Prospective new residents of Albuquerque might not know what to expect from the Duke City job market. If you’re considering moving to Albuquerque, New Mexico, we have good news: the workforce is alive and well.
If you’re not already on the next bus to Burque, you might still have questions: What kinds of jobs are available in Albuquerque? What are average salaries in the area? How’s the unemployment rate?
In this guide, we’re exploring everything potential newcomers need to know about the Albuquerque job market. We’ll break down a few key FAQs — and some stats from 2022 — to help you develop a clearer picture of the workforce in 2023.
The Albuquerque Job Market: FAQs and Outlook
Overall, the future is bright for Albuquerque job seekers: nearly 40,000 new jobs were created statewide between June of 2022 and June of 2023, and the Duke City workforce grew, too.
Let’s explore some other statistics from 2022 and early 2023 to help Albuquerque job seekers know what to expect during their searches.
What Kinds of Jobs Are Most Prevalent in Albuquerque?
Careers in the city, state, and federal governments continue to make up a substantial portion of available jobs in Albuquerque. As of August 2022, there were nearly 400,000 jobs in Albuquerque, and some of the largest sectors include:
- Government – 76,300 jobs
- Education and healthcare – 66,300 jobs
- Trade, transportation, and utilities – 66,200 jobs
- Professional and business services – 62,500 jobs
- Leisure and hospitality – 44,400 jobs
- Intel Corp.
- Sandia National Laboratories
- Albuquerque Public Schools
- Presbyterian Healthcare Services
- The University of New Mexico
So, while this list might look STEM- and healthcare-heavy, all employers (in the public and private sectors) need a workforce with diverse skills — if you have a specialty, there’s a job waiting for you in The Duke City.
Are There New Trends Developing in the Albuquerque, NM Job Market?
One of the most significant trends in the Albuquerque job market is the growing private sector. It’s a great time to start or join a small business in the Duke City.
Why the sudden uptick in startups in Albuquerque? Local resources for entrepreneurs have only grown in recent years, especially in the wake of the COVID-19 pandemic. New business owners have taken advantage of new and growing programs like:
- 1 Million Cups – 1 Million Cups (1MC) is a national program supporting innovators with networking opportunities, pitch support, and fundraising. Albuquerque’s program is one of the fastest-growing in the nation.
- Innovate ABQ – Innovate ABQ is a new innovation hub and startup incubator located in the heart of the Duke City. It was specifically designed to help entrepreneurs harness opportunities in and around the city.
- UNM Small Business Institute – The University of New Mexico’s Small Business Institute (SBI) has been offering low-cost consulting and management services to local businesses for multiple years. The program connects entrepreneurs and startups with School of Management students and a faculty sponsor, helping owners grow their businesses while offering future business grads hands-on experience.
This is just the tip of the iceberg. The Duke City is becoming the Southwest’s innovation hub, and local programs have only made it easier to start a business in Albuquerque.
How Is the Unemployment Rate Changing in Albuquerque?
Despite a pandemic-related jump in mid-2020, the Albuquerque unemployment rate has been trending down for the last decade — and the future remains bright.
There are a few reasons why unemployment numbers are falling in Albuquerque:
- Growing private sector work – As noted above, the private sector in the Duke City is only growing. Though public-sector work (in government, STEM, and healthcare industries) remains strong, the growing small business scene has created numerous jobs for Albuquerque residents.
- Continued public sector growth – Government jobs have been the backbone of the Albuquerque economy for some time. Federally funded institutions like Los Alamos National Laboratory and Sandia National Laboratories continue to grow, and their important roles in the U.S. nuclear program will likely continue to generate jobs for locals.
- Increasing salaries – Wages are only going up in Albuquerque, and this has had a noticeable impact on the unemployment rate in the area. The city’s minimum wage increased to $12/hour on January 1, 2023, and salaries generally increased as a result.
What Types of Jobs Offer the Highest Salaries?
While the job market in Albuquerque is improving overall, some industries and employers are offering especially competitive wages and benefits to locals. If you’re looking for a comfortable salary, check out jobs related to:
- Federally funded research and innovation
As they do elsewhere, wages in Albuquerque often correlate to education level and workforce experience. Since the Duke City offers a wealth of educational opportunities and a healthy job market, Albuquerque is an excellent place to grow your career and unlock your earning potential.
Takeaways for Job-Seekers: The Future is Bright in Albuquerque
Data from 2022 and early 2023 send a clear message: jobseekers in Albuquerque have plenty of opportunities to find work.
Plus, the flourishing workforce isn’t the only reason to consider moving to Albuquerque. Between our picturesque views, massive activities docket, and affordable living, you’re sure to fall in love with the cultural hub of the Southwest!