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Albuquerque Progress Report
Goal
06
Economic Vitality

The community supports a vital, diverse, and sustainable economy.

Innovate Albuquerque

Why is this goal important?

The prosperity of a community is tied directly to the success of its economy. A strong economy translates into jobs and opportunities for individuals, fosters the creation of wealth and philanthropy, and creates a stable tax base to pay for needed public infrastructure and services. It is important to have an economy that is broad based, without too much reliance on one firm or one industry. It is just as important to have an economy that attracts industries and jobs that leverage local resources.

What are desired community conditions?

By design, the goal areas are broad, so we've further clarified them with positively worded statements called "desired community conditions." These are statements that describe specifically what conditions would exist if the respective goal is achieved. For example, under the goal area called "Human and Family Development," a desired community condition is for Albuquerque to have "Educated, Literate, and Skilled Residents". Below are a list of indicators to measure progress on these desired community conditions.

What can we tell from the data?

  • Albuquerque's economy continues to show signs of economic recovery, albeit at a slow and steady pace. Since starting the recovery from the Great Recession in 2012, the Albuquerque metro area has added jobs for each of the last three years, adding 3,500 jobs in 2015, a 0.9% growth rate.
  • Private sector employment accounted for the majority of the increase in 2015. Health Services, Construction, Leisure and Hospitality, Retail Trade, and Information showed the strongest growth.
  • The top three single employment sectors are Health Care Services, Professional and Business Services and Retail Trade, which recently bumped local government out of the top third spot.
  • The percent of the employment that is made up of all government jobs declined slightly from 22 to 21%, but continues to be higher than the national average of 16%.
  • The unemployment rate has improved consistently throughout the recovery falling to 6.2 percent in 2015, still higher than the national average of 5.3%. Unemployment has continued to decline in 2016.
  • The city's per capita income has steadily increased over the last five years and was $38,563 in 2015, up 4.4 percent from 2014's number. This compares to the U.S. average of $48,112.
  • Recent initiatives, such as Innovate ABQ, City Alive, and the Albuquerque Rapid Transit (ART) are designed to build an entrepreneurial ecosystem that will foster local innovation, job creation, and economic mobility across diverse groups of people and businesses. These initiatives have seen significant momentum and investment by public and private sector stakeholders and hold promising hope for the medium to long-term outlook for Albuquerque's economic future.

Get Involved

Mayor's Volunteer Office AmeriCorps Innovation Central ABQ Albuquerque Living Cities Integration Initiative
Goal 5 | Environmental Protection Goal 7 | Community & Cultural Engagement