New Mexico Q2, 2019 Employment Statistics- 61,729 employers, up 2.7% from 60,128
- 834,867 employees, up 1.3% from 824,296
- $888 average weekly wage, up 4.3% from $851
- The average weekly wage is 18.9% below the national average
- The cost of living is 12.5% below the national average
Employer & Employee Growth
In the last year, the number of employers in the state increased by 1,601, which is an increase of 2.7%. The number of employees in New Mexico increased by 10,571, an increase of 1.3%. During this same period, the average weekly wage increased by $37, an increase of 4.3%.
The number of private employers increased since last years' Q1. The number of private businesses increased by 1,578 or 2.8%. Growth in private businesses in New Mexico grew slower than the national average of 2.9%. The number of employees in these businesses increased since last years' Q1, increasing by 9,744 or 1.5%. The growth in employees of private businesses in New Mexico was faster than the national average of 1.4%.
The average weekly wage of employees of private businesses increased since last years' Q1. The averge weekly wage increased by $37 or 4.5%. Growth in average weekly wage of employees of private businesses in New Mexico grew faster than the national average of 3.8%.
Leading Sectors
Businesses by Sector
The sector with the greatest number of businesses in the state is Healthcare with 15.9% of the businesses in the state. The number of businesses in this sector increased by 5.5%. Professional services (11.9%), which increased by 3.8% and Retail trade (10.0%), which decreased by 0.9%, round out the 3 largest sectors.
Table: Sectors by Year-over-Year Qtly Business Change %
| Sector | Change Biz | % Change |
|---|---|---|
| Company management | 48 | 13.5% |
| Information | 70 | 7.1% |
| Healthcare | 513 | 5.5% |
| Educational services | 40 | 4.5% |
| Professional services | 267 | 3.8% |
| Wholesale trade | 98 | 3.6% |
| Waste services | 117 | 3.6% |
| Real estate and rental | 82 | 3.3% |
| Construction | 130 | 2.4% |
| Transport and warehousing | 33 | 2.2% |
| Mining and oil extraction | 24 | 2.1% |
| Arts and entertainment | 14 | 1.8% |
| Agriculture and forestry | 15 | 1.7% |
| Other services | 67 | 1.6% |
| Finance and insurance | 41 | 1.5% |
| Accommodation and food services | 61 | 1.4% |
| Manufacturing | 14 | 0.8% |
| Utilities | -2 | -0.7% |
| Retail trade | -55 | -0.9% |
Employees by Sector
The sector with the greatest number of employees in the state is Healthcare with 14.3% of the employees in the state, had an increase in employees of 0.5% in the last year. Retail trade (10.7%), decreased by 2.1% and Accommodation and food services (10.7%), increased by 0.6%, round out the top 3 sectors.Table: Sectors by Year-over-Year Qtly Employee Change %
| Sector | Employee Change | % Change |
|---|---|---|
| Arts and entertainment | 1,066 | 10.7% |
| Mining and oil extraction | 1,479 | 6.1% |
| Manufacturing | 1,442 | 5.3% |
| Waste services | 2,128 | 4.9% |
| Professional services | 2,452 | 4.3% |
| Real estate and rental | 417 | 4.1% |
| Construction | 1,643 | 3.5% |
| Company management | 158 | 2.8% |
| Finance and insurance | 494 | 2.2% |
| Transport and warehousing | 332 | 1.7% |
| Wholesale trade | 341 | 1.6% |
| Educational services | 114 | 1.2% |
| Accommodation and food services | 476 | 0.6% |
| Healthcare | 571 | 0.5% |
| Other services | 26 | 0.1% |
| Utilities | -28 | -0.7% |
| Retail trade | -1,942 | -2.1% |
| Agriculture and forestry | -567 | -5.0% |
| Information | -860 | -7.2% |
Average Weekly Wage by Sector
The sector that pays their employees the highest is Mining and oil extraction paying $1,581per week compared with the state average of $854. Weekly wages in this sector rose by $92 or 6.2%. Professional services ($1,552), rose by $46 or 3.1% and Utilities ($1,495) increased by $43 or 3.0% round out the 3 largest sectors.Table: Sectors by Year-over-Year Weekly Wage Change %
| Sector | Wage Change | Change % |
|---|---|---|
| Waste services | $50 | 7.3% |
| Information | $68 | 7.0% |
| Mining and oil extraction | $92 | 6.2% |
| Educational services | $45 | 6.0% |
| Company management | $71 | 5.8% |
| Wholesale trade | $57 | 5.5% |
| Real estate and rental | $40 | 5.3% |
| Construction | $47 | 5.1% |
| Manufacturing | $51 | 5.1% |
| Agriculture and forestry | $29 | 5.0% |
| Accommodation and food services | $15 | 4.3% |
| Arts and entertainment | $17 | 4.1% |
| Transport and warehousing | $38 | 4.0% |
| Professional services | $46 | 3.1% |
| Healthcare | $24 | 3.1% |
| Utilities | $43 | 3.0% |
| Retail trade | $9 | 1.6% |
| Finance and insurance | $11 | 1.0% |
| Other services | $4 | 0.6% |
Leading Industries
Businesses by Industry
Each broad sector is made up of specific industries. In New Mexico. the industry with the most businesses is Services for the elderly and disabled with 7.8% of the businesses in the state (with 4,788 employing 19,079 workers). The Services for the elderly and disabled industry had 423 more businesses, an increase of 9.7% in the last year. Restaurants and other eating places (5.3% of businesses) added 39 businesses, an increase of 1.2% and Computer systems design and related services (2.3% of businesses) added 120 businesses, an increase of 9.1% round out the 3 industries with the most businesses.Table: Top 7 Industries by Business Change %
| Industry | Business Chg | % Change |
|---|---|---|
| Trusts estates and agency accounts | 23 | 255.6% |
| Hunting and trapping | 2 | 100.0% |
| Other consumer goods rental | 68 | 85.0% |
| Other cut and sew apparel manufacturing | 1 | 50.0% |
| Other support activities for transportation | 2 | 50.0% |
| Other performing arts companies | 2 | 40.0% |
| Urethane and other foam product manufacturing | 2 | 40.0% |
Table: Top 7 Industries by Business Change #
| Industry | Business Chg | % Change |
|---|---|---|
| Services for the elderly and disabled | 423 | 9.7% |
| Computer systems design and related services | 120 | 9.1% |
| Other consumer goods rental | 68 | 85.0% |
| Management of companies and enterprises | 48 | 13.5% |
| Temporary help services | 47 | 8.3% |
| Gasoline stations with convenience stores | 45 | 7.4% |
| Offices of real estate agents and brokers | 45 | 7.7% |
Employees by Industry
Restaurants and other eating places (5.3% of employees) added 39 employees, an increase of 1.2% and Computer systems design and related services (2.3% ofemployees) added 120 employees, an increase of 9.1% round out the 3 industries with the most employees.Table: Top 7 Industries by Employee Change %
| Industry | Emp Chg | % Change |
|---|---|---|
| Animal slaughtering and processing | 512 | 339.1% |
| Forging and stamping | 123 | 212.3% |
| Other financial vehicles | 6 | 188.9% |
| Trusts estates and agency accounts | 12 | 127.8% |
| Agents and managers for public figures | 5 | 106.7% |
| Office equipment rental and leasing | 33 | 99.3% |
| Promoters without facilities | 119 | 97.0% |
Table: Top 7 Industries by Employee Change #
| Industry | Emp Chg | % Change |
|---|---|---|
| Research and development in the physical engineering and life sciences | 1,353 | 5.5% |
| Support activities for mining | 1,172 | 7.1% |
| Temporary help services | 1,080 | 14.1% |
| Oil and gas pipeline construction | 970 | 26.8% |
| General medical and surgical hospitals | 847 | 3.9% |
| Direct life and health insurance carriers | 736 | 16.6% |
| Semiconductor and electronic component mfg. | 641 | 23.6% |
Average Weekly Wage by Industry
The industry that pays their employees the most is Investment banking and securities dealing, paying $3,670 compared with the state average of $854. The Investment banking and securities dealing industry paid their employees $121 less per week, a decline of 3.2% in the last year. Computer and peripheral equipment mfg. ($2,323) and Crude petroleum extraction ($2,251) round out the top 3 industries. Employees in the Computer and peripheral equipment mfg. ($2,323 per week) were paid $128 more per week, an increase of 5.8% and Crude petroleum extraction ($2,251 per week) were paid $102 more per week, an increase of 4.7% round out the 3 industries that pay their employees the most.Table: Top 7 Industries by Wage Change %
| Industry | Wkly Chg | % Change |
|---|---|---|
| Other publishers | $953 | 85.8% |
| Industrial design services | $269 | 73.7% |
| Spectator sports | $273 | 62.8% |
| Petroleum bulk stations and terminals | $715 | 58.5% |
| Other building exterior contractors | $314 | 47.2% |
| Direct mail advertising | $269 | 47.1% |
| Glass and glazing contractors | $324 | 45.8% |
Table: Top 7 Industries by Wage Change $
| Industry | Wkly Chg | % Change |
|---|---|---|
| Other publishers | $953 | 85.8% |
| Petroleum bulk stations and terminals | $715 | 58.5% |
| Remediation services | $414 | 42.4% |
| Employment placement and executive search | $388 | 45.6% |
| Miscellaneous intermediation | $371 | 40.2% |
| Glass and glazing contractors | $324 | 45.8% |
| Other building exterior contractors | $314 | 47.2% |
Company Size
New Mexico Businesses by Size
The solopreneur company, has the most businesses in New Mexico by far. 62.2% of all businesses in the state have fewer than 5 employees. The 55,035 small businesses in the state represent 96.1% of all private businesses. The national average is 92.4%. (Small businesses have fewer than 50 employees, Solopreneurs employ fewer than 5.) New Mexico added 1,966 businesses in the last year, an increase of 3.6% as compared to the national average of 3.0%.Small businesses are defined as companies with fewer than 50 employees. These small businesses added 1,927 businesses in the last year, which is an increase of 3.6% as compared to the national average of 3.1%.
Mid-sized businesses are defined as companies with between 50 and 499 employees. These mid-sized businesses added 39 businesses in the last year, which is an increase of 1.8% as compared to the national average of 1.3%.
Large businesses are defined as companies with more than 500 employees. These large businesses added 0 businesses in the last year, which is an increase of 0.0% as compared to the national average of 2.1%.
New Mexico Employees by Business Size
New Mexico added 30,845 employees in the last year, an increase of 5.0% as compared to the national average of 5.2%. Small businesses are defined as companies with fewer than 50 employees. These small businesses added 5,963 businesses in the last year, which is an increase of 12.2% as compared to the national average of 4.2%.Mid-sized businesses are defined as companies with between 50 and 499 employees. Mid-sized businesses added 20,750 employees in the last year, which is an increase of 9.2% as compared to the national average of 4.7%.
Large businesses are defined as companies with more than 500 employees. Large businesses added 4,132 employees in the last year, which is an increase of 6.2% as compared to the national average of 9.2%.
New Mexico Avg Weekly Wages by Business Size
New Mexico workers in every size business are paid less than the national average. The smallest companies in New Mexico (those with fewer than 5 employees) pay workers 18.9% less than the national average ($845 per week as compared to the national average of $1,005 per week). The largest companies in New Mexico (those with more than 1,000 employees) pay 11.5% workers below the national average ($1,715 per week as compared to the national average of $1,913 per week).Average weekly wages in small businesses added $79 per week in the last year, which is an increase of 2.7% as compared to the national average of 3.1%. Employees of mid-sized businesses added $72 in wages per week in the last year, which is an increase of 2.8% as compared to the national average of 1.3%.
Employees of large businesses added $167 of weekly wages in the last year, which is an increase of 6.7% as compared to the national average of 2.1%.
Top Industries for Business and Employment
The table below illustrates the largest industries in the state, by number of businesses:Table: Top 10 Industries by # of Businesses
| Industry | # Businesses | % Change |
|---|---|---|
| Services for the elderly and disabled | 4,788 | 9.7% |
| Restaurants and other eating places | 3,258 | 1.2% |
| Computer systems design and related services | 1,433 | 9.1% |
| Offices of lawyers | 1,163 | -0.2% |
| Residential building construction | 1,098 | 0.3% |
| Offices of physicians | 1,047 | -1.9% |
| Support activities for mining | 896 | 1.9% |
| Accounting and bookkeeping services | 884 | 3.2% |
| Management consulting services | 828 | 4.3% |
| Insurance agencies and brokerages | 817 | 1.6% |
The table below illustrates the largest industries in the state, by number of employees:
Table: Top 10 Industries by # of Employees
| Industry | # Employees | % Change |
|---|---|---|
| Restaurants and other eating places | 69,558 | 0.3% |
| Research and development in the physical engineering and life sciences | 25,687 | 5.5% |
| General medical and surgical hospitals | 22,627 | 3.9% |
| Services for the elderly and disabled | 19,079 | -1.3% |
| Support activities for mining | 17,621 | 7.1% |
| General merchandise stores including warehouse clubs and supercenters | 16,320 | 1.0% |
| Hotels and motels except casino hotels | 13,950 | 0.3% |
| Home health care services | 13,553 | -1.3% |
| Supermarkets and other grocery stores | 13,286 | -0.6% |
| Offices of physicians | 12,062 | -2.6% |
The table below illustrates the largest industries in the state, by highest wages:
Table: Top 10 Industries by Weekly Wage
| Industry | Wkly Wages | % Change |
|---|---|---|
| Investment banking and securities dealing | $3,670 | -3.2% |
| Computer and peripheral equipment mfg. | $2,323 | 5.8% |
| Crude petroleum extraction | $2,251 | 4.7% |
| Portfolio management | $2,218 | 0.0% |
| Ophthalmic goods merchant wholesalers | $2,136 | -0.5% |
| Petroleum refineries | $2,122 | 0.0% |
| Software publishers | $2,111 | 4.2% |
| Photographic equip. merchant wholesalers | $2,100 | 3.8% |
| Other publishers | $2,064 | 85.8% |
| Securities brokerage | $2,061 | -8.1% |
Data Sources
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