Albuquerque experiences slight job growth
Posted at: 09/27/2013 6:13 PM
By: Stuart Dyson, KOB Eyewitness News 4
What’s this? More signs of life in Albuquerque’s stagnant economy? There’s actually been some job growth going on here!
The Brookings Institution says the metro area is still far from a recovery from the Great Recession, but in the second quarter of the year the job growth was 1.2 percent. That may not sound like much, but it was fifth best in the country according to the Brookings rankings. Construction led the way with a 7.6 percent increase. Those are the jobs that disappeared in the recession.
“I’m pleased to see the growth, but we still have to be guarded because there’s still a lot of work to be done,” said Gov. Susana Martinez. “We have done some good things in a bipartisan way with the legislature, cutting back the business tax by 22 percent.”
Martinez was keynote speaker at grand opening ceremonies for the new Stolar Research building in Rio Rancho, where 50 new employees will soon be working, with salaries averaging $60,000 a year. Stolar develops radio wave geophysics technology for mining, oil and natural gas exploration, and military uses. The new plant will be home for the military and homeland security projects. The old plant is in Raton, where the company started.
“We made the decision to move to the greater Albuquerque area to help us develop our technologies,” said Jerry Stolarczyk, the company’s president. “We can attract good engineers and technicians here who have the skills we need, that we couldn’t find in rural New Mexico.”
The second quarter turnaround is welcome – Albuquerque was the only metro area in the Mountain West region that was still losing jobs in the first quarter of the year.