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DEMOGRAPHICS

Sandoval County is one of the fastest growing communities in New Mexico. While the state population largely did not grow over the past five years, the population of Sandoval County grew 5.8% - faster than the Albuquerque Metro (1.5%) and United States (3.7%).

POPULATION GROWTH
2011-2016

Source: Avalanche Consulting/US Census ACS

SANDOVAL COUNTY POPULATION
2000-2016
Source: Avalanche Consulting/US Census ACS


The population of Sandoval County has similar age distribution to the United States average, with a slight skewing both older and younger. Sandoval County has a slightly higher share of children under 15 (19.4%) than the US average and residents over 55 years old (30.2%). In contrast, Sandoval County has a lower share of young people between 15 and 34 years old.

From 2011 to 2016, the fastest growing age brackets in Sandoval County were those over 65 years old (39% growth), 25 to 34-year-olds (13%), and 55 to 64-year-olds (11%). Two age groups declined over this period – children under 15 (5% decline) and 45 to 54-year-olds (8%).

SHARE OF POPULATION BY AGE
2016

Source: Avalanche Consulting/US Census ACS

 

POPULATION GROWTH BY AGE BRACKET
2011-2016
Source: Avalanche Consulting/US Census ACS


As a whole, Sandoval County is slightly older than the New Mexico and US averages. Sandoval County has a median age of 38.8 – compared to 37.5 in the Labor Shed, 37.7 in New Mexico, and 37.9 nationally. Despite among younger families, the county’s median age has gone up over the past five years.
Young Professionals (residents aged 25 to 44 years old) represent a critical segment of a local workforce for companies seeking to hire new workers with the latest skills and knowledge. Recruiting and retaining residents in this age cohort helps ensure a region can supply a growing labor force for companies.

At 25.5% of the population, Sandoval County has a slightly lower share of Young Professionals than the national average (26.3%). The Labor Shed has a lower share of Young Professionals at 24.2% - combined with a low median age – this indicates the Labor Shed has a higher share of children and young adults under 25.

MEDIAN AGE
2016

Source: Avalanche Consulting/US Census ACS

% OF YOUNG PROFESSIONALS (RESIDENTS AGE 25-44)
2016
Source: Avalanche Consulting/US Census ACS


Sandoval County’s population is growing – largely because many new residents continue to move into the county. Overall migration is net positive – more people are moving into Sandoval County than are leaving – but it is revealing the sources and destinations of this movement.

Examining IRS migration data from 2010 to 2015 shows that the top sources of net new residents to Sandoval County are primarily other communities in New Mexico. Bernalillo County is the top source of new residents to Sandoval County – accounting for 3,052 net new residents between 2010 and 2015 – followed by Santa Fe (401 net new residents), Farmington (231), Las Cruces (166), and Overseas Military (109).

The top destinations for those leaving Sandoval County over this period were Phoenix (794 net exiting residents), Portland (376), Dallas (161), Colorado Springs (159), and San Jose (118). Overall the top destination states for exiting residents were Texas, California, and Colorado.

TOP 10 DESTINATIONS OF EXITING RESIDENTS
2010-2015

Source: Avalanche Consulting/US Census ACS

 

TOP 10 SOURCES OF NEW RESIDENTS
2010-2015
Source: Avalanche Consulting/US Census ACS


In many ways, Sandoval County has traditionally been seen a bedroom community – with a much higher share of residents than jobs. In recent years, rapid population growth and slow job creation have continued to perpetuate this perception.

In 2016, Sandoval County had 2.1 jobs per 10 residents – compared to 4.1 in the Albuquerque Metro and 4.4 in the United States. With 4.4 jobs per 10 residents, the Labor Shed has the same balance of jobs and residents as the US average – representing a well-rounded overall economy.

NUMBER OF JOBS PER 10 RESIDENTS
2016

Source: Avalanche Consulting/Bureau of Labor Statistics
*Labor Shed demographic statistics are from 2015. Zip code 2016 data not available at time of study.

SANDOVAL COUNTY NUMBER OF JOBS PER 10 RESIDENTS
2011-2016
Source: Avalanche Consulting/Bureau of Labor Statistics


Sandoval County’s population is more diverse than the national average. In 2016, 44% of Sandoval County residents were white, non-Hispanic – compared to 61% nationally. Sandoval County has an above average share of Native American (12% locally vs. 1% nationally) and Hispanic (38% vs. 18%) residents. Sandoval County’s non-white populations are also those that are growing. From 2011 to 2016, the fastest growing population groups were Other (which primarily includes mixed race and two or more race residents – 172% growth), Hispanic (12%), and Native American (12%).

POPULATION DISTRIBUTION BY RACE & ETHNICITY
2016

Source: Avalanche Consulting/US Census Bureau


POPULATION GROWTH BY RACE & ETHNICITY
2011-2016
Source: Avalanche Consulting/US Census Bureau


Sandoval County’s median household income has fluctuated in recent years and reached $57,200 in 2016 – above the Albuquerque Metro ($50,500) and state of New Mexico ($45,700) but slightly below the United States ($57,600).

SANDOVAL COUNTY MEDIAN HOUSEHOLD INCOME
2011-2016

Source: Avalanche Consulting/US Census ACS


MEDIAN HOUSEHOLD INCOME
2016
Source: Avalanche Consulting/US Census Bureau
*Labor Shed demographic statistics are from 2015. Zip code 2016 data not available at time of study.


Sandoval County has a relatively high median household income but also features poverty levels above the national average. In 2016, 16% of individuals in Sandoval County fell below the poverty line – compared to 14% nationally.

The county has much less poverty than New Mexico as a whole, where 20% of all residents fall below the poverty line. Poverty levels in the Labor Shed match the state at 19.3%.

SHARE OF POPULATION IN POVERTY
2011-2016

Source: Avalanche Consulting/US Census ACS

SHARE OF POPULATION IN POVERTY
2016
Source: Avalanche Consulting/US Census ACS
*Labor Shed demographic statistics are from 2015. Zip code 2016 data not available at time of study.


ESRI's Tapestry Segmentation Area Profile of Rio Rancho identifies population segments based on demographics and socioeconomic characteristics. The top segments in Rio Rancho include Up and Coming Families, Home Improvement, Soccer Moms, Midlife Constants and American Dreamers. To view or download the entire report, click here. For a glossary of the LifeMode groups used by ESRI in the report, click here.

TOP TAPESTRY SEGMENTS 2017

WORKFORCE

Workers in Sandoval County have an average commute time of 30 minutes – higher than the Albuquerque Metro (23.7 minutes), New Mexico (21.9), and United States (26.6) averages. Alongside long commutes, few Sandoval County residents utilize public transportation for their commutes – only 1.4% locally – the same as the New Mexico average but below the US average of 5.1%.

 

AVERAGE COMMUTE TIME (MINUTES)
2016

Source: Avalanche Consulting/US Census Bureau
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study.

% WORKERS COMMUTING VIA PUBLIC TRANSPORTATION
2016
Source: Avalanche Consulting/US Census Bureau


The population of Sandoval County is well-educated at all levels – nearly 67% of all residents have some form of post-secondary education – compared to 59% in New Mexico and 60% nationally. More than 35% of local residents have received some college education (which includes Certificates and non-degreed training) or an associate degree. Additionally, 32% of residents have a bachelor’s degree or higher level of achievement.

These numbers all surpass the state, the US average, and the Albuquerque Metro. Sandoval County is one of the best educated communities in New Mexico.

 

SHARE OF 25 YEARS+ POPULATION W/SOME COLLEGE OR AN ASSOCIATE'S DEGREE
2016

Source: Avalanche Consulting/US Census ACS
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study.

SHARE OF 25 YEARS+ POPULATION W/A  BACHELOR'S DEGREE OR HIGHER
2016
Source: Avalanche Consulting/US Census ACS
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study
.


Residents of Sandoval County have attained bachelor’s degrees in a range of fields – from Science & Engineering through the Arts & Humanities.

Nearly 41% of residents with a bachelor’s degree, received their first degree in a Science & Engineering field – slightly below the national average of 44%. Sandoval County has a higher share of residents with Business degrees (21%) and Education degrees (15%) than the national average.

Reflecting the diversity of the community, residents also have an above average concentration of Literature & Languages degrees. Many residents also have studied the Visual & Performing Arts – an important sector in Sandoval County and New Mexico.

 

FIELD OF BACHELOR'S DEGREE FOR FIRST MAJOR OF RESIDENTS WITH A BACHELOR'S DEGREE
2016

Source: Avalanche Consulting/US Census ACS

When looking nationally at the education levels of those Young Professionals aged 25 to 44, we see a slightly higher share of individuals pursuing post-secondary education.

Sandoval County is no exception – with 37% of Young Professionals receiving some college education or an associate degree - compared to 30% nationally and 35% of the overall local population. In terms of bachelor’s degrees or higher, however, a lower share (28%) of Sandoval County Young Professionals have received degrees than the nation (33%) and the overall local population (32%).

 

YOUNG PROFESSIONALS W/SOME COLLEGE OR AN ASSOCIATES DEGREE
2016

Source: Avalanche Consulting/US Census ACS
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study.

YOUNG PROFESSIONALS W/A BACHELOR'S DEGREE OR HIGHER
2016
Source: Avalanche Consulting/US Census ACS
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study
.


Examining all industries in Sandoval County shows that 21% of current workers are ”Nearing Retirement” (age 55 or higher) – which represents a slightly lower share of all workers than the Albuquerque Metro (22%), New Mexico (23%), and the US (22%). The local industries with the highest share of workers nearing retirement are Nonmetallic Mineral Product Manufacturing (39% of workers age 55+), Transportation Equipment Manufacturing (37%), Merchandise Wholesalers – Nondurable Goods (30%), Real Estate (29%), and Professional, Scientific, & Technical Services (29%).

 

SHARE OF ALL WORKERS AGE 55+
2016

Source: Avalanche Consulting/US Census ACS

SANDOVAL COUNTY INDUSTRY SECTORS WITH THE HIGHEST SHARE OF WORKERS AGE 55+
2016
Source: Avalanche Consulting/US Census ACS


Over the past decade, like the United States, Sandoval County has seen a slow decline in labor force participation among 25 to 54 year olds – fluctuating from 85% in 2006 to 78% in 2016. Most tellingly, Sandoval County’s total population grew nearly 6% from 2011 to 2016, but the pool of active labor force participants age 25 to 54 did not grow at all over this period.

 

LABOR FORCE PARTICIPATION RATE - 25 TO 54 YEAR OLDS
2006-2016

Source: Avalanche Consulting/US Census Bureau

ACTIVE LABOR FORCE GROWTH - 25 TO 54 YEAR OLDS
2011-2016
Source: Avalanche Consulting/US Census Bureau


Sandoval County’s labor force age 25 to 54 did not grow from 2011 to 2016 because most of the new active workers added to the county were over 55 years old or younger than 20.

As a whole, the age distribution of Sandoval County’s workforce roughly follows national patterns – with 64% of workers between 25 and 54 – compared to 65% nationally. The county has a slightly higher share of workers age 55 and over – 24% compared to 21% nationally – and a lower share of younger workers under 25 – 12% compared to 14% nationally.

From 2011 to 2016, Sandoval County gained workers age 25 to 44 but lost a lightly higher share of workers age 45 to 54. The largest labor force growth occurred among 55 to 64 year old – with 1,350 new workers added.

 

PARTICIPATING LABOR FORCE AGE DISTRIBUTION
2016

Source: Avalanche Consulting/US Census Bureau

NET NEW SANDOVAL COUNTY WORKERS BY AGE
2011-2016
Source: Avalanche Consulting/US Census Bureau


Sandoval County’s primary labor force is better educated than the national average - 71% of workers have at least some college or an associate degree – compared to 67% nationally.

From 2011 to 2016, the county’s participating labor force growth only occurred among workers with a bachelor’s degree or higher. Sandoval County net lost workers with less than a high school degree (720 exiting the labor force) and some college or an associate degree (2,000 exiting). The county gained 100 workers with only a high school degree and 3,800 with a bachelor’s degree or higher.

 

HIGHEST EDUCATIONAL ATTAINMENT OF THE LABOR FORCE AGE 25-64
2016

Source: Avalanche Consulting/US Census Bureau

 

NET NEW SANDOVAL COUNTY WORKERS BY EDUCATION
2011-2016
Source: Avalanche Consulting/US Census Bureau


Before the recession, unemployment in Sandoval County largely matched the United States average. Sandoval County endured the recession well – with fewer job losses than most communities – and maintained relatively low unemployment. Since 2013, the recovery has been less strong in Sandoval County and New Mexico in general – with the unemployment rate remaining steadily above 6% as the US rate has fallen.

In August 2017, Sandoval County’s unemployment rate was 6.7% - above the Albuquerque Metro (6.1%), New Mexico (6.1%), and the US (4.5%).

 

UNEMPLOYMENT RATE
2007-2017

Source: Avalanche Consulting/Bureau of Labor Statistics
*Preliminary Data

UNEMPLOYMENT RATE
AUGUST 2017
Source: Avalanche Consulting/Bureau of Labor Statistics
*Preliminary Data


 

INDUSTRY

The balance of industry employment in Sandoval County roughly mirrors the US with a few exceptions – the county has a much larger share of Government jobs and a smaller share of Financial Activities and Trade & Transportation. Sandoval County still has a large share of Manufacturing jobs (9.2% of the overall economy – compared to 8.7% nationally), but the county lost 38% of Manufacturing jobs from 2011 to 2016. Over the same period, Sandoval County lost jobs in Information (61%), Financial activities (22%), and Construction (10%). The fastest growing industries were Education & Health Services (73%), Professional & Business Services (16%), and Natural Resources (10%).

 

SANDOVAL COUNTY EMPLOYMENT BY INDUSTRY
2016

Source: Avalanche Consulting/EMSI
*Other services include various service industries such as automotive repair, personal services like dry cleaning, and non-profit organizations.

SANDOVAL COUNTY EMPLOYMENT GROWTH BY INDUSTRY
2011-2016
Source: Avalanche Consulting/US Census Bureau
*Other services include various service industries such as automotive repair, personal services like dry cleaning, and non-profit organizations.


At $41,600, the overall average salary in Sandoval County is 78% of the US average ($53,600) and just below the New Mexico average of $42,600. Manufacturing pays the highest salary in Sandoval County at an average of $115,000 – 77% higher than the US average for the same industry. If we remove the 1,6000 local jobs in Semiconductor & Other Electronic Component Manufacturing that pay an average salary of $167,100, the remaining 1,140 Manufacturing jobs pay an average salary of $40,300 – 62% of the US average.

The next highest paying local industries are Information ($50,200 average salary), Natural Resources ($42,300), and Construction ($40,300). The lowest paying local industries are Leisure & Hospitality ($16,600), Other ($30,400), and Trade & Transportation ($33,500) – all primarily service jobs.

 

SANDOVAL COUNTY AVERAGE SALARY BY INDUSTRY
2016

Source: Avalanche Consulting/EMSI
*Other services include various service industries such as automotive repair, personal services such as dry cleaning, and non-profit organization,

SANDOVAL COUNTY SHARE OF US AVERAGE SALARY BY INDUSTRY
2016
Source: Avalanche Consulting/US Census ACS



At $37,900 per capita, Sandoval County’s GRP matches the state of New Mexico but is only 78% of the US average of $48,100 per capita. The overall Albuquerque Metro has a slightly higher GRP per capita at $38,600.

From 2010 to 2015, the GRP in Sandoval County grew 18.5% - faster than New Mexico (15.7%) and the Albuquerque Metro (15.3%) - indicating that the local economy is becoming more productive. This growth still trailed the overall US rate of 24.1%.

 

GROSS REGIONAL PRODUCT PER CAPITA
2015

Source: Avalanche Consulting/US Bureau of Economic Analysis

GROWTH IN GROSS REGIONAL PRODUCT
2010-2015
Source: Avalanche Consulting/US Bureau of Economic Analysis


 

In Sandoval County, Manufacturing is the largest source of income generation – producing 26% of all non-farm earnings locally – compared to only 10% of national earnings. The second highest income generating industry in Sandoval County is Government – with 23% of all earnings – followed by Trade & Transportation (13%), and Professional & Business Services (9%).

From 2010 to 2015, the fastest growing industries by income in Sandoval County were Natural Resources (100% earnings growth), Education & Health Services (80%), and Professional & Business Services (70%). Three industries lost earnings over this period - Information (19% earnings lost), Trade & Transportation (12%), and Manufacturing (11%).

 

SANDOVAL COUNTY SHARE OF NON-FARM EARNINGS BY INDUSTRY
2015

Source: Avalanche Consulting/US Bureau of Economic Analysis
*Other services inlcude various service industries such as automotive repair, personal services like dry cleaning, and non-profit organizations

SANDOVAL COUNTY NON-FARM EARNINGS GROWTH BY INDUSTRY
2010-2015
Source: Avalanche Consulting/US Bureau of Economic Analysis
*Other services inlcude various service industries such as automotive repair, personal services like dry cleaning, and non-profit organizations


 

Data is unavailable at the county level, but the Albuquerque Metro has a relatively low concentration of exports. According to the US Department of Commerce, in 2016 the Albuquerque Metro exports only valued $2,700 per local job – compared to $4,500 in New Mexico and $10,200 nationally.

From 2011 to 2016, the total value of exports grew 5% in the Albuquerque Metro. Over the same period, US exports declined 2% while the total value of exports from New Mexico grew 73%.

 

EXPORTS VALUE PER JOB
2016

Source: Avalanche Consulting/US Dept of Commerce International Trade Amin.

GROWTH IN EXPORTS BY VALUE
2011-2016
Source: Avalanche Consulting/US Dept of Commerce International Trade Amin.


 

In 2014, the top exports by value from the Albuquerque Metro were Semiconductors ($547 million), R&D Services ($515 million), Precision Instruments ($247 million), Aircraft Products & parts ($132 million), Computer & Electronic Royalties ($128 million), and Freight & Port Services ($112 million).

From 2009 to 2014, the Albuquerque exports with the greatest total increase in value were R&D Services ($165 million increase), Motor Vehicles ($38 million), Agriculture ($34 million), Semiconductors ($33 million), and Aircraft Products & Parts ($33 million).

 

TOP ABQ METRO EXPORTS BY VALUE (MILLIONS)
2014

Source: Avalanche Consulting/Brookings Institute

TOP ABQ METRO EXPORTS BY GROWTH IN VALUE (MILLIONS)
2009-2014
Source: Avalanche Consulting/Brookings Institute


In 2014, the export sectors supporting the most jobs in the Albuquerque Metro were R&D Services (3,253 jobs), Semiconductors (2,872), Precision Instruments (1,169), Food & Drink Services (1,015), and Computer & Electronic Services (776).

From 2009 to 2014, the export sectors that created the directly supported jobs were R&D Services (952 new jobs), Agriculture (269), Educational Services (224), Food & Drink Services (210), and Motor Vehicles (165).

 

TOP ABQ METRO EXPORTS BY DIRECTLY SUPPORTED JOBS
2014

Source: Avalanche Consulting/Brookings Institute

TOP ABQ METRO EXPORTS BY GROWTH OF DIRECTLY SUPPORTED JOBS
2009-2014
Source: Avalanche Consulting/Brookings Institute


 

In 2015, 74% of all businesses in Sandoval County had fewer than 10 employees – a higher share than the labor shed, metro area, state, and nation.

Not only does Sandoval County have a large share of micro businesses, but they are also growing more quickly. From 2010 to 2015, the number of businesses with fewer than 10 employees grew 4% in Sandoval County. Over the same time period the Albuquerque Metro lost 1% of these businesses and the state of New Mexico lost over 2%. Nationally micro businesses grew less than 3%.

 

MICRO BUSINESSES (<10 EMPLOYEES) AS % OF ALL BUSINESSES
2015

Source: Avalanche Consulting/US Census County Business Patterns

CHANGE  IN % SHARE IN MICRO BUSINESSES (<10 EMPLOYEES)
2010-2015
Source: Avalanche Consulting/US Census County Business Patterns


Self-employed individuals make up 3.2% of the US and New Mexico populations. These individuals are often working on their own startups and have creative ideas to tap for business expansion.

Sandoval County has a slightly lower share of self-employed residents than the state and nation, but a higher share of local residents work from home – 6.1% compared to 5.0% nationally.

 

SHARE OF EMPLOYED RESIDENTS WORKING FROM HOME
2016

Source: Avalanche Consulting/US Census ACS

SHARE OF POPULATION SELF-EMPLOYED
2016
Source: Avalanche Consulting/EMSI


Between 2010 and 2015, the United States Patent & Trademark Office issued 60 patents per 10,000 residents of Sandoval County. This rate of local patent production was three times higher than the US average (23) and nearly six times higher than the State of New Mexico (12).

These patents were issued in a range of technology classes primarily related to electronics, pharmaceuticals, and surgical processes. The top producers of patents were the Sandia Labs, University of New Mexico, US Air Force, Honeywell Corporation, Cabot Corporation, and Xilinix. Overall, the high concentration of patents reflects the incredible concentration of research and development occurring in the county.

TOTAL UTILITY PATENTS ISSUED PER 10K RESIDENTS
2010-2015

Source: Avalanche Consulting/US PTO

TOP SANDOVAL COUNTY UTILITY PATENTS ISSUED BY TECHNOLOGY CLASS
2010-2015
Source: Avalanche Consulting/US PTO


With three Federally Funded R&D Centers (FFRDCs), New Mexico is a center of research and development. In 2015, the Albuquerque Metro saw $2,900 federal research dollars spent per resident (all occurring at Sandia National Laboratories) – in comparison, the state of New Mexico received $2,200 per capita and the national average was only $57 per capita.

From 2010 to 2015, total federal funding for all R&D centers declined 2%, but Sandia National Labs saw a 22% increase in funding.

FEDERALLY FUNDED R&D CENTER EXPENDITURES PER CAPITA
2015

Source: Avalanche Consulting/National Science Foundation

GROWTH IN FEDERALLY FUNDED R&D CENTER EXPENDITURES
2010-2015
Source: Avalanche Consulting/National Science Foundation


Sandoval County is home to a University of New Mexico (UNM) campus, but research expenditure data is only provided for the full university system – not individual campuses.

Examining research expenditures across the region and state, the Albuquerque Metro has approximately $254 dollars spent on university research per resident – above the state average of $189 and US average of $213. All of this local research is occurring at UNM.

The top research fields by expenditure at UNM in 2015 were Medical Sciences ($103 million), Engineering ($35 million), Biological Sciences ($32 million), Misc. Sciences ($10 million), and Psychology ($8 million). Within Engineering, the largest funded research areas were Electrical Engineering, Civil Engineering, and Chemical Engineering.

UNIVERSITY EXPENDITURES PER CAPITA
2015

Source: Avalanche Consulting/National Science Foundation

UNM RESEARCH EXPENDITURES BHY TOP FIELD ($ MIL)
2015
Source: Avalanche Consulting/National Science Foundation


DOING BUSINESS

Since the recession began in 2008, employment growth has been flat in Sandoval County. With slight fluctuations, total employment remained relatively constant at 29,200 jobs from 2009 to 2016.

New Mexico as a whole created jobs more slowly than the overall US economy – with 3.3% growth from 2011 to 2016 compared to 9.6% nationally. The Albuquerque Metro performed slightly better at 3.8%, but still well below national growth rates.

SANDOVAL COUNTY TOTAL EMPLOYMENT
2006-2016

Source: Avalanche Consulting/EMSI

EMPLOYMENT GROWTH
2011-2016
Source: Avalanche Consulting/EMSI



Overall, New Mexico was ranked 35th for business tax climate in 2016 by the Tax Foundation. Taxes and overall regulations in New Mexico are not the most burdensome in the US, but they may make the state (and Sandoval County as a result) less competitive for certain businesses.

Relative to surrounding states in the region, New Mexico has one of the higher corporate income tax rates at 6.2% - surpassed only by Kansas (7.0%) and California (8.8%). Property taxes vary by local jurisdiction and industry, but as a whole, New Mexico ranked roughly in the middle of surrounding states in terms of property tax burden – with owners paying 0.7% of housing value in taxes.

 

STATE TOP CORPORATE INCOME TAX RATE
2017

Source: Avalanche Consulting/Tax Foundation

PROPERTY TAXES PAID AS A % OF OWNER OCCUPIED HOUSING VALUE
2017
Source: Avalanche Consulting/Tax Foundation


Electricity in Sandoval County is provided by PNM – Public Service Company of New Mexico. PNM offers competitive rates and includes an Economic Development Rate for qualified industrial users that can average to approximately a 31% discount each month.

Compared to surrounding states, New Mexico offers competitive electrical rates for commercial and industrial users. At 10.8 cents per kWh, commercial rates are below the US average, Arizona, Kansas, and California. At 6.3 cents per kWh, industrial rates are even more competitive. Only Oklahoma (5.4 cents per kWh) and Texas (5.5) are lower.

 

AVERAGE PRICE OF ELECTRICITY FOR COMMERCIAL USERS PER KWH
AUGUST 2017

Source: Avalanche Consulting/US Energy Information Admin

AVERAGE PRICE OF ELECTRICITY FOR INDUSTRIAL USERS PER KWH
AUGUST 2017
Source: Avalanche Consulting/US Energy Information Admin


In 2014, 84% of Sandoval County residents had access to internet with speeds above 50 MBPS, well above the New Mexico average of 72% and slightly above the national average of 83%. When it comes to the highest speed Gigabyte services, however, only 0.2% of Sandoval County residents had access to these speeds – compared to 1.1% in New Mexico, 2.0% in the Albuquerque Metro, and 7.9% nationally.

Note: These statistics do not reflect speed access for businesses and institutions, such as data centers.

 

% RESIDENTS WITH 50MBPS INTERNET ACCESS
2014

Source: Avalanche Consulting/National Telecommunication & Information Admin.

AVERAGE PRICE OF ELECTRICITY FOR INDUSTRIAL USERS PER KWH
AUGUST 2017
Source: Avalanche Consulting/US Energy Information Admin


The Albuquerque Metro area is considered below the national average for cost of doing business. In fact, Business Facilities Magazine ranked it 5th for the lowest cost of doing business among metros in the United States in 2016. Moody's analytics scores the Albuquerque Metro area well on most factors to determine favorability. Download the report here.

QUALITY OF LIFE

Students in the Rio Rancho school district consistently outperform their peers in the Albuquerque school district and statewide. Nearly half of Rio Rancho school district students rate as proficient on statewide reading assessments – compared to 34% and 37% in Albuquerque and New Mexico respectively.

Nearly 30% of Rio Rancho school district students rate as proficient on the statewide math assessment – nine percentage points higher than the Albuquerque school district and New Mexico. More than 55% of Rio Rancho school district students are proficient on statewide science assessments. The figures for the Albuquerque school district and New Mexico as a whole are 39% and 40% respectively.


% STUDENTS TESTING PROFICIENT & ABOVE ON STATEWIDE ASSESSMENTS
2017

Source: Avalanche Consulting/New Mexico Public Education Department



Sandoval County has violent and property crime rates well below the New Mexico and United States averages. In 2016, Sandoval County had only 1.7 incidents of violent crime per 1,000 residents – compared to 8.9 in the Albuquerque Metro, 7.0 in New Mexico, and 3.9 nationally.

The same year, Sandoval County only saw 17 incidents of property crime per 1,000 residents compared to 53 in the Albuquerque Metro, 39 in New Mexico, and 25 nationally.

 

VIOLENT CRIME INCIDENTS PER 1,000 RESIDENTS
2016

Source: Avalanche Consulting/FBI Uniform Crime Reports

PROPERTY CRIME INCIDENTS PER 1,000 INCIDENTS
2016
Source: Avalanche Consulting/FBI Uniform Crime Reports


With 278 sunny days per year, Sandoval County and all of New Mexico offer a highly attractive climate and geography.

The county faces very low natural disaster risk levels and features a highly attractive climate for individuals and businesses. Sperling’s Best Places rated Sandoval County with Comfort Index of 73 – higher than New Mexico (71) and the US average (54).

 

NUMBER OF SUNNY DAYS PER YEAR (AVERAGE)
2016

Source: Avalanche Consulting/Sperling's Best Places

COMFORT INDEX (HIGHER = BETTER)
2016
Source: Avalanche Consulting/Sperling's Best Places


Sandoval County’s overall Cost of Living Index rating of 97 is below the national average of 100 and slightly above the New Mexico rating of 95. Overall the county is not significantly expensive or inexpensive – but offers a high quality of life at a relatively affordable price point.

Examining the share of households in ”unaffordable housing” (measured as paying 30% or more of their income to housing) helps reveal how the costs of a community stack up relative to incomes. In 2016, 29% of Sandoval County households were in unaffordable housing – less than the overall Albuquerque metro (32% unaffordable), New Mexico (29%), and US (32%).

 

OVERALL COST OF LIVING INDEX
2017

Source: Avalanche Consulting/Sperling's Best Places

SHARE OF RESIDENTS IN UNAFFORDABLE HOUSING (PAYING 30% OR MORE OF INCOME TO HOUSING)
2016
Source: Avalanche Consulting/US Census Bureau


In 2016, Sandoval County had a vacancy rate of 3.2% among homes for sale – with a median home value of $180,000.

This vacancy rate was higher than the Albuquerque Metro (2.2% vacancy), New Mexico (2.8%) and US (1.8%) – indicating that there are more homes currently available for purchase than many other locations.

The median value is higher than New Mexico, but lower than the overall Albuquerque Metro and US values – also indicating overall affordability of homes for purchase in Sandoval County.

 

HOMEOWNER VACANCY RATE
2016

Source: Avalanche Consulting/US Census Bureau

MEDIAN HOME VALUE
2016
Source: Avalanche Consulting/US Census Bureau


Rental units only make up 14% of Sandoval County’s housing stock – compared to 31% in the Albuquerque Metro, 30% in New Mexico, and 35% nationally. At 7.3%, Sandoval County’s rental vacancy rate is slightly below the Albuquerque Metro and well below New Mexico (9.9%).

Likely partly due to the relatively limited availability of rental units, the median rent in Sandoval County is much higher than the Albuquerque Metro at $1,020 compared to $840. Median rent in Sandoval County is higher than the US average of $980 as well.

 

RENTAL VACANCY RATE
2016

Source: Avalanche Consulting/US Census Bureau

MEDIAN RENT
2016
Source: Avalanche Consulting/US Census Bureau


Workers in Sandoval County have an average commute time of 30 minutes – higher than the Albuquerque Metro (23.7 minutes), New Mexico (21.9), and United States (26.6) averages. Alongside long commutes, few Sandoval County residents utilize public transportation for their commutes – only 1.4% locally – the same as the New Mexico average but below the US average of 5.1%.

 

AVERAGE CUMMUTE TIME (MINUTES)
2016

Source: Avalanche Consulting/US Census Bureau
*Labor Shed demographic statistics are fro 2015. Zip code 2016 data not available at time of study.

% WORKERS COMMUTING VIA PUBLIC TRANSPORTATION
2016
Source: Avalanche Consulting/US Census Bureau


SITES & BUILDINGS

According to the latest data from CBRE, Rio Rancho only has 6% of the total inventory of office space in the Albuquerque Metro (Note: Data is unavailable for the entire county). No new office space was completed in Q3 2017, but 21,500 square feet were under construction – roughly 2/3 of all ongoing construction in the metro.

Office space in Rio Rancho costs the same as the overall metro, at $15.50 per square foot, but the vacancy rate is also lower at 12.3%. In comparison, West Mesa has 34.3% office vacancy – representing more total square footage at a comparable price point.

 

OFFICE VACANCY RATE
Q2 2017

Source: Avalanche Consulting/Colliers

OFFICE AVERAGE RENT PSF
Q2 2017
Source: Avalanche Consulting/Colliers


Industrial space is in high demand, and the overall Albuquerque Metro only has 6.4% vacancy rate. Rio Rancho has 17% of all the industrial square footage in the metro but also one of the lowest vacancy rates at 2.1%. Looking at both office and industrial real estate – there is very little available for occupancy in Rio Rancho / Sandoval County – a major limitation for attracting new or growing local businesses.

At $9.31 per square foot, the average rent for R&D/Flex industrial space in Rio Rancho is slightly above the Albuquerque Metro average of $8.15 and most other neighborhoods. At $4.50 per square foot, local Warehouse/Distribution space is much more affordable than the Metro average of $6.50.

 

INDUSTRIAL VACANCY RATE
Q2 2017

Source: Avalanche Consulting/Colliers

INDUSTRIAL AVERAGE RENT PSF
Q2 2017
Source: Avalanche Consulting/Colliers


CONTACT SEA

SANDOVAL ECONOMIC ALLIANCE

1201 Rio Rancho Blvd Suite C
Rio Rancho, NM 87124


Phone: (505) 891-4305
Email: Info@Sea-NM.com

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