Albuquerque is the economic center of the state of New Mexico. The city's diverse economy consists of important sectors such as trade, agriculture, government, tourism, research and development and manufacturing. Due to the Rio Grande River Valley, the city also has a large food industry. In addition, medical services and medical facilities have a significant role in the economy.
Albuquerque is also home to over 700 manufacturing companies which produce items such as neon and electric signs, trailers, electronic products, scientific instruments, fabricated structural steel, fertilizers, machine tools and hardware.
The Kirtland U.S. Air Force Base, a weapons research center, is the region's largest employer. The University of New Mexico is another major employer. The area also includes a prominent research and development sector. The government research and development lab, Sandia National Laboratories, is involved with solar energy and laser technology.
Some of the noteworthy technology companies situated in the Albuquerque metro include Ktech Corp, Emcore, CVI Laser Corp, GE Fanuc Embedded Systems and Applied Research Associates.
Albuquerque has been ranked #1 in the country for manufacturing productivity in terms of dollar output per worker by Area Development Magazine. Albuquerque also has a high percentage of people that have advanced degrees.
Facts regarding Albuquerque, New Mexico: In 2007 the estimated median household income in the city was $44,000. In Albuquerque 32% of the adults have earned a bachelor's degree or higher. In 2008 the cost of living index was at 88.5. The nation's average is 100.
The Albuquerque area's major job providers:
- Kirtland U.S. Air Force Base
- University of New Mexico
- Albuquerque Public Schools
- Sandia National Laboratories
- ABQ Health Partners, LLC
- Veterans Health Administration
- Jack Henry & Associates, Inc
- Laguna Development Corporation
- Healthcare Services Corporation
- PNM Resources, Inc
- Albuquerque Publishing Company
- Tricore Reference Laboratories
- Pueblo of Sandia
- Presbyterian Health Plan, Inc
- City of Albuquerque
- State of New Mexico
- Lovelace Sandia Health System
- Intel Corporation
- Walmart Stores
- Emcore Corporation
- Premier Distributing Company
- New Mexico Mortgage Finance Authority
Major job providing manufacturing companies in Albuquerque:
- Intel Corporation - Semiconductor mfg
- Honeywell Defense & Space Electronic Systems - Aircraft Avionics mfg
- Ethicon Endo-Surgery - Medical instruments mfg
- GE Aircraft Engines - Air craft engines
- Thomas & Betts - Electrical connectors mfg
- General Mills - Cereal mfg
Albuquerque top back office employers
- T-Mobile - Customer Service Center
- CitiCards - Account Collection
- Convergys - Customer Service Center
- Blue Cross/Blue Shield - Insurance claims processor
- Bank of America - Customer service center
- eTelecare Global Solutions - Customer service center
- Express Scripts - Prescription mail order
- Sprint PCS - Customer service center
- Gap Inc - Shared services center
Albuquerque's top non-agricultural employment sectors:
- Trade, transportation and utilities
- Professional and business services
- Leisure and hospitality
Local companies are provided assistance from associations such as:
- Greater Albuquerque Chamber of Commerce
- Albuquerque Economic Development
- Technologies Venture Corporation
- New Mexico Economic Development Department
- New Mexico Manufacturing Extension Partnership
Those interested in local business and industry news may want to read the ABQ Journal.