New Mexico's Tech Industry Is Fastest Growing
New Mexico Adds 6,700 Jobs; Has 6th Highest Concentration of Tech Workers in the Nation

Scottsdale, AZ (April 2, 2008) – AeA, the nation’s largest technology trade association representing all segments of the high-tech industry, today released its 11th anniversary Cyberstates report detailing national and state trends in high-tech employment, wages, and other key economic factors. The report, Cyberstates 2008: A Complete State-by-State Overview of the High-Technology Industry, covers all 50 states, the District of Columbia, and Puerto Rico.

New Mexico's high-tech industry saw a net gain of 6,700 jobs for a total of 49,500 tech workers in 2006, the most current state data available. This represents a 16 percent growth rate in 2006, the fastest in the nation. As a percentage of the overall private sector workforce, New Mexico has the 6th highest concentration of tech workers in the country – 79 tech workers for every 1,000 private sector workers. The average annual tech industry wage in the state, $64,900, is 94 percent more than the state’s average private sector wage.

New Mexico’s tech industry growth in 2006 can largely be attributed to a rapid rise in employment in R&D and testing labs, which added 5,500 jobs. Following this was semiconductor manufacturing (+500) and telecommunications services (+400 jobs). Computer systems design and related services as well as engineering services both added some 300 jobs in 2006.

Venture capital investments in New Mexico rose 299 percent for a total of $128 million in 2007, up from $32 million in 2006, ranking the state 24th nationwide by this metric.

"New Mexico’s high-tech industry is on a roll,” said Keith Prettyjohns, CEO of Albuquerque-based Innovasic Semiconductor. "Technology job growth rates were the fastest in the nation, with several vital sectors seeing increases, led notably by R&D and testing labs. Venture capital investments skyrocketed by nearly 300 percent. And New Mexico’s economy has both the 6th highest concentration of tech workers in the country and the 8th largest differential between tech wages and private sector wages. Although the total number of high-tech employers and workers is lower than many other states, New Mexico is clearly one of the stars of this year’s Cyberstates report.”

Nationally, Cyberstates 2008 shows that the high-tech industry added jobs for the third consecutive year. Tech industry employment totaled 5.9 million, after adding 91,400 jobs in
2007. This is on top of job gains of 139,000 in 2006 and 87,400 in 2005.

This 11th edition of Cyberstates provides a comprehensive review of the high-tech industry nationally and state-by-state in terms of high-tech employment, wages, payroll, and establishments. Cyberstates also offers data on venture capital investments and R&D expenditures.

Two other major AeA cyber reports are forthcoming that analyze the U.S. high-tech industry: Cybercities 2008: An Overview of the High-Technology Industry in the Nation’s Top 60 Cities, and Trade in the Cyberstates 2008: A State-by-State Overview of High-Tech International Trade.

AeA members can purchase Cyberstates 2008 for $125; non-members for $250. Visit www.aeanet.org/cyberstates to download the report, or call 408.987.4200.

What Does High Tech Mean for New Mexico?

• 49,500 high-tech workers in 2006 (28th ranked cyberstate)
   

• 6,700 jobs added between 2005 and 2006
   

• High-tech firms employed 79 of every 1,000 private sector workers in 2006, ranked 6th nationwide
   

• High-tech workers earned an average wage of $64,900 (29th ranked), or 94 percent more than New Mexico's average private sector wage
   

• A high-tech payroll of $3.2 billion in 2006, ranked 28th nationwide
   

• 2,200 high-tech establishments in 2006, ranked 36th nationwide
   

• Venture capital investments of $128 million in 2007, up 299 percent from $32 million in 2006, ranked 24th nationwide
   

• R&D expenditures of $5.1 billion in 2004, ranked 19th nationwide

New Mexico's National Industry Sector Rankings:

• 9th in semiconductor manufacturing employment with 6,300 jobs
   

• 12th in R&D and testing labs employment with 20,300 jobs
   

• 23rd in measuring and control instruments manufacturing employment with 2,800 jobs
  Source: Cyberstates 2008

Data are for 2006 unless otherwise noted.

2006 state data are the most current available for employment, wages, payroll, establishments, and industry sector jobs.

Published by AeA, Advancing the Business of Technology (www.aeanet.org)

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About AeA

AeA, the nation’s largest technology trade association, representing all segments of the high-tech industry, is dedicated solely to helping our members’ top line and bottom line. We do this in partnership with our small, medium, and large member companies by lobbying governments at the state, federal, and international levels, providing access to capital and business opportunities, and offering select business services and networking programs. For more information, please visit http://www.aeanet.org.   

This page was last updated on 04/02/08.     
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