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ABQ’s Economy Grew by 2 Percent in 2016

ABQ’s Economy Grew by 2 Percent in 2016

The bad news is that since 2012, the area's GDP has grown by only 2.8 percent

There was some good news for the Albuquerque metro area’s economy in 2016: it’s gross domestic product grew by 2 percent, topping the national average of 1.7 percent.

Every industry sector, with the exception of manufacturing, contributed to the gain, according to new data Wednesday from the U.S. Bureau of Labor Statistics. The biggest contributor to the increased GDP was professional and business services, which includes lawyers, architects, engineers and other well-paid professionals. It was followed by education and health services sector

The four-county area’s GDP in constant dollars was $38.5 billion in 2016, up from $37.7 billion the previous year.

But the bad news is that since 2012, the area’s GDP has grown by only 2.8 percent. During that time the Denver area’s GDP grew by 12.5 percent, Las Vegas was up by 13.7, Phoenix by 7.8 percent and Salt Lake City 10.3 percent.

In the year that ended Aug. 31, the Albuquerque metro area added 4,200 jobs for a 1.1 percent growth rate. But the area still hasn’t reached pre-recession jobs levels. The area’s jobs peaked at 401,700 in December of 2007

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

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Albuquerque’s definitive alternative newspaper publishing an inquisitive, modern approach to the news and entertainment stories that matter most to New Mexicans. ABQ Free Press’ fresh voice speaks to insightful and involved professionals who care deeply about our community.