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ABQ’s Recovery Among Slowest

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Economic recovery in the Albuquerque metropolitan area is among the slowest of the nation’s 100 largest metropolitan areas, according to a new Brookings Institution report that tracks employment, economic output and housing prices from lows reached during the recession.

The Albuquerque area ranked 90th overall in economic performance since the area’s low point in early 2008, Brookings reported. The national recession began in December 2007 and ended in June 2009.

A recession is defined as two consecutive quarters of declining economic growth.

Brookings found that the Albuquerque area’s job growth during the recovery has been zero between early 2008 and the end of the second quarter this year, ranking it 99th out of 100 metropolitan areas studied.

The area’s output, which grew 5 percent during the economic recovery, ranked Albuquerque 63rd nationally. Home prices have been unchanged during the period, making the Albuquerque one of 87 metropolitan areas tied for 14th best- performing area nationally.

The Albuquerque area unemployment rate has declined 1.4 percentage points during the recovery, 68th-worst performance among the 100 metro areas studied.

Employment growth from the low point of the recession to the end of the second quarter of 2012 in the 10 Intermountain West metropolitan areas Brookings tracks ranged from Albuquerque’s 0.0 percent to 5.9 percent in the Provo, Utah, area.

Average employment growth trough-to-peak was 3.1 percent among the 10 Intermountain West metropolitan areas, 2.9 percent in the 100 biggest of the nation’s metropolitan areas, and 2.8 percent in the United States.
— This article appeared on page B1 of the Albuquerque Journal

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