As the largest city in New Mexico , Albuquerque is home to a diverse range of businesses and industries. From media and film to technology and retail trade, Albuquerque’s industries are filled with growth and opportunity.
In this blog post, we’ll take a look at the 5 top industries in Albuquerque and how they’ve evolved over the years.
What Are the Biggest Industries in Albuquerque?
The gross state product (GSP) of New Mexico reached $95.3b in 2022, up 1.4% over the past five years.
As the largest city in New Mexico, Albuquerque is largely responsible for recent growth in the state’s economy, with many major industries and sectors experiencing significant growth and leading to new job creation around the area.
In looking at the biggest industries in Albuquerque , the most notable are:
- Retail Trade
- Media and Film
- Oil and Gas
This city is not only a great place to live, but also a great place to work. Let’s take a deeper look at these sectors and how they play a role as some of the top industries in Albuquerque.
Top Albuquerque Industries: A Closer Look
Despite the labor and supply chain shortages the construction industry has seen in recent years, construction continues to thrive as one of the biggest industries in Albuquerque today.
The state of New Mexico now has over 52,900 construction jobs – a number that will continue to grow as new construction projects are on the rise.
What’s more, the Associated General Contractors of America ranked Albuquerque among the top cities for year-over-year construction job growth in 2022.
Many of these include commercial real estate development, which can be observed through the city’s Crane Watch report which tracks major construction projects in and around the city.
As this growing industry in New Mexico continues to thrive, it’s exciting to think about what opportunity it may bring in the future.
2. Technology and Science
Albuquerque lies at the center of the New Mexico’s Technology Corridor – a concentration of high-tech companies that serve as major players in one of the most prominent industries in Albuquerque .
Some popular names include Torc Robotics, The Aerospace Corporation, Sandia National Laboratories , Los Alamos National Laboratories, and Ball Aerospace, as well as start-ups like Bayotech, Skorpios Technologies, and more.
One of the most notable trends in Albuquerque’s technology industry is the growing demand for quality managed service providers (MSPs).
As one of the most trusted MSPs in the area, Steady Networks holds a 99.1% customer satisfaction rating (CSAT) regarding our IT support . We also have proven processes in place to reduce your support ticket inquiries by 29.9% in the first year alone.
Check out these additional resources to learn more about how we’re committed to delivering you the highest quality of service here:
3. Retail Trade
Albuquerque is a popular part of the New Mexico and Santa Fe economies, and retail/wholesale trade plays an important role.
This industry has been steadily growing in Albuquerque due to the city’s access to markets, resources, and infrastructure. This sector generates millions of dollars annually in Albuquerque and contributes significantly to creating jobs and spurring economic development.
With a 2.8% warehouse vacancy rate back in 2020 , many businesses have since taken advantage of the lower rates and opportunity here to become players in one of Albuquerque’s top industries .
Reports from 2022 also show that retail trade accounts for 24% of all MTGR collections in New Mexico.
As a result of these factors, this industry is thriving in the city and provides direct benefits to Albuquerque’s citizens.
4. Media and Film
As one of the fastest growing metropolitan areas in the United States , Albuquerque is becoming an increasingly attractive hub for businesses involved in all aspects of digital media and the film industry.
The region boasts a large number of small and independent digital media companies, newspapers, web developers, and video and film production teams which have grown significantly due to the city’s recent waves of investment and connectivity.
Albuquerque’s accessibility makes it an ideal place for digital media companies who wish to tap into a large market without having to pull up stakes from their local audience.
With abundant resources like shared workspaces, networking events, and financial assistance and tax credits available, digital media entrepreneurs will find many opportunities for growth and success in this vibrant city.
A top player on the list of Albuquerque’s top industries , media and film show no signs of slowing down anytime soon in this region.
5. Oil and Gas
Various initiatives related to public education and tax rebates are funded by the oil and gas industry in Albuquerque, NM .
Natural gas and crude oil are major driving forces in the economy, with recurring revenues for 2022 at nearly $9.7 billion, up 20% from 2021 .
Top Albuquerque Industries: In Review
In learning about this growing city, it’s apparent that the majority of Albuquerque industries have seen major improvements since pandemic times.
With so many new growth opportunities in this city, now is the perfect time to take advantage of scalability and growth within your business.
No matter what Albuquerque industries you operate in, running a successful operation requires the support of an experienced and reliable MSP, like Steady Networks.
With years of experience managing networks in all the top industries in Albuquerque , we have the capabilities to keep your systems running at their best, no matter where your company is in its growth cycle.
Check out our services here:
We’re the professionals who can help you bring it all together. Book a free consultation today to learn more about how we can help you!