- 3,687 more businesses
- 30,996 more employees
- 19.5% increase in total wages
- $5,040 in additional annual wages per employee
- 13.6% increase in wages per employee
Since 2009, the number of businesses in New Mexico has grown by 7.3% (2.2% less than the national average of 9.5%). Employment in New Mexico has grown by 5.1% (9.3% less than the national average of 14.4%). Wages have grown by 13.6% since the end of the Great Recession. This wage growth is 8.9% less than the national average of 22.5%.
The average weekly wage in New Mexico of $809 is 24.0% below the national average of $1,064. The gap between the national average has widened from 18.0% a widening of 6.0% since the end of the recession.
The Healthcare sector has the most businesses in the state of New Mexico . Since the end of the recession, the number of businesses has grown from 5,423 to 8,781, a gain of 61.9%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||4,166||3,786||10.0%|
|Finance and insurance||2,733||2,711||0.8%|
|Real estate and rental||2,360||2,298||2.7%|
|Transport and warehousing||1,446||1,435||0.8%|
|Mining and oil extraction||1,137||872||30.4%|
|Agriculture and forestry||854||746||14.5%|
|Arts and entertainment||763||703||8.5%|
Two of the sectors with the most businesses suffered declines in the number of businesses since the recession. The hardest hit is the Construction sector which lost 1,000 businesses as it declined by 16.1%. The other big sector that declined is the Retail trade sector which lost 4.8% of its businesses. As mentioned above, Healthcare added a lot of businesses since 2009, Mining and oil extraction increased by 30.4% and Professional services added over 300 businesses for a 5.8% increase in the number of businesses in New Mexico.
The Healthcare sector employs the most workers in the state of New Mexico. The number of jobs has increased 19.2% since the end of the recession from 99,282 to 118,319. The table below illustrates the change in employment in each sector:
|Accommodation and food services||86,516||75,558||14.5%|
|Finance and insurance||22,606||22,144||2.1%|
|Mining and oil extraction||21,056||17,581||19.8%|
|Transport and warehousing||17,962||16,324||10.0%|
|Agriculture and forestry||11,219||10,692||4.9%|
|Real estate and rental||9,998||9,980||0.2%|
|Arts and entertainment||9,805||8,609||13.9%|
Of the 19 sectors tracked by the BLS, 8 of them had declining employment since the recession. Manufacturing lost over 3600 jobs declining by 12%. Construction (-4.7%), Information (-15.8%) and Utilities (-5.6) also lost a good number of jobs. These job losses were somewhat offset by increases in the Healthcare sector, Accommodation and food services (+14.5%), Waste services (+4.3%), Mining and oil extraction (+19.8%) and Arts and entertainment (+13.9%).
The sector with the highest wages is the Professional services sector at $1,516. Prior to the recession, the sector’s average weekly wage was $1,274. This is an increase of $242 per week or 19.0%. The table below illustrates the change in average weekly wages in each sector:
|Mining and oil extraction||$1,464||$1,266||15.6%|
|Finance and insurance||$1,167||$929||25.6%|
|Transport and warehousing||$895||$749||19.5%|
|Real estate and rental||$743||$602||23.4%|
|Agriculture and forestry||$570||$468||21.8%|
|Arts and entertainment||$412||$369||11.7%|
|Accommodation and food services||$337||$287||17.4%|
Wages in New Mexico grew by only 13.6%, which is significantly below the national average. The Healthcare industry added the most jobs, but had very low wage growth since 2009, increasing by only 8.7%. Being the largest sector for employment in the state, this kept wage growth in check. Several sectors had good increases like Finance and insurance (+25.6%), Information (+20.1%) and Real estate and rental (+23.4%) but not enough job growth in these sectors also contributed to the slow wage growth in the state.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Services for the elderly and disabled which has grown 263.2%. The top industry that has contracted the most is Residential building construction which has contracted by 32.2% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Services for the elderly and disabled||3,988||1,098||263.2%|
|Computer systems design and related services||1,185||921||28.7%|
|Offices of lawyers||1,133||1,159||-2.2%|
|Residential building construction||1,061||1,565||-32.2%|
|Offices of physicians||1,059||1,129||-6.2%|
|Support activities for mining||881||559||57.6%|
|Accounting and bookkeeping services||846||833||1.6%|
|Insurance agencies and brokerages||793||767||3.4%|
|Management consulting services||737||755||-2.4%|
|Offices of dentists||703||612||14.9%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Telephone call centers which has grown 139.1%. The industry that has added the lowest percentage of employees is Supermarkets and other grocery stores which has has grown by 7.0% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|Research and development in the physical, engineering, and life sciences||23,671||21,940||7.9%|
|General medical and surgical hospitals||21,239||19,503||8.9%|
|Services for the elderly and disabled||19,097||11,703||63.2%|
|Home health care services||14,061||10,503||33.9%|
|Hotels and motels, except casino hotels||13,841||12,783||8.3%|
|Supermarkets and other grocery stores||13,056||12,206||7.0%|
|Support activities for mining||13,010||9,258||40.5%|
|Offices of physicians||12,388||11,507||7.7%|
|Temporary help services||7,853||5,642||39.2%|
|Telephone call centers||7,479||3,128||139.1%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Other financial vehicles which has grown 495.8%. The average weekly wage in the Electric power generation industry has grown by 1.8% since the recession. This is the industry with the lowest change in wages amonth the top industries in New Mexico . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$4,307||$2,491||72.9%|
|Other financial vehicles||$2,836||$476||495.8%|
|Computer and peripheral equipment mfg.||$2,345||$1,630||43.9%|
|Research and development in the physical, engineering, and life sciences||$1,953||$1,652||18.2%|
|Semiconductor and electronic component mfg.||$1,852||$1,588||16.6%|
|Electric power generation||$1,791||$1,823||-1.8%|
|Druggists’ goods merchant wholesalers||$1,775||$1,584||12.1%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
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 declined from 42 to 36, which is a decrease 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%|
|More Than 1,000 Employees||14||14||0.0%|
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 declined from 112,957 to 131,998, which is a decrease 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%|
|More Than 1,000 Employees||45,405||44,981||0.9%|
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%|
|More Than 1,000 Employees||$1,689||$1,329||27.1%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.