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Job Growth Continues in Albuquerque

CABQ Economic Dashboard updated with October 2018 data.

December 3, 2018

Data compiled from Current Employment Statistics (CES) survey data for the city’s Economic Dashboard for October 2018 show Albuquerque continues to see job growth and a decrease in unemployment.

Highlights:

  • ABQ Metro saw growth of 11,000 jobs, or 2.8 percent from October 2017 to October 2018. This compares with growth of 1.7 percent for the U.S. and was higher than its regional peers, with the exception of Colorado Springs, which grew 5.4 percent.
  • Both private sector and government sectors added jobs in October, adding 9,200 and 1,800 jobs, respectively.
  • Professional and Business Services added the most jobs, 4,900 jobs, followed by Leisure and Hospitality, which added 2,300 jobs.  Construction added 900 jobs. Educational and Health Services shed 700 jobs compared to last year
  • Total jobs in the ABQ Metro for the month was 403,500. This marks an all-time high for this data series, surpassing pre-recession levels.
  • ABQ non-seasonally adjusted unemployment rate fell to 4.4% (September latest data available) vs. 5.7% last September and 3.6% for the U.S.

See peer and national average growth rates below:

Peers Growth Rates - October 2018
Albuquerque 2.8%
Tucson 1.9%
Oklahoma City 2.2%
El Paso 2.3%
Colorado Springs 5.4%
U.S. 1.7%

The city’s economic dashboard includes information about job growth by sector, gross receipts tax distribution, and unemployment data. The full dashboard can be viewed at www.cabq.gov/economic-dashboard.

Statement from Mayor Tim Keller:

“We’re focused on building an economy that works for everyone, and these jobs numbers show that we’re starting to make some progress. Though we’re seeing light at the end of the tunnel, it will take continued efforts to undo the previous years of stagnant growth on the economy.”

Statement from Economic Development Department Director Synthia Jaramillo:

“At the Economic Development Department we’re focused on supporting local businesses and looping in partners who will invest in our communities in meaningful ways. As we continue to execute our economic plan centered on equity and our city’s unique assets, we’re working to make sure these trends continue.”