NM's Economy Still Stinks
It's the same old story for New Mexico's economy: the worst job growth rate of any state in the region.
In the 12 months that ended Sept. 30, New Mexico added 6,800 jobs, for a 0.9 percent growth rate.
And the state's economy continues stumbling around in its lost decade. As of September, the state still had not reached its pre-recession jobs level. Jobs in the state peaked at 849,900 in February of 2008. As of September, the state had 838,500 jobs, according to the U.S. Bureau of Labor Statistics.
The state's jobs situation wasn't totally bleak, however. Over the year, seven industry sectors added jobs and four lost them. The biggest loser was government, which shed 3,400 jobs. But the state is still top-heavy with government jobs, as the sector accounts for 22.3 percent of all the state's jobs.
Nationally, 15 percent of all jobs are in the government sector.
The biggest jobs winners in the state were the construction, and the trade, transportation and utilities sectors, which grew by 3,000 and 2,400 jobs respectively.
So how bad has New Mexico's economy been in relation to surrounding states? The worst. It's the only state in the region that has yet to reach pre-recession jobs levels.
Oklahoma surpassed its pre-recession jobs level in October of 2012, Colorado in March 2013, Utah in December 2012, Texas in November 2011, and Nevada and Arizona in mid-2016.