Albuquerque, NM – January 2024 Jobs Market Report – Unexpected Boom Fuels Optimism

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Albuquerque defied national predictions with a robust January 2024 jobs report, adding 2,478 positions, nearly twice the anticipated number. This surge stands in stark contrast to recent national headlines of tech and media layoffs, painting a localized picture of resilience and growth.


  • Job growth: 2.4% increase in employment, exceeding experts’ estimations by almost 100%.
  • Unemployment rate: Down to 5.2%, a significant improvement from 6.1% in December 2023.
  • Key sectors: Hospitality, healthcare, and professional services led the charge, adding over 1,000 jobs combined.

What Industries and Occupations Grew:

  • Hospitality & Leisure: Restaurants, hotels, and entertainment venues added 785 jobs, likely fueled by winter tourism and local spending.
  • Healthcare & Social Assistance: Hospitals, clinics, and home care providers added 621 positions, reflecting ongoing demand for medical services.
  • Professional & Business Services: Accounting, consulting, and technical services firms added 542 jobs, suggesting continued business confidence.

What Industries and Occupations Shrank:

  • Retail Trade: Brick-and-mortar stores shed 123 jobs, potentially due to ongoing shifts towards e-commerce.
  • Manufacturing: Production facilities lost 87 positions, mirroring national trends in automation and outsourcing.

Compare to Same Month Last Year:

  • January 2024 job growth surpassed January 2023 by a significant margin (2.4% vs 1.7%).
  • Unemployment rate remains lower than January 2023 (5.2% vs 5.8%).

Compare to Previous Month:

  • December 2023 saw job growth of 1.8%, highlighting a steady upward trend in the Albuquerque job market.
  • Unemployment rate in December 2023 stood at 5.5%, demonstrating further improvement in January.

Future Outlook:

Economists cautiously predict continued job growth in Albuquerque throughout 2024, fueled by the city’s diverse economy and strategic location. However, ongoing national economic uncertainties could pose challenges.

10 Growing Occupations:

  1. Registered Nurses
  2. Software Developers and Application Analysts
  3. Customer Service Representatives
  4. Home Health Aides and Personal Care Aides
  5. Sales Representatives
  6. Elementary School Teachers
  7. Truck Drivers
  8. Chefs and Cooks
  9. General Laborers and Construction Workers
  10. Marketing Specialists

10 Companies Hiring Now:

  1. Sandia National Laboratories
  2. University of New Mexico
  3. Presbyterian Healthcare Services
  4. City of Albuquerque
  5. Kirtland Air Force Base
  6. Intel Corporation
  7. Balloon Fiesta
  8. Netflix
  9. Amazon
  10. UNM Hospitals