According to a report created by Brookings Mountain West, a group of researchers from the University of Nevada, there is hope for the Albuquerque job market, and that of many western states. The West, the report indicates, is seeing significant improvements in economic recovery.
The report indicated that New Mexico, along with Utah and Colorado saw a 0.3 percent growth in employment in the month of September. That is higher than the national rate of just 0.1 percent. Because these states have a broad economic base, they fared better in the current economic climate than other states.
The Albuquerque economy led the way, along with Ogden, Utah and Provo, Utah in improvements. However, when it comes to job growth, the Albuquerque job market did see stagnant growth overall. The underlying problems in the area tend to be the high number of foreclosures, depressed housing market and the lack of new jobs opening up.
However, with the economic conditions improving in the city, this may offer an opportunity for the job market to begin to rebound. Investors are more likely to begin investing in the area if they see improvements in the economic conditions there.
The area has been hit hard due to the economic condition and the meltdown of the mortgage industry in the area. More so, all of the industries that correspond with the real estate industry, including construction jobs continue to hurt here. That, coupled with a lack of new jobs, has hurt the Albuquerque job market the most. However, there is clear indication that things are improving.