Government, Military Account for 21.7% of NM Economy

With wage jobs up 1.8% or 15,200 for the June 2018 to June 2019 year, the gains appear to have been in the 26 rural counties. That’s because the four metro areas all added jobs at a rate of less than 1.8%. Ta Da.
The numbers are in the Labor Market Review, the newsletter of the Department of Workforce Solutions, which was released this afternoon.
Santa Fe even lost jobs over the year, down 800, half in the private sector, half public. The leading loser was education and health services, down 700.
Albuquerque added 4,900 jobs, a 1.2% increase. The gainers were education and health services, plus 3,200 jobs, or 5%; leisure and hospitality, plus 2,400 jobs, or 5.4%; and professional and business services, plus 2,100 jobs, or 3.4%.
Education and health services, up 600 jobs or 3.8%, was the only sector with much growth in Las Cruces, plus 800 jobs, or 1.1%.
Farmington added 100 jobs, a 1.1% increase.
The newsletter passed along the state gross domestic figures released recently by the Bureau of Economic Analysis. “GDP measures the value of the goods and services
produced in an area, less the value of the goods and services used up in production,” DWS said. New Mexico’s GDP was up 1.8% in 2018, less than half the growth of Utah (4.3%) and Arizona (4%) and well behind Colorado (3.5%) and Texas (3.2%).
Government and the military account for 21.7% of New Mexico’s 2018 GDP with finance, insurance and real estate at 15%, mining and oil and gas extraction at 13.7%, and professional and business services at 10.6%.