Albuquerque economy shows remarkable growth, BRT data just released for August – City of Albuquerque

October 25, 2021

New Gross Income Tax (BRT) data received from the city shows that base BRT growth in August 2021 was 22.7% higher than in August 2020 and 20.9% higher than before the August 2019 pandemic Albuquerque is showing remarkable growth as the arts and entertainment, information, retail and construction industries all saw positive increases with numbers over 2020 and 2019.

“The pandemic has presented us with great challenges, but we have stepped up to save lives and livelihoods,” said Mayor Tim Keller. “At the City, we have taken a comprehensive  -proach to crisis response and these efforts are paying off as key economic indicators show we are making a robust recovery.”

The information sector, which includes Albuquerque’s booming film industry, grew 48.2% this month, while retail, which accounts for a large portion of Internet sales tax revenue, grew 27% this month. As reported earlier this week, construction activity is still strong at 25.3% year-on-year.

The August 2021 BRT data follows data released earlier this week, which showed that base BRT growth in July 2021 was 21.3% higher than July 2020 and 4.6% higher than July 2019 now showing remarkable growth in the first two months of fiscal year 2022. Albuquerque is on a strong path towards economic recovery as the first quarter of fiscal year 2022 began on July 1, 2021. For fiscal 2021, which ended June 30, 2021, the city’s BRT revenue was 5.2% above growth estimates.

The city of Albuquerque is a leader in pandemic economic recovery, maintaining or exceeding estimated growth in many categories in 2020 and 2021, according to recent data on the city’s economic trends and comparisons with benchmark cities. Growing local industries, economic recovery initiatives, ongoing construction and infrastructure spending, and local tax increases recently  -plied to internet sales add to this quarter’s growth. In addition, Albuquerque was named one of the “Best-Run Cities in America,” demonstrating the smart use of city funding to maintain high quality resident services.

Construction jobs, a major engine of the city’s economy, grew an impressive 14%, or 3,500 jobs, from August 2020 to August 2021 – better than Austin, Colorado Springs, El Paso, Oklahoma City, Phoenix and others, according to the U.S. Bureau of Labor Statistics . The seasonally adjusted unemployment rate in Albuquerque also fell from 6.9% in July 2021 to 5.9% in August 2021, while wage growth from 2019 Q1 to Q1 2021 was + 8.6%, higher than in Oklahoma City, Colorado Springs, El Paso and Tucson is on Federal Reserve data.

Albuquerque also saw an increase in building permit income. Income from building permits in FY 2020 increased by 20.3% compared to FY 2019, the highest value since FY 2017. Income from permits remained at this level in FY2021 despite COVID-19, with commercial and residential construction roughly the same were great.

“During the pandemic and until recovery, we were able to make innovative financial decisions to save jobs and strengthen the safety net with our urban services,” said Chief Financial Officer Sanjay Bhakta. “The growth in these key areas indicates a strong and sustained economic recovery for Albuquerque.”

National ranking sources also become aware of this. According to data compiled and analyzed by WalletHub, Albuquerque spends tax money efficiently and effectively. They rated Albuquerque at 31 out of 150 major cities across the country, ahead of most of our competitors, and noted operational efficiency, which was measured by comparing the quality of services its residents receive relative to the city’s total budget.

“Our efforts for economic development during the pandemic have put our city on the path to a resilient recovery and a bright future,” said Damian R. Lara, interim director of the city’s economic development department. “We will continue to create good jobs, support Albuquerque’s workforce and small businesses, and build an economy that works for everyone.”