Firstly, I am finally back...had numerous very distressing family situations to deal with. Happy to see the sun shine again.
In what has to be an amazing situation for this state...Hobbs is still the number 2 economy in the entire state as per the latest numbers just out setting all time records again. Keeping this in mind, as recently as 2010 the economic numbers for Albuquerque were that the Duke City was over ten times larger than the economy of Hobbs. The numbers just out show that the ABQ economy is now only 3.3 times larger. Factoring in that the GRT rate for Albuquerque is much higher than Hobbs then economic output is actually less than 3.3 times larger. Depending on what numbers you use, ABQ is from 12-14 times larger than Hobbs as far as population is concerned.
Construction projects in Hobbs are everywhere even in the challenged areas. There are over 30 million dollars of construction in South Hobbs which has not seen anything significant in decades except for the water reclamation plant. In all of Hobbs, two more apartment complexes just started which makes five large complexes under construction. The prolific increase in new homes and apartments will help out a ton as far as job vacancies are concerned.
However (there is always a however), there have been a small number of layoffs in the EnergyPlex oil industry but there are still hundreds of jobs still unfilled in other categories. There are varied oil price predictions that oil will return to the 100-200 dollar per barrel range. Which is great news for our state. Funny thing...every time the gas prices dropped I wanted to go throw up. hahahaha
In what has to be an amazing situation for this state...Hobbs is still the number 2 economy in the entire state as per the latest numbers just out setting all time records again. Keeping this in mind, as recently as 2010 the economic numbers for Albuquerque were that the Duke City was over ten times larger than the economy of Hobbs. The numbers just out show that the ABQ economy is now only 3.3 times larger. Factoring in that the GRT rate for Albuquerque is much higher than Hobbs then economic output is actually less than 3.3 times larger. Depending on what numbers you use, ABQ is from 12-14 times larger than Hobbs as far as population is concerned.
Construction projects in Hobbs are everywhere even in the challenged areas. There are over 30 million dollars of construction in South Hobbs which has not seen anything significant in decades except for the water reclamation plant. In all of Hobbs, two more apartment complexes just started which makes five large complexes under construction. The prolific increase in new homes and apartments will help out a ton as far as job vacancies are concerned.
However (there is always a however), there have been a small number of layoffs in the EnergyPlex oil industry but there are still hundreds of jobs still unfilled in other categories. There are varied oil price predictions that oil will return to the 100-200 dollar per barrel range. Which is great news for our state. Funny thing...every time the gas prices dropped I wanted to go throw up. hahahaha
