Sunday, June 26, 2016

Abq Leads NM Job Growth

Albuquerque leads the New Mexico economy. For the moment, anyway.
Metro Albuquerque added 5,500 wage jobs in the year between May 2015 and May 2016. (All the numbers here are not seasonally adjusted. The numbers were released Friday, the 24th, by the Department of Workforce Solutions, in the afternoon.)
That’s 2,600 more jobs than the entire state added. Albuquerque’s year-over-year percentage growth was even slightly decent at 1.3%, though behind six states in the region.
Our other three metro areas added 600 wage jobs. Las Cruces wage job total grew by 600, a modest 0.8% increase. Santa Fe, up 100 jobs, offset Farmington, which dropped 100 jobs.
The state held its fourth place national ranking in unemployment rate with 6.2% in May down from 6.6% May 2015. The job increase percentage ranked 43rd at 0.3%.
As usual, education and health services led Albuquerque’s job growth with 2,200 new wage jobs over the year, though down 500 from April. Professional and business services added 1,300 jobs.
On the strength of 900 new state government jobs, government in Albuquerque was up 700 jobs.
Manufacturing continued to erode, down 400 jobs in Albuquerque and another 300 statewide.
Education and health services led the Las Cruces growth with 900 new jobs. In Santa Fe, leisure and hospitality led with 500 jobs as visitor businesses geared up for the summer.
Government got an extended treatment from DWS this month. New Mexico’s combined share of state and local government jobs was 18.7%, good for fifth nationally. Add the feds and government employs 22.3% of New Mexicans, fourth nationally behind Washington, D.C. (31.9%), Wyoming (23.6%) and Alaska (23%). The caveat on New Mexico’s numbers is that our national laboratories are nominally in the private sector as they are managed by private firms.
The government employment percentage in New Mexico has dropped from 24.2% in 2010. Local government employment has increased by 34 jobs to 102,576 between 2006 and 2015.

Saturday, June 18, 2016

State Gains Jobs During May; Thank Bernalillo County

A little bit is happening with New Mexico’s wage job picture. Or at least the Department of Workforce Solutions thinks so. The monthly summary news release, which appeared yesterday, reports 2,900 net new wage jobs between May 2015 and May 2016, a gain of 0.3% for the year.
The year-over-year April to April job loss of 300 went away with the disappearance of the mystery loss for the April-to-April year of 1,600 jobs in leisure and hospitality. DWS called it a “significant upward revision” and offered nothing more.
In the sectors, not seasonally adjusted, education and health services (+5,200) and leisure and hospitality (3,400) continue to rock. Professional and business services is doing decently with a year-over-year gain of 1,900 jobs or just over 2%. Nearly all the government gain of 1,400 jobs came from local government, up 1,200 jobs. Local government education, meaning the public schools, was down 300, perhaps reflecting the end of school.
Mining and logging (mostly oil and gas production) remain the biggest loser, down 6,500 for the year and 900 during May. Transportation, warehousing and utilities dropped 1,400 jobs over the year, an impressive 5.7% loss. DWS offered no explanation. Manufacturing lost another 700 jobs. Retail dropped 700 with another 100 lost in wholesale trade.
The release shows county numbers for labor force, employment (different from wage jobs) and unemployment. The combined Eddy and Lea County figures don’t explain the mining/logging job loss, nor should they. I would have expected them to be closer. Employment in Eddy and Lea County combined dropped 2,933 year-over-year. Lea County lost 1,744. Eddy lost 1,189. That’s a 5.3% drop from the May 2015 combined employment of 55,322.
Statewide the employment gain was 2,473. In Bernalillo County the gain was 4,239, meaning that the rest of the state lost 1,766 jobs, a performance attributable to Lea and Eddy counties.

Friday, June 10, 2016

Metro Single Family Home Prices Highest Since 2008

During May median and average prices for metro Albuquerque single-family detached homes hit the highest level for May since 2008, the year of the market peak.
With 984 closed sales during May, up nine percent from May 2015 and with a 54 unit or six percent from April, sales continued improving. Those 984 sales closed in an average of 49 days, eight days faster than April and 13 days quicker than May 2015. The average sale period was 70 days in February.
The number of pending sales during May—1,215—showed a miniscule four-unit increase from April and declined 19 units of 1.5% from May 2015, suggesting a slowing of the sales pace. During May 81% of April’s 1,211 pending sales turned into closed sales.
The median sales price was $193,000 during May, an $8,000 increase from April and up $12,000 from May 2015.
The $228,457 average sales price for May was up $11,000 from April and increased $10,000 from May 2015. Both the median and average price were the highest since the beginning of 2014.
For condos and townhouses, the average ($151,686) and median ($147,250) price dropped slightly during May.
Detached homes in the $200,000 to $249,000 price remained the biggest sellers. During May five homes sold in the $750,000 to $999,000 group and two sold for $1 million or more.