Wage jobs grew 2.2%, or 8,600, in Albuquerque for the year between July 2017 and July 2018. That was the same percentage growth turned in by the entire state for the year.
New Mexico’s 2.2% year over year increase tied for 15th placed nationally with Massachusetts. That said, our neighbors remain well ahead. Utah’s 3.9% job growth led the nation. Texas grew 3.2%, Colorado, 3.1% and Arizona, 2.7%.
The figures come from the July issue of the Labor Market Review, the newsletter of the Department of Workforce Solutions, which was released yesterday afternoon.
For the state’s other three metro areas, well, not so much. Santa Fe added 1,000 jobs for 1.6% growth. Farmington added 300, a 0.6% increase for the year.
Las Cruces wage employment shrank by 700 jobs, or 1.0%.
Professional and business services led the Albuquerque growth with a 6.1% increase, or 3,700 jobs. With a 7.3% increase that meant 1,700 new jobs, construction led the percentage growth.
Leisure and hospitality, which led statewide sector growth with 6,500 jobs, or 6.6%, brought only 900 of those jobs to metro Albuquerque.
The Las Cruces job losses come in the face of firms around the Santa Teresa port of entry hiring as fast as possible. Just over half the Santa Teresa workers come from El Paso, a function of proximity and El Paso’s larger labor pool.
Las Cruces has been in a job loss mode for most of the past 18 months. Government seems to have carried the burden of producing those job losses.
Leisure and hospitality led Santa Fe’s growth with 800 new jobs over the year, a 7% increase.
Saturday, August 25, 2018
Friday, August 17, 2018
Job Growth Over 2% For Second Month
New Mexico’s job growth was 2.2% for the year between July 2018 and July 2018, according to the report released by the Department of Workforce Solutions this afternoon. That means 17,900 new jobs, on a seasonally unadjusted basis, with about a third, or 6,500, in the leisure and hospitality sector, which has tourism as a big component. Construction continued the rapid growth with a 4,200 job increase, or 9.1%.
Make the seasonal adjustment and the statewide growth is 13,400, or 1.6%, still not bad.
With 4.7% unemployment in July, New Mexico slipped from its long hold on the nation’s third highest state unemployment rate. In addition to Alaska (6.9 %), clinging to its first place with the highest rate, three other states beat New Mexico. They are West Virginia (5.4 percent), Louisiana (4.9 percent), Mississippi (4.8 percent) and the District of Columbia (5.6 percent).
New Mexico went from 6.1% unemployed in July 2017 to 4.7%, more than double the improvement of the next three improving states, all with a 0.6-point change. They are Pennsylvania, South Carolina and Virginia.
The labor force has grown to 943,004 in July 2018, an 11,000 one-year increase. The number of unemployed has dropped about 14,500 over the year, to 47,547.
Make the seasonal adjustment and the statewide growth is 13,400, or 1.6%, still not bad.
With 4.7% unemployment in July, New Mexico slipped from its long hold on the nation’s third highest state unemployment rate. In addition to Alaska (6.9 %), clinging to its first place with the highest rate, three other states beat New Mexico. They are West Virginia (5.4 percent), Louisiana (4.9 percent), Mississippi (4.8 percent) and the District of Columbia (5.6 percent).
New Mexico went from 6.1% unemployed in July 2017 to 4.7%, more than double the improvement of the next three improving states, all with a 0.6-point change. They are Pennsylvania, South Carolina and Virginia.
The labor force has grown to 943,004 in July 2018, an 11,000 one-year increase. The number of unemployed has dropped about 14,500 over the year, to 47,547.
Saturday, August 11, 2018
Up and Downs in July for Metro Albuquerque Real Estate
Nationally a decline in single family home sales is projected for August and September, by RedFin Corp. a brokerage and website firm. The National Association of Realtors projected pending sales would be lower in June, on a year-over-year basis, the sixth month of decline.
The national picture isn’t quite the metro Albuquerque picture, nor are constant increases.
For single family detached home in metro Albuquerque, July registered 1,121 sales closed, a 3.5% increase from July 2018, but down 92 units from 1,213 sales in June, an 8% drop. Homes that had the sales close during July were on the market an average of 38 days, two days less than the 40-day average sale time in May and June.
The Greater Association of Realtors released the July sales report yesterday.
May was the sales peak for the year, so far. Closed sales were 1,240 in May.
Pending sales are an exception, peaking at 1,271 in July, 107 deals, or 9%, ahead of 1,164 in June and 1,234 in May. Those 1,271 pending sales were 15.5% ahead o a year ago. The strong performance suggests a rebound for closed sales in August.
The market continues to tighten. With 3,524 homes available, June was the 2018 inventory peak. The inventory dropped to 3,368 in July. The inventory was down 588 homes, or 14.2% from 3,926 in July 2017. July saw 1,607 new listings hit the market, down 1.3% or 27 units from a year ago. With 1,890 new listing, May was the 2018 peak.
Average prices have trended up since January, except for a small stumble to $238,466 in May. The average price was $246,862, up $2,171 or 0.9% from June and 3.7% above July 2017.
At $211,490, the median price broke the $210,000 ceiling in June but dropped $3,490, or 1.6% in July to $208,000.
The average price for an attached home (a townhouse or condominium) was $158,398, second lowest of 2018, head only of the $156,292 in February.
The national picture isn’t quite the metro Albuquerque picture, nor are constant increases.
For single family detached home in metro Albuquerque, July registered 1,121 sales closed, a 3.5% increase from July 2018, but down 92 units from 1,213 sales in June, an 8% drop. Homes that had the sales close during July were on the market an average of 38 days, two days less than the 40-day average sale time in May and June.
The Greater Association of Realtors released the July sales report yesterday.
May was the sales peak for the year, so far. Closed sales were 1,240 in May.
Pending sales are an exception, peaking at 1,271 in July, 107 deals, or 9%, ahead of 1,164 in June and 1,234 in May. Those 1,271 pending sales were 15.5% ahead o a year ago. The strong performance suggests a rebound for closed sales in August.
The market continues to tighten. With 3,524 homes available, June was the 2018 inventory peak. The inventory dropped to 3,368 in July. The inventory was down 588 homes, or 14.2% from 3,926 in July 2017. July saw 1,607 new listings hit the market, down 1.3% or 27 units from a year ago. With 1,890 new listing, May was the 2018 peak.
Average prices have trended up since January, except for a small stumble to $238,466 in May. The average price was $246,862, up $2,171 or 0.9% from June and 3.7% above July 2017.
At $211,490, the median price broke the $210,000 ceiling in June but dropped $3,490, or 1.6% in July to $208,000.
The average price for an attached home (a townhouse or condominium) was $158,398, second lowest of 2018, head only of the $156,292 in February.
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