Most local working families are taking home a little more money this year. In Torrance County, those wage increases have even outpaced inflation. At least that is what payroll data from the the county’s 362 employers shows.
The average weekly wage in Torrance County rose above $1,000 per week for the first time in July 2023 to $1,002 per week across all industries, according to payroll data reported to the State’s Department of Workforce Solutions. That’s up $73 per week, or $292 per month.
That equates to a 7.5% average raise over the previous 12 months which was more than double New Mexico’s 3.3% rate of inflation last year.
The average weekly wage in Santa Fe County, which includes Edgewood, remained almost flat at $1,094 (-$2 week, on average) while Bernalillo County wages, including the East Mountains and all of Albuquerque, increased $59 per week, on average, to $1,128.
DWS collects payroll and wage data each quarter from payroll tax reports submitted by all of the state’s employers. The data is limited to an employer’s location which may be different than an employee’s residence location.
In the period ending July 2023, Torrance County had 362 employers paying wages to 3,232 workers. The overall number of employers did not change over the year but the number of employees being paid dropped by 1.5%.
MMore recent data from DWS shows that unemployment rates in all 3 counties have decreased over the past year. Torrance County had the highest regional unemployment at 4.8% in September, down 1.2% from a higher 6.0% last year and still only slightly higher than statewide unemployment of just 3.7%. New Mexico’s statewide employment rate is lower than both neighboring Texas and Arizona. Bernalillo and Santa Fe Counties both have unemployment rates of 3.6%. New Mexico’s unemployment rate has been falling from a record high of 9.3% in May 2020 during the height of the COVID pandemic. Overall, New Mexico’s unemployment rate is the lowest level seen in more than 20 years of data available in state data.
When it comes to wages, however, not every industry is created equal. Manufacturing workers in Torrance County, average just over $2400 per week while arts, entertainment and food service workers take home less than $400 per week.
Statewide, Los Alamos County ranks highest in average weekly wage at $2,162 per week while Lincoln County ranks lowest with $792 per week per worker.