New Mexico Business & Employment Growth Since 2009

  • 6,328 more businesses
  • 30,340 more employees
  • 3.8% increase in total wages
  • $6,611 increase in annual wages per employee
  • 17.2% increase in wages per employee

Since 2009, the number of businesses in New Mexico has grown by 11.8% (0.3% greater than the national average of 11.4%). Employment in New Mexico has grown by 3.8% (9.8% less than the national average of 13.6%). Wages have grown by 17.1% since the end of the Great Recession. This wage growth is 8.5% less than the national average of 25.7%.
The average weekly wage in New Mexico of $868 is 26.8% below the national average of $1,101. The gap between the national average has widened from 18.2% a widening of 8.6% since the end of the recession.

Sector Growth

Business Sector Growth

The Healthcare sector has the most businesses in the state of New Mexico. Since the end of the recession, the number of businesses has grown from 5,423 to 9,320, a gain of 71.9%. The table below illustrates the change in number of businesses in each sector.
Sector20182009Pct Chg
Healthcare9,3205,42371.9%
Professional services7,0616,30412.0%
Retail trade6,1996,400-3.1%
Construction5,3266,129-13.1%
Accommodation and food services4,3213,78614.1%
Other services4,0623,9802.1%
Waste services3,2112,68419.6%
Finance and insurance2,8222,7114.1%
Wholesale trade2,7612,997-7.9%
Real estate and rental2,4642,2987.2%
Manufacturing1,7661,6417.6%
Transport and warehousing1,5081,4355.1%
Mining and oil extraction1,13287229.8%
Information9829167.2%
Educational services88971524.3%
Agriculture and forestry87274616.9%
Arts and entertainment78070311.0%
Company management36128128.5%
Utilities2712613.8%

The sector that has had the strongest growth [in number of businesses] is the Healthcare sector, which has increased by 71.9% since 2009. The sector that has has the largest decline is the Construction sector, which has declined by 13.1% since the recession.

Employment Sector Growth

The Healthcare sector has the most employees in the state of New Mexico. Since the end of the recession, the number of employees has grown from 99,282 to 119,099, a gain of 20.0%. The table below illustrates the change in number of employees in each sector.
Sector20182009Pct Chg
Healthcare119,09999,28220.0%
Retail trade91,36291,647-0.3%
Accommodation and food services87,70975,55816.1%
Professional services57,18156,1471.8%
Construction47,25247,731-1.0%
Waste services43,89541,3926.0%
Manufacturing27,14730,013-9.5%
Mining and oil extraction24,57017,58139.8%
Finance and insurance22,69222,1442.5%
Wholesale trade21,03021,753-3.3%
Other services20,94021,413-2.2%
Transport and warehousing19,25216,32417.9%
Information12,01114,721-18.4%
Agriculture and forestry11,26610,6925.4%
Real estate and rental10,2589,9802.8%
Arts and entertainment10,0078,60916.2%
Educational services9,4247,33128.5%
Company management5,6435,08011.1%
Utilities4,3134,613-6.5%

The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 20.0% since 2009. The sector that has has the largest employment decline in number of employees is the Manufacturing sector, which has declined by 9.5% since the recession.

Weekly Wage Growth By Sector

The Professional services sector has the highest average weekly wage in the state of New Mexico. Since the end of the recession, the average wage has grown from $1,274 to $1,556, a gain of 22.1%. The table below illustrates the change in weekly wage in each sector.
Sector20182009Pct Chg
Professional services$1,556$1,27422.1%
Utilities$1,549$1,33316.2%
Mining and oil extraction$1,531$1,26620.9%
Company management$1,314$1,11418.0%
Finance and insurance$1,215$92930.8%
Wholesale trade$1,064$91915.8%
Information$1,023$81725.2%
Manufacturing$1,022$9507.6%
Transport and warehousing$970$74929.5%
Construction$948$78720.5%
Healthcare$804$72211.4%
Real estate and rental$772$60228.2%
Educational services$758$61922.5%
Waste services$699$60914.8%
Other services$661$51927.4%
Agriculture and forestry$599$46828.0%
Retail trade$567$47718.9%
Arts and entertainment$436$36918.2%
Accommodation and food services$350$28722.0%

The sector that has had the strongest wage growth is the Finance and insurance sector, which has increased by 30.8% since 2009. The sector that has has the smallest wage growth is the Accommodation and food services sector, which has declined by 22.0% since the recession.


Industry Growth

Business Industry Growth

The Services for the elderly and disabled industry has the greatest number of businesses in the state of New Mexico. Since the end of the recession, the number of businesses has grown from 1,098 to 4,413, a gain of 301.9%. The table below illustrates the change in the number of businesses in the top industries.

Industry20182009Pct Chg
Services for the elderly and disabled4,4131,098301.9%
Computer systems design and related services1,32492143.8%
Offices of lawyers1,1621,1590.3%
Residential building construction1,0891,565-30.4%
Offices of physicians1,0671,129-5.5%
Support activities for mining87655956.7%

The top industry that has had the largest increase in the number of businesses is the Services for the elderly and disabled industry, which has increased by 301.9% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 30.4% since the recession.

Employment Industry Growth

The Restaurants and other eating places industry has the greatest number of employees in the state of New Mexico. This industry currently has 68,461 employees in it. There is no direct comparison back to the total at the end of the recession and is not included in the table below.

Industry20182009Pct Chg
Research and development in the physical engineering and life sciences24,41121,94011.3%
General medical and surgical hospitals21,89019,50312.2%
Services for the elderly and disabled19,25011,70364.5%
Support activities for mining16,6729,25880.1%
Hotels and motels except casino hotels13,85712,7838.4%

The top industry that has had the largest increase in the number of employees is the Services for the elderly and disabled industry, which has increased by 64.5% since 2009. The top industry that has has the largest decline in the number of employees is the Hotels and motels except casino hotels industry, which has declined by 8.4% since the recession.

Weekly Wage Growth By Industry

The Other financial vehicles industry has the highest average weekly wage in the state of New Mexico. Since the end of the recession, the average wage has grown from $476 to $7,680, a gain of 1,513.4%. The table below illustrates the change in weekly wage in each sector.
Industry20182009Pct Chg
Other financial vehicles$7,680$4761,513.4%
Portfolio management$5,684$4,63222.7%
Investment banking and securities dealing$4,233$2,49169.9%
Other publishers$2,320$388497.9%
Computer and peripheral equipment mfg.$2,316$1,63042.1%
Software publishers$2,203$1,53143.9%
Securities brokerage$2,181$1,53941.7%

The top industry that has had the strongest wage growth is the Other financial vehicles industry, which has increased by 1,513.4% since 2009. The top industry that has has the largest wage decline is the Securities brokerage industry, which has declined by 41.7% since the recession.


Company Size

Business Growth By Company Size

The biggest percentage change in the number of businesses has been in businesses with 20 to 49 employees. The number of businesses with this number of employees has grown from 3,784 to 4,441, which is an increase of 17.4%.

The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 42 to 36, which is an increase of -14.3%.

Table: Change in the number of Businesses by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees33,68030,49310.5%
5-9 Employees8,7168,5112.4%
10-19 Employees6,1625,7656.9%
20-49 Employees4,4413,78417.4%
50-99 Employees1,2961,1819.7%
100-249 Employees69359516.5%
250-499 Employees1551447.6%
500-999 Employees3642-14.3%
More Than 1,000 Employees14140.0%


Employment Growth by Company Size

The biggest percentage change in the number of employees has been in businesses with 20 to 49 employees. The number of employees in companies this size has grown from 112,957 to 131,998, which is an increase of 16.9%.

The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 26,778 to 23,605, which is an increase of -11.9%.

Table: Change in the number of Employees by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees49,99147,9314.3%
5-9 Employees57,63955,8803.1%
10-19 Employees83,29077,6897.2%
20-49 Employees131,998112,95716.9%
50-99 Employees86,77180,9797.2%
100-249 Employees102,22687,87416.3%
250-499 Employees50,83147,6046.8%
500-999 Employees23,60526,778-11.9%
More Than 1,000 Employees45,40544,9810.9%


Weekly Wage Growth by Company Size

The biggest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $1,329 to $1,689, which is an increase of 27.1%.

The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $743 to $800, which is an increase of 7.7%.

Table: Change Average Weekly Wage by Size Since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees$818$66223.6%
5-9 Employees$714$58621.8%
10-19 Employees$717$59520.5%
20-49 Employees$720$61716.7%
50-99 Employees$754$61522.6%
100-249 Employees$829$67522.8%
250-499 Employees$950$75126.5%
500-999 Employees$800$7437.7%
More Than 1,000 Employees$1,689$1,32927.1%



Data Sources




About the Writer

This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.