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Tags: industries in new mexico | economy

Top 5 Industries in New Mexico: Which Parts of the Economy Are Strongest?

By    |   Tuesday, 14 April 2015 01:28 PM EDT

According to New Mexico's 2014 State of the Workforce Report, healthcare dominated all industries with "nearly one in every six New Mexico jobs (16 percent) in the health care industry." While this staple continues to be an important part of the state's economy, their economic development department is focused on expansion.

It's luring manufacturers with a 0 percent corporate income tax and no inventory tax. They are also touting their designation by Forbes as one of the top engineering hubs and their world-class aerospace research.

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In recent years, their minding industry saw huge employment growth with a 24 percent increase. Find out more about the current top five strongest industries in New Mexico:

1. Healthcare

Since 2007, the healthcare sector has seen a steady growth of 13 percent, adding nearly 15,000 new jobs. New Mexico VA Health Care System, Lovelace Health Systems, and Presbyterian Healthcare Services are among the state's leaders, and healthcare practitioners enjoyed a mean salary of about $73,000.

According to the New Mexico Department of Workforce Solutions, "The health care industry is projected to grow significantly by 2019. In fact, it is projected to grow the most of any industry in New Mexico."

2. Retail

Although retail is one of the industries in New Mexico that experienced a decrease in employment growth, it still remains the second-largest industry in the state. Specifically, New Mexico's eastern region is enjoying some of the largest and fastest growth of all industries, and its projected to be one of the top five industries to experience continued growth through 2020.

The New Mexico Retail Association helps it continue to thrive with a focus on "the business of retail advocacy for an industry that provides thousands of careers, gives back to communities and drives innovative technologies and services for customers."

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3. Accommodation & Food Services

Accounting for 11 percent of New Mexico's industries, accommodation and food services was the only other industry besides healthcare to see positive employment growth between 2007 and 2012. Together, accommodation and food services account for 82 percent of all leisure and hospitality jobs totaling upwards of 82,000 positions.

4. Educational Services

Coming behind the accommodation and food services industry sits Educational Services, with nearly 78,000 jobs. Elementary, secondary and university positions lead the charge. These numbers account for 10 percent of the industry distribution in New Mexico, and include Central New Mexico Community College, which has 29,000 students, and University of New Mexico, which has about 28,000 enrollees.

5. Public Administration

Public administration accounts for 8 percent of the industries in New Mexico, yet saw the third largest growth with a nearly 3 percent increase in the number of jobs between 2007 and 2012. About a quarter of the state's workforce "is employed in office and administrative support or sales and sales-related occupations," according to New Mexico's Economic Development Department.

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According to New Mexico's 2014 State of the Workforce Report, healthcare dominated all industries with "nearly one in every six New Mexico jobs (16 percent) in the health care industry."
industries in new mexico, economy
Tuesday, 14 April 2015 01:28 PM
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