with per capita GDP listed at 61,857 dollars. City sources note that the metro area accounts for half the state's economic activity and serves as New Mexico's principal economic center. These figures appear in documents from the city's economic development office and related dashboards.
Employment Figures from Recent Snapshots
Nonfarm payrolls in the Albuquerque metropolitan area totaled 427,800 in late 2024. The education and health services sector added 2,400 jobs during the period covered by the reports. Median earnings rose 30 percent between 2019 and 2023. The unemployment rate stood at 4.0 percent in the fourth quarter of 2024, compared with 3.6 percent the prior year, with the change attributed to labor force growth in the same sources.
Tourism and Industry Contributions
Tourism and hospitality contribute over 2 billion dollars annually to the city while supporting 45,000 jobs through approximately 6.7 million overnight visitors, according to the compiled data. The same reports note ongoing activity in aerospace, bioscience and film industries as part of the broader economic picture.
Context for Current Readings
These indicators come from multiple city-linked documents that track payrolls, GDP totals and visitor counts. Officials and analysts preparing the reports present the numbers as a snapshot of conditions through the end of 2024 and into early 2025 data releases. Residents and businesses can review the underlying dashboards for the full set of supporting tables.
Next Steps for Local Readers
Anyone seeking updated figures can consult the economic dashboard maintained on the City of Albuquerque website or the related reports posted by the Greater Albuquerque Chamber of Commerce. The sources listed in the documents provide direct links to the original data releases.