New Moody’s Report shows Albuquerque Payroll Grew Faster than U.S. for the First Time Since 2009
August 7, 2013
Albuquerque- According to a recent Moody’s Analytics report Albuquerque is making a meaningful recovery. This is great news for the Albuquerque economy, the article says, "Nowhere has this [the State’s recovery] been more evident than in the state’s largest metro area, Albuquerque, where employment growth has already surpassed that of the state’s non-metro areas on a three-month moving average basis."
The Moody’s study goes on to say that, “The metro area has gone from the worst-performing metro area to the best in less than a year…" One contributing factor to the City’s financial recovery is the fact that Albuquerque has had milder than expected declines in government employment. "While many cities and municipalities across the nation have implemented massive layoffs, Mayor Richard J. Berry has balanced the budget, without layoffs," said Economic Development Director John Garcia.
"It is exciting to see our economy turning the corner and local businesses adding jobs," said Mayor Berry. "We are moving in the right direction."
According to Dan White with Moody’s Analytics, "The last four months, Albuquerque has been the fastest growing New Mexico metro in the payroll survey and the fastest in the household survey for the last nine months. June payrolls also grew faster than the U.S. for the first time since 2009."
This good news comes on the heels of other recent economic news:
- Gross Receipts Tax collections are up for the third month in a row.
- Albuquerque added 7,200 jobs between June 2012 and June 2013
- Home prices in Albuquerque are on the rise for the 16th consecutive month, at the highest they have been since 2008
- Albuquerque has seen a 401% growth in merchandise exports since 2009, marking the fastest growth among metro areas that exported more than $1 billion in 2012, and the second fastest in all U.S. metro areas.