Not much to write home about... and I am sure that is no surprise to anyone.
The entire metro area totaled just 96 permits for January. That is better than December, when only 81 permits were requested. But, it is a far cry from January of '08 when 169 permits were obtained.
Friday, February 20, 2009
Tuesday, February 17, 2009
Stimulus Package
Initial estimate is that the package will create 22,000 jobs in the state. Where and when, of course, are still to be determined. And, just as important as those two questions is the third one: longevity. If the jobs are temporary 'hits' for construction projects, for example, they will do nothing to address the confidence issue that I think is holding back everyone from purchasing any big ticket items.
Wednesday, February 11, 2009
Good News for a Change
Intel just announced it will be spending $2.5 billion to upgrade its facilities in Rio Rancho. They intend to use the upgraded 'fab' to manufacture its next generation chip technology.
That is a stimulus package all by itself! From past history, once Intel decides to do something, they are very fast to get going. My guess is that most of that money will be spent in the next 12 months which means about 1,500 construction jobs will be added to the local economy. Since construction is one of the sectors that is hurting the most, that is welcome news indeed.
That is a stimulus package all by itself! From past history, once Intel decides to do something, they are very fast to get going. My guess is that most of that money will be spent in the next 12 months which means about 1,500 construction jobs will be added to the local economy. Since construction is one of the sectors that is hurting the most, that is welcome news indeed.
Sunday, February 1, 2009
A Mostly Negative Picture
The December unemployment picture isn't pretty. The only remotely positive statement that can be made is that we are (still) better off than most. While the national unemployment rate is now at 7.2%, New Mexico was 4.9% in December with Albuquerque/Rio Rancho at 5.3%
Sounds pretty good except that one year ago, the figures were 3.2% for New Mexico and 3.4% for Albuquerque/Rio Rancho.
The only areas of growth are in government and education/health services. (Statewide, mining is still showing growth but anticipated layoffs due to the drop in oil prices will erase those gains.)
Every other sector is showing negative numbers: manufacturing, construction, leisure & hospitality, retail, financial and transportation.
Not much to cheer about.
Sounds pretty good except that one year ago, the figures were 3.2% for New Mexico and 3.4% for Albuquerque/Rio Rancho.
The only areas of growth are in government and education/health services. (Statewide, mining is still showing growth but anticipated layoffs due to the drop in oil prices will erase those gains.)
Every other sector is showing negative numbers: manufacturing, construction, leisure & hospitality, retail, financial and transportation.
Not much to cheer about.
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