New Mexico Business & Employment Growth Since 2009
- 6,328 more businesses
- 30,340 more employees
- 3.8% increase in total wages
- $6,611 increase in annual wages per employee
- 17.2% increase in wages per employee
Since 2009, the number of businesses in New Mexico has grown by 11.8% (0.3% greater than the national average of 11.4%). Employment in New Mexico has grown by 3.8% (9.8% less than the national average of 13.6%). Wages have grown by 17.1% since the end of the Great Recession. This wage growth is 8.5% less than the national average of 25.7%. The average weekly wage in New Mexico of $868 is 26.8% below the national average of $1,101. The gap between the national average has widened from 18.2% a widening of 8.6% since the end of the recession.
Sector Growth
Business Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Healthcare | 9,320 | 5,423 | 71.9% |
| Professional services | 7,061 | 6,304 | 12.0% |
| Retail trade | 6,199 | 6,400 | -3.1% |
| Construction | 5,326 | 6,129 | -13.1% |
| Accommodation and food services | 4,321 | 3,786 | 14.1% |
| Other services | 4,062 | 3,980 | 2.1% |
| Waste services | 3,211 | 2,684 | 19.6% |
| Finance and insurance | 2,822 | 2,711 | 4.1% |
| Wholesale trade | 2,761 | 2,997 | -7.9% |
| Real estate and rental | 2,464 | 2,298 | 7.2% |
| Manufacturing | 1,766 | 1,641 | 7.6% |
| Transport and warehousing | 1,508 | 1,435 | 5.1% |
| Mining and oil extraction | 1,132 | 872 | 29.8% |
| Information | 982 | 916 | 7.2% |
| Educational services | 889 | 715 | 24.3% |
| Agriculture and forestry | 872 | 746 | 16.9% |
| Arts and entertainment | 780 | 703 | 11.0% |
| Company management | 361 | 281 | 28.5% |
| Utilities | 271 | 261 | 3.8% |
The sector that has had the strongest growth [in number of businesses] is the Healthcare sector, which has increased by 71.9% since 2009. The sector that has has the largest decline is the Construction sector, which has declined by 13.1% since the recession.
Employment Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Healthcare | 119,099 | 99,282 | 20.0% |
| Retail trade | 91,362 | 91,647 | -0.3% |
| Accommodation and food services | 87,709 | 75,558 | 16.1% |
| Professional services | 57,181 | 56,147 | 1.8% |
| Construction | 47,252 | 47,731 | -1.0% |
| Waste services | 43,895 | 41,392 | 6.0% |
| Manufacturing | 27,147 | 30,013 | -9.5% |
| Mining and oil extraction | 24,570 | 17,581 | 39.8% |
| Finance and insurance | 22,692 | 22,144 | 2.5% |
| Wholesale trade | 21,030 | 21,753 | -3.3% |
| Other services | 20,940 | 21,413 | -2.2% |
| Transport and warehousing | 19,252 | 16,324 | 17.9% |
| Information | 12,011 | 14,721 | -18.4% |
| Agriculture and forestry | 11,266 | 10,692 | 5.4% |
| Real estate and rental | 10,258 | 9,980 | 2.8% |
| Arts and entertainment | 10,007 | 8,609 | 16.2% |
| Educational services | 9,424 | 7,331 | 28.5% |
| Company management | 5,643 | 5,080 | 11.1% |
| Utilities | 4,313 | 4,613 | -6.5% |
The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 20.0% since 2009. The sector that has has the largest employment decline in number of employees is the Manufacturing sector, which has declined by 9.5% since the recession.
Weekly Wage Growth By Sector
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Professional services | $1,556 | $1,274 | 22.1% |
| Utilities | $1,549 | $1,333 | 16.2% |
| Mining and oil extraction | $1,531 | $1,266 | 20.9% |
| Company management | $1,314 | $1,114 | 18.0% |
| Finance and insurance | $1,215 | $929 | 30.8% |
| Wholesale trade | $1,064 | $919 | 15.8% |
| Information | $1,023 | $817 | 25.2% |
| Manufacturing | $1,022 | $950 | 7.6% |
| Transport and warehousing | $970 | $749 | 29.5% |
| Construction | $948 | $787 | 20.5% |
| Healthcare | $804 | $722 | 11.4% |
| Real estate and rental | $772 | $602 | 28.2% |
| Educational services | $758 | $619 | 22.5% |
| Waste services | $699 | $609 | 14.8% |
| Other services | $661 | $519 | 27.4% |
| Agriculture and forestry | $599 | $468 | 28.0% |
| Retail trade | $567 | $477 | 18.9% |
| Arts and entertainment | $436 | $369 | 18.2% |
| Accommodation and food services | $350 | $287 | 22.0% |
The sector that has had the strongest wage growth is the Finance and insurance sector, which has increased by 30.8% since 2009. The sector that has has the smallest wage growth is the Accommodation and food services sector, which has declined by 22.0% since the recession.
Industry Growth
Business Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Services for the elderly and disabled | 4,413 | 1,098 | 301.9% |
| Computer systems design and related services | 1,324 | 921 | 43.8% |
| Offices of lawyers | 1,162 | 1,159 | 0.3% |
| Residential building construction | 1,089 | 1,565 | -30.4% |
| Offices of physicians | 1,067 | 1,129 | -5.5% |
| Support activities for mining | 876 | 559 | 56.7% |
The top industry that has had the largest increase in the number of businesses is the Services for the elderly and disabled industry, which has increased by 301.9% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 30.4% since the recession.
Employment Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Research and development in the physical engineering and life sciences | 24,411 | 21,940 | 11.3% |
| General medical and surgical hospitals | 21,890 | 19,503 | 12.2% |
| Services for the elderly and disabled | 19,250 | 11,703 | 64.5% |
| Support activities for mining | 16,672 | 9,258 | 80.1% |
| Hotels and motels except casino hotels | 13,857 | 12,783 | 8.4% |
The top industry that has had the largest increase in the number of employees is the Services for the elderly and disabled industry, which has increased by 64.5% since 2009. The top industry that has has the largest decline in the number of employees is the Hotels and motels except casino hotels industry, which has declined by 8.4% since the recession.
Weekly Wage Growth By Industry
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Other financial vehicles | $7,680 | $476 | 1,513.4% |
| Portfolio management | $5,684 | $4,632 | 22.7% |
| Investment banking and securities dealing | $4,233 | $2,491 | 69.9% |
| Other publishers | $2,320 | $388 | 497.9% |
| Computer and peripheral equipment mfg. | $2,316 | $1,630 | 42.1% |
| Software publishers | $2,203 | $1,531 | 43.9% |
| Securities brokerage | $2,181 | $1,539 | 41.7% |
The top industry that has had the strongest wage growth is the Other financial vehicles industry, which has increased by 1,513.4% since 2009. The top industry that has has the largest wage decline is the Securities brokerage industry, which has declined by 41.7% since the recession.
Company Size
Business Growth By Company Size
The biggest percentage change in the number of businesses has been in businesses with 20 to 49 employees. The number of businesses with this number of employees has grown from 3,784 to 4,441, which is an increase of 17.4%.The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 42 to 36, which is an increase of -14.3%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 33,680 | 30,493 | 10.5% |
| 5-9 Employees | 8,716 | 8,511 | 2.4% |
| 10-19 Employees | 6,162 | 5,765 | 6.9% |
| 20-49 Employees | 4,441 | 3,784 | 17.4% |
| 50-99 Employees | 1,296 | 1,181 | 9.7% |
| 100-249 Employees | 693 | 595 | 16.5% |
| 250-499 Employees | 155 | 144 | 7.6% |
| 500-999 Employees | 36 | 42 | -14.3% |
| More Than 1,000 Employees | 14 | 14 | 0.0% |
Employment Growth by Company Size
The biggest percentage change in the number of employees has been in businesses with 20 to 49 employees. The number of employees in companies this size has grown from 112,957 to 131,998, which is an increase of 16.9%.The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 26,778 to 23,605, which is an increase of -11.9%.
Table: Change in the number of Employees by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 49,991 | 47,931 | 4.3% |
| 5-9 Employees | 57,639 | 55,880 | 3.1% |
| 10-19 Employees | 83,290 | 77,689 | 7.2% |
| 20-49 Employees | 131,998 | 112,957 | 16.9% |
| 50-99 Employees | 86,771 | 80,979 | 7.2% |
| 100-249 Employees | 102,226 | 87,874 | 16.3% |
| 250-499 Employees | 50,831 | 47,604 | 6.8% |
| 500-999 Employees | 23,605 | 26,778 | -11.9% |
| More Than 1,000 Employees | 45,405 | 44,981 | 0.9% |
Weekly Wage Growth by Company Size
The biggest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $1,329 to $1,689, which is an increase of 27.1%.The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $743 to $800, which is an increase of 7.7%.
Table: Change Average Weekly Wage by Size Since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | $818 | $662 | 23.6% |
| 5-9 Employees | $714 | $586 | 21.8% |
| 10-19 Employees | $717 | $595 | 20.5% |
| 20-49 Employees | $720 | $617 | 16.7% |
| 50-99 Employees | $754 | $615 | 22.6% |
| 100-249 Employees | $829 | $675 | 22.8% |
| 250-499 Employees | $950 | $751 | 26.5% |
| 500-999 Employees | $800 | $743 | 7.7% |
| More Than 1,000 Employees | $1,689 | $1,329 | 27.1% |
Data Sources
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