Well, maybe...

Business Week, using data from the Brookings Institution, has decided that Albuquerque is among the 40 cities that have been least effected by the recession. Another one of those 'depends on where you are' articles. One thing they did get right without question: all the noted cities had one thing in common - home prices that never got too high or too low.

But -- looking at the facts 'on the ground' the picture is not particularly cheerful.

New Mexico unemployment was 7.7% in September - up from 4.4% for the same month in '08.

Albuquerque/Rio Rancho unemployment was 8% -- up from 4.6% in September of '08.

That is the first time in my memory that this area has had higher unemployment numbers than the state as a whole.

Most worrisome is that job growth is at a 66-year low for the state with no real sign of a turn around yet. Were it not for increases in the government and health sectors, the numbers would be even worse.

House Construction

My thanks to Michael Murphy, whose SalesTraq company keeps a close watch on home builders in the Albuquerque/Rio Rancho area. Here is his history of housing starts... not a pretty picture. (The data reflects each year through August):

1995 = 3,221 permits

1996 = 3,268 permits

1997 = 3,232 permits

1998 = 3,438 permits

1999 = 3,594 permits

2000 = 3,281 permits

2001 = 3,964 permits

2002 = 3,918 permits

2003 = 4,549 permits

2004 = 4,892 permits

2005 = 4,706 permits

2006 = 4,088 permits

2007 = 2,933 permits

2008 = 1,596 permits

2009 = 1,061 permits

And, as he points out... we have had the stimulus package in place this year. Ouch!