Finally, things are looking up for our city and our state economies when it comes to employment.
Things are looking down when it comes to our children’s wellbeing.
GOOD NEWS: UNEMPLOYMENT DOWN
In 2009, New Mexico’s unemployment rate was above 7% and then went to 8% and beyond at the start of 2010.
In February, 2018 New Mexico’s unemployment rate was 5.8 percent.
Albuquerque’s unemployment has also dropped to 4.2 percent.
The number of jobs is growing to nearly the pre-recession peak and the city’s gross receipts tax collections are increasing.
https://www.abqjournal.com/1190787/abqs-economy-gaining-steam.html
The NM Department of Workforce Solutions reports that the Albuquerque area had 7,300 more jobs, or 1.9 percent growth, compared with a year ago.
That translates to a total of 397,000 jobs, less than 1 percent below the peak of 400,200 jobs in November 2007.
https://www.abqreport.com/single-post/2018/06/18/ABQ-Economy-Almost-Back-to-the-Starting-Line
Not surprising is that it is the construction industry that has been a big driver of job growth in Albuquerque and that has always been the case with a recovering economy.
Notwithstanding the growth in the construction industry, Workforce Solutions reported that the biggest jump in May over a year earlier came among professional and business service jobs, which grew by 6.3 percent.
Professional and business service jobs includes a wide range of employers, from architectural services, national lab jobs, real estate and legal to call center positions.
There has also been a 4.4% increase in Albuquerque’s gross receipts tax revenue from business activity meaning more money will be available to pay for government essential services.
Just year ago, according to the state Department of Workforce Solutions, the state’s unemployment rate was 6.3 %.
In February, 2018 New Mexico’s unemployment rate was 5.8 percent.
New Mexico’s unemployment rate fell to 5.1 percent in May.
www.abqjournal.com/1161413/nm-unemployment-dips-to-5-6-percent.html
BAD NEWS: NM LAST IN CHILD WELL BEING
Offsetting the good news regarding the decline in the state’s unemployment rates is that for the first time in five years, New Mexico has fallen to last among states when it comes to the economic, educational and medical well-being of its children, according to a nonprofit that tracks the status of U.S. kids.
The most troubling in the 2018 Kids Count Data Book is New Mexico’s steep drop in ranking for health care measures which previously a bright spot for the state.
According to the 2018 Kids Count Data Book, 30 percent of New Mexico’s children were living in poverty in 2016, compared to 19 percent nationwide that year, the earliest figures available.
In educational measures, the report says 75 percent of the state’s fourth-graders were not proficient in reading in 2017, compared to 65 percent nationally, and 80 percent of eighth-graders were not performing up to par in math in 2017, compared to 67 percent across the U.S.
New Mexico steadily decreased its number of uninsured children between 2010 and 2015, to 4 percent from 10 percent.
But in 2016, that figure edged up to 5 percent.
COMMENTARY
It’s been over 10 years, but perhaps finally Albuquerque and New Mexico are recovering from the great recession.
There is a direct correlation between a family’s overall income and child wellbeing.
With employment going up, child wellbeing should also go up, but it will take more.
The debate over using a small portion of the state’s $17 billion Land Grant Permanent fund for early childhood education, care and intervention will no doubt be a major issue in the Governor’s race, and it needs to be.
Albuquerque’s Economic Development Department needs pay far more attention to Albuquerque’s growth industries if the city is going to continue turning our economy around.
Our next Governor with a little luck will be dealing with a continuing improving economy and a surplus in tax revenues thanks to oil and gas production.
Notwithstanding, come January 1, 2019 with the swearing in of a new Governor, the Governor and our new Albuquerque Mayor need to work together as much as possible and come up with a viable solution to diversifying our economy with less reliance on federal government spending.
Further the Governor and Mayor Keller should give major attention to use of the State’s Land Grant and Permanent Fund to finally solve many of our early childhood education, care and intervention problems.