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Albuquerque Metro Area Housing Market Weak

Albuquerque Metro Area Housing Market Weak

In the year that ended July 1, 2015, Bernalillo County, the area's population center, had a net outmigration of 1,755 people, which means that many more people left the area than arrived.

BY DENNIS DOMRZALSKI

When a community is adding jobs, the houses follow. That’s why people look to housing permits to gauge the health of an economy.

And, by that standard, the Albuquerque metro area’s economy stinks. In 2015, area builders pulled 2,295 permits for single and multi-family projects. That was a decrease from the 2,543 permits issued in 2014, according to figures released Monday by the U.S. Census Bureau. And it was a long way from the 7,455 housing permits that were issued in 2004.

The weak home-building market shouldn’t be surprising. Until March, the area was barely adding any jobs, and, for the past four years, the area has seen a net outmigration of people. In the year that ended July 1, 2015, Bernalillo County, the area’s population center, had a net outmigration of 1,755 people, which means that many more people left the area than arrived.

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Dennis Domrzalski is managing editor of ABQ Free Press. Reach him at dennis@freeabq.com.

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