Economic Activity Sees Both Highs and Lows
New Mexico Business Weekly
By Megan Kamerick, NMBW Staff
New Mexico has often been isolated from wild economic swings in the national economy. But it, too, began to feel the downturn in the last quarter of 2008.
The state’s unemployment stood at 4.4 percent in October (the latest data available), up from 3.3 percent a year ago, according the Department of Workforce Solutions. The national unemployment rate was 6.5 percent.
The rate of over-the-year job growth, from October 2007 to October 2008, was 0.1 percent — the lowest since 1991.
The construction industry was hammered this year and mining also saw downsizing.
Manufacturing has been a loss leader overall, according to Bureau of Business and Economic Research (BBER) at the University of New Mexico. The sector is still smarting from Intel’s layoffs of 1,500 last winter.
The major sectors contributing to job growth were health care and social assistance, government and retail trade. Local government saw significant growth, driven by Native enterprises such as casinos and hotels.
Several firms announced plans to enter the market with significant employment, and existing companies expanded here as well. The film industry continued its rapid growth.
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