In the summer saga of state finances, this week brings a general look at the economy and its prospects. Our principal source is the more than 100 pages of background material provided for the Aug. 24 meeting of the Legislative Finance Committee.
Wage jobs provide the starting point. In July, 825,300 people claimed jobs, among the lowest proportions of population in the nation. Metro Albuquerque was home to 384,500 jobs, or 47 percent of the total. Another 184,300 jobs were scattered among Santa Fe, Las Cruces and Farmington. For all the state’s distance and emptiness, 69 percent of our jobs are in the seven metro counties.
“Employment has continued to grow at a depressed pace,” observed the LFC. For the July 2015 to July 2016 year, jobs in the state grew 1.2 percent, tied for 35th among the states. For depressing perspective, Utah’s growth was second nationally. Colorado and Arizona tied for sixth. New Mexico’s income growth is also depressed.