New Mexico Q4, 2019 Employment Statistics- 63,919 employers, up 4.6% from 61,086
- 844,824 employees, up 1.6% from 831,433
- $942 average weekly wage, up 4.0% from $906
- The average weekly wage is 20.5% 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 2,833, which is an increase of 4.6%. The number of employees in New Mexico increased by 13,391, an increase of 1.6%. During this same period, the average weekly wage increased by $36, an increase of 4.0%.
The number of private employers increased since last years' Q1. The number of private businesses increased by 2,836 or 5.0%. Growth in private businesses in New Mexico grew faster than the national average of 2.5%. The number of employees in these businesses increased since last years' Q1, increasing by 11,015 or 1.7%. The growth in employees of private businesses in New Mexico was faster than the national average of 1.2%.
The average weekly wage of employees of private businesses increased since last years' Q1. The averge weekly wage increased by $34 or 3.8%. Growth in average weekly wage of employees of private businesses in New Mexico grew slower 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 16.1% of the businesses in the state. The number of businesses in this sector increased by 8.1%. Professional services (12.0%), which increased by 6.2% and Retail trade (9.7%), which decreased by 0.5%, round out the 3 largest sectors.
Table: Sectors by Year-over-Year Qtly Business Change %
| Sector | Change Biz | % Change |
|---|---|---|
| Company management | 57 | 15.1% |
| Information | 101 | 10.0% |
| Healthcare | 775 | 8.1% |
| Educational services | 63 | 6.9% |
| Transport and warehousing | 102 | 6.7% |
| Mining and oil extraction | 77 | 6.7% |
| Professional services | 447 | 6.2% |
| Waste services | 197 | 6.0% |
| Agriculture and forestry | 51 | 5.8% |
| Wholesale trade | 154 | 5.5% |
| Construction | 279 | 5.2% |
| Arts and entertainment | 36 | 4.6% |
| Real estate and rental | 113 | 4.5% |
| Accommodation and food services | 157 | 3.6% |
| Other services | 145 | 3.5% |
| Manufacturing | 48 | 2.7% |
| Finance and insurance | 60 | 2.1% |
| Utilities | 4 | 1.5% |
| Retail trade | -30 | -0.5% |
Employees by Sector
The sector with the greatest number of employees in the state is Healthcare with 14.4% of the employees in the state, had an increase in employees of 1.5% in the last year. Retail trade (10.8%), decreased by 1.3% and Accommodation and food services (10.5%), increased by 0.9%, round out the top 3 sectors.Table: Sectors by Year-over-Year Qtly Employee Change %
| Sector | Employee Change | % Change |
|---|---|---|
| Construction | 3,448 | 7.2% |
| Arts and entertainment | 590 | 6.2% |
| Company management | 310 | 5.5% |
| Manufacturing | 1,319 | 4.8% |
| Professional services | 2,709 | 4.7% |
| Educational services | 399 | 4.1% |
| Real estate and rental | 404 | 3.9% |
| Transport and warehousing | 444 | 2.2% |
| Waste services | 813 | 1.8% |
| Wholesale trade | 356 | 1.7% |
| Healthcare | 1,739 | 1.5% |
| Other services | 248 | 1.2% |
| Accommodation and food services | 780 | 0.9% |
| Finance and insurance | 157 | 0.7% |
| Mining and oil extraction | -106 | -0.4% |
| Agriculture and forestry | -71 | -0.6% |
| Retail trade | -1,204 | -1.3% |
| Utilities | -155 | -3.6% |
| Information | -1,163 | -9.4% |
Average Weekly Wage by Sector
The sector that pays their employees the highest is Professional services paying $1,709per week compared with the state average of $922. Weekly wages in this sector rose by $55 or 3.3%. Mining and oil extraction ($1,635), rose by $64 or 4.1% and Company management ($1,550) increased by $190 or 14.0% round out the 3 largest sectors.Table: Sectors by Year-over-Year Weekly Wage Change %
| Sector | Wage Change | Change % |
|---|---|---|
| Company management | $190 | 14.0% |
| Arts and entertainment | $38 | 7.9% |
| Manufacturing | $69 | 6.5% |
| Construction | $62 | 6.0% |
| Wholesale trade | $53 | 4.7% |
| Waste services | $33 | 4.5% |
| Accommodation and food services | $15 | 4.1% |
| Mining and oil extraction | $64 | 4.1% |
| Real estate and rental | $33 | 3.9% |
| Professional services | $55 | 3.3% |
| Other services | $22 | 3.2% |
| Educational services | $24 | 3.1% |
| Utilities | $45 | 3.0% |
| Agriculture and forestry | $14 | 2.1% |
| Information | $22 | 2.1% |
| Transport and warehousing | $21 | 2.1% |
| Healthcare | $15 | 1.8% |
| Finance and insurance | $23 | 1.6% |
| Retail trade | $3 | 0.5% |
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 8.1% of the businesses in the state (with 5,177 employing 19,961 workers). The Services for the elderly and disabled industry had 593 more businesses, an increase of 12.9% in the last year. Restaurants and other eating places (5.2% of businesses) added 105 businesses, an increase of 3.2% and Computer systems design and related services (2.4% of businesses) added 146 businesses, an increase of 10.5% 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 | 35 | 500.0% |
| Men's and boys' clothing merchant wholesalers | 4 | 100.0% |
| Other consumer goods rental | 66 | 83.5% |
| Support activities for printing | 2 | 50.0% |
| Pottery ceramics and plumbing fixture mfg | 4 | 44.4% |
| Junior colleges | 4 | 44.4% |
| Limousine service | 3 | 42.9% |
Table: Top 7 Industries by Business Change #
| Industry | Business Chg | % Change |
|---|---|---|
| Services for the elderly and disabled | 593 | 12.9% |
| Computer systems design and related services | 146 | 10.5% |
| Restaurants and other eating places | 105 | 3.2% |
| Management consulting services | 77 | 9.5% |
| Other consumer goods rental | 66 | 83.5% |
| Temporary help services | 66 | 11.1% |
| Support activities for mining | 58 | 6.6% |
Employees by Industry
Restaurants and other eating places (5.2% of employees) added 105 employees, an increase of 3.2% and Computer systems design and related services (2.4% ofemployees) added 146 employees, an increase of 10.5% round out the 3 industries with the most employees.Table: Top 7 Industries by Employee Change %
| Industry | Emp Chg | % Change |
|---|---|---|
| Industrial building construction | 1,310 | 202.3% |
| Forging and stamping | 116 | 184.6% |
| Animal slaughtering and processing | 361 | 150.1% |
| Junior colleges | 69 | 92.5% |
| Footwear merchant wholesalers | 8 | 78.8% |
| Scenic and sightseeing transportation other | 85 | 77.2% |
| Office equipment rental and leasing | 31 | 68.9% |
Table: Top 7 Industries by Employee Change #
| Industry | Emp Chg | % Change |
|---|---|---|
| Research and development in the physical engineering and life sciences | 1,895 | 7.8% |
| Industrial building construction | 1,310 | 202.3% |
| Temporary help services | 933 | 11.3% |
| Services for the elderly and disabled | 835 | 4.4% |
| Semiconductor and electronic component mfg. | 828 | 28.9% |
| Computer systems design and related services | 638 | 11.5% |
| General medical and surgical hospitals | 625 | 2.8% |
Average Weekly Wage by Industry
The industry that pays their employees the most is Portfolio management, paying $13,044 compared with the state average of $922. The Portfolio management industry paid their employees $2,410 less per week, a decline of 15.6% in the last year. Investment banking and securities dealing ($4,627) and Independent artists writers and performers ($3,184) round out the top 3 industries. Employees in the Investment banking and securities dealing ($4,627 per week) were paid $809 more per week, an increase of 21.2% and Independent artists writers and performers ($3,184 per week) were paid $1,443 more per week, an increase of 82.9% round out the 3 industries that pay their employees the most.Table: Top 7 Industries by Wage Change %
| Industry | Wkly Chg | % Change |
|---|---|---|
| Independent artists writers and performers | $1,443 | 82.9% |
| Scenic and sightseeing transportation other | $1,095 | 80.1% |
| Other building exterior contractors | $642 | 77.9% |
| Geophysical surveying and mapping services | $527 | 72.5% |
| Agents and managers for public figures | $508 | 61.3% |
| Trusts estates and agency accounts | $468 | 52.6% |
| Financial transaction processing and clearing | $570 | 44.7% |
Table: Top 7 Industries by Wage Change $
| Industry | Wkly Chg | % Change |
|---|---|---|
| Independent artists writers and performers | $1,443 | 82.9% |
| Scenic and sightseeing transportation other | $1,095 | 80.1% |
| Investment banking and securities dealing | $809 | 21.2% |
| Other building exterior contractors | $642 | 77.9% |
| Photographic equip. merchant wholesalers | $573 | 40.1% |
| Financial transaction processing and clearing | $570 | 44.7% |
| Geophysical surveying and mapping services | $527 | 72.5% |
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 91.2%. (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 | 5,177 | 12.9% |
| Restaurants and other eating places | 3,344 | 3.2% |
| Computer systems design and related services | 1,535 | 10.5% |
| Offices of lawyers | 1,184 | 1.2% |
| Residential building construction | 1,137 | 4.1% |
| Offices of physicians | 1,056 | -0.7% |
| Support activities for mining | 942 | 6.6% |
| Accounting and bookkeeping services | 925 | 5.6% |
| Management consulting services | 886 | 9.5% |
| Insurance agencies and brokerages | 835 | 2.0% |
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 | 68,548 | 0.6% |
| Research and development in the physical engineering and life sciences | 26,258 | 7.8% |
| General medical and surgical hospitals | 23,097 | 2.8% |
| Services for the elderly and disabled | 19,961 | 4.4% |
| Support activities for mining | 17,117 | -2.6% |
| General merchandise stores including warehouse clubs and supercenters | 16,806 | 1.5% |
| Home health care services | 14,025 | 2.5% |
| Hotels and motels except casino hotels | 13,977 | 0.9% |
| Supermarkets and other grocery stores | 13,415 | -0.3% |
| Offices of physicians | 12,106 | -2.3% |
The table below illustrates the largest industries in the state, by highest wages:
Table: Top 10 Industries by Weekly Wage
| Industry | Wkly Wages | % Change |
|---|---|---|
| Portfolio management | $13,044 | -15.6% |
| Investment banking and securities dealing | $4,627 | 21.2% |
| Independent artists writers and performers | $3,184 | 82.9% |
| Other publishers | $2,837 | -25.6% |
| Petroleum refineries | $2,605 | 5.0% |
| Computer and peripheral equipment mfg. | $2,537 | 5.8% |
| Scenic and sightseeing transportation other | $2,462 | 80.1% |
| Securities brokerage | $2,456 | -0.8% |
| Pipeline transportation of natural gas | $2,410 | 9.0% |
| Software publishers | $2,329 | 1.9% |
Data Sources
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