As ABQReport’s Dennis Domrzalski noted earlier this month, “New Mexico’s economy has … finally surpassed pre-recession jobs levels.”
But the bulk of the state’s employment comeback occurred in Albuquerque. (Las Cruces made an additional, although paltry, contribution.) The Duke City is, happily, up more than 20,000 jobs since just before the downturn hit.
Sadly, two of the four metropolitan statistical areas in the Land of Enchantment remain in employment droughts. As the charts below indicate, Farmington is down 9.3 percent from its October 2008 peak, while Santa Fe is 8.6 percent beneath is apex of July 2008.
Farmington’s suffering from a trend in low domestic prices for natural gas, but what is Santa Fe’s excuse? Errors of Enchantment suspects that taxes, a “living wage” of $11.40 per hour (both city and county), social engineering, and rampant NIMBYism might be factors….