The year 2012 was a tough one for New Mexico’s economy. Without going through the litany of evidence, our state was the only Western state to be found on United Van Lines’ list of “top-outbound” states. And, while the United States as a whole grew by an anemic 2.2 percent during the year, New Mexico grew by a downright pitiful 0.2 percent. Texas grew by 4.8 percent.
As the end of 2013 nears, new data from the Bureau of Labor Statistics indicate that 2013 is not looking to be much better.
According to the report, the state’s labor force participation rate, a measure of how many working-age residents are employed or looking for work, was the fourth-worst in the nation in October. And, between April and October, the state lost 20,382 jobs, or 2.4 percent, and nearly 24,000 labor force participants.
To top it all off, according to CoreLogic, New Mexico was the only state to show a decline in home prices from October 2012 through October 2013.
According to a report from the Mercatus Center at George Mason University, New Mexico is both the most reliant state on federal employment and has become even more so in recent years having lost more private sector jobs between 2007-2012 than all but eight states.