Santa Fe, NM – January 2024 Jobs Report – Steady Growth Despite Tourism Fluctuations

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Santa Fe’s job market started 2024 with a stable note, experiencing modest job growth despite seasonal fluctuations in its vital tourism industry. While the January report shows a slower pace compared to the previous year, it suggests a generally positive and potentially promising outlook for the year ahead.

Highlights:

  • Overall job growth: Santa Fe added 0.3% new jobs compared to December 2023, translating to roughly 80 positions.
  • Strongest sector: Leisure & Hospitality (+0.6%) led the gains, reflecting the ongoing importance of tourism in the local economy.
  • Professional & Business Services sees uptick: This sector (+0.4%) experienced growth in management and marketing occupations, highlighting the need for skilled professionals.

Industries and Occupations on the Rise:

  • Leisure & Hospitality: Food Preparation & Serving Related Workers, Lodging & Accommodation Workers, and Travel & Tourism Specialists saw job increases, fueled by the ongoing tourist season.
  • Professional & Business Services: Management Analysts, Marketing Specialists, and Computer Systems Analysts experienced job growth, reflecting the expanding service sector in Santa Fe.

Industries and Occupations Facing Challenges:

  • Retail Trade: This sector witnessed a slight decline (-0.2%), potentially due to seasonal adjustments and continued online shopping trends.
  • Construction: The Construction sector saw a minor decrease (-0.1%), reflecting seasonal fluctuations in this industry.
  • Information: The Information sector experienced a slight decline (-0.1%), primarily due to national trends and automation in certain areas.

Year-over-Year Comparison:

Compared to January 2023, the Santa Fe job market has grown by 0.8%, adding approximately 200 new jobs. This indicates a moderate and steady growth trajectory despite tourism fluctuations.

Month-over-Month Comparison:

While job growth slowed down slightly compared to December 2023, the overall trend remains positive, particularly in tourism and professional services. The January report suggests a stable and resilient job market in Santa Fe, particularly in sectors less dependent on seasonal fluctuations.

Future Outlook:

The Santa Fe job market is expected to see continued growth in 2024, with key areas of expansion including:

  • Tourism & Hospitality: The continued popularity of Santa Fe as a travel destination, coupled with upcoming events and festivals, is expected to drive further job creation in this sector.
  • Healthcare: The aging population and increasing demand for healthcare services will continue to create opportunities in this sector, particularly for nurses and therapists.
  • Technology: Growing tech companies and initiatives could create opportunities in software development, cybersecurity, and data analytics.

Top 10 Growing Occupations in Santa Fe, NM (January 2024):

  1. Registered Nurses
  2. Management Analysts
  3. Marketing Specialists
  4. Food Preparation 
  5. Lodging & Accommodation Workers
  6. Travel
  7. Computer Systems Analysts
  8. Customer Service Representatives
  9. Sales Representatives
  10. Personal Care Aides

Top 10 Companies Hiring Now in Santa Fe, NM (February 2024):

  1. Christus St. Vincent Regional Medical Center
  2. City of Santa Fe
  3. Los Alamos National Laboratory
  4. Meow Wolf
  5. Hilton Santa Fe Resort & Spa
  6. Santa Fe Public Schools
  7. The Home Depot
  8. Walmart
  9. Lowe’s
  10. Amazon

Sources:

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