NEW MEXICO’S ECONOMY BUCKS TRENDS

The Business Outlook this week reported that “New Mexico continues to buck national economic trends by posting stronger employment and personal income growth than the rest of the country.” Our employment in the last year grew by 1.1% and personal income rose 5.5% compared to under 5% nationally. The metro area lost jobs in construction and manufacturing but other sectors including healthcare, movie and TV industry, gambling and social assistance, showed growth. Information sector hiring was up 1,300 jobs from last year supported by hiring for call centers and film production. Film production was the largest contributor to the economy. Construction is still weak recovering from too ambitious a strategy starting in 2006. Residential construction has declined which will bring better balance to the home market here.