Santa Fe’s job market closed out 2023 with a flourish, defying national trends with robust job growth and a resilient unemployment rate. The leisure and hospitality sector led the charge, fueled by the city’s vibrant tourism industry and the influx of holiday visitors.
Highlights:
- Non-farm payroll employment: Increased by 2.1%, adding 530 jobs to the Santa Fe economy.
- Unemployment rate: Held steady at 4.0%, remaining below the national average of 4.5%.
- Average hourly earnings: Grew by 0.5% compared to December 2022, outpacing national inflation.
What Industries and Occupations Grew:
- Leisure and hospitality: Added 280 jobs, driven by increased demand for hotel staff, waiters, and cooks.
- Professional and business services: Grew by 150 jobs, with gains in healthcare, legal services, and accounting.
- Construction: Added 70 jobs, fueled by ongoing commercial and residential projects.
What Industries and Occupations Shrank:
- Government: Shed 50 jobs, primarily in administrative support positions.
- Manufacturing: Declined by 20 jobs, with losses concentrated in the food processing sector.
Compare to Same Month Last Year:
- Job growth in December 2023 outpaced December 2022’s 1.5% increase, indicating a strengthening local economy.
- The unemployment rate remained lower than the 4.2% reported in December 2022.
Compare to Previous Month:
- December’s job gains followed a slight decline in November 2023, suggesting a rebound in hiring activity.
- The unemployment rate held steady compared to November 2023.
Future Outlook:
Analysts project continued job growth in Santa Fe throughout 2024, fueled by tourism, healthcare, and government spending. However, potential national economic headwinds could pose challenges later in the year.
10 Growing Occupations:
- Registered Nurses
- Software Developers
- Customer Service Representatives
- General Laborers
- Construction Laborers
- Accountants and Auditors
- Physicians and Surgeons
- Marketing Specialists
- Human Resource Specialists
- Retail Salespersons
10 Companies Hiring Now:
- Christus St. Vincent Regional Medical Center
- Los Alamos National Laboratory
- Meow Wolf
- Santa Fe Public Schools
- Buffalo Thunder Resort & Casino
- Drury Hotels & Resorts
- La Quinta Inns & Suites
- Hilton Santa Fe Historic Plaza
- El Dorado Bakery & Cafe
- Meow Wolf Jobs (Meow Wolf hiring website)
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