ALBUQUERQUE, N.M. — Albuquerque has earned national recognition, ranking ninth among U.S. cities with populations over 500,000 for economic growth, according to a recent study. Local business owners are celebrating the news. “It’s great to hear we’re ninth in the country,” said Steve Vatoseow, owner of Lindy’s Diner. “I didn’t realize it, but it makes sense when you look around at all the new activity.”
City officials attribute the growth to a combination of job creation, small business expansion, and rising median incomes. Data from the city’s Economic Development Department shows a 150% increase in business applications over the past five years.
“We’re seeing a strong influx of new businesses locating here,” said Max Gruner, Director of Economic Development. “Many are filling supply chain needs for larger companies, while established small and medium-sized businesses are expanding their operations.”
The study measured growth based on median income levels and business activity, noting a 30% increase in median income over the last four years. Albuquerque’s economic surge has also been bolstered by major companies like Netflix Studios and Pacific Fusion, as well as contributions from local universities.
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“Albuquerque is truly a driving force for the state’s economy,” Gruner added. “We have the international airport, major highways, a skilled workforce, and excellent universities — all of which make the city attractive to businesses and talent alike.”
Job Training and Workforce Development
City programs, particularly Job Training Albuquerque, are credited with helping workers increase their earning potential. Since its inception, the initiative has served over 3,500 employees, boosting wages by an average of 25%.
“We collaborate with small and medium-sized businesses to help employees upskill in ways that are meaningful for them and for industry needs,” Gruner explained. “This partnership between the city and the community college system is creating opportunities for residents to grow their careers while meeting the demands of local businesses.”
Small Businesses Fuel Neighborhood Revitalization
Incentives such as grants and loans have encouraged entrepreneurs to open or expand businesses, breathing new life into neighborhoods across the city.
Kimberli Roth, creative director of Clay+Coda/The Sagrada in Old Town, recently opened her shop and has seen a surge of new businesses in the area. “There’s a wave of fresh ideas coming to Old Town,” Roth said. “Younger residents and out-of-town visitors are bringing new energy and activity.”
Long-standing establishments are noticing the transformation as well. Trevor Moss of the Empire Board Game Library in Nob Hill said, “Vacant spaces that have been empty for years are now thriving businesses. The neighborhood is completely revitalized.”
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Population Growth Spurs Entrepreneurship
Local business owners note that a growing population is a key factor driving economic activity. “More people are moving to Albuquerque because of its potential and beauty,” Vatoseow said. “Many have dreamed of opening businesses, and now the timing feels right with the influx of new residents and opportunities.”
With continued population growth, business incentives, and workforce development programs, Albuquerque’s economic momentum shows no signs of slowing, making the city a hub for entrepreneurs and a rising star on the national economic stage.
