Jun. 8—The Albuquerque metro area has quality-of-life amenities such as direct access to outdoor recreation and a relatively low cost of living. But the area also has a diverse workforce, tuition-free college that is upskilling New Mexicans and multiple growing industries.

That's according to the latest talent and industry report released by the Albuquerque Regional Economic Alliance and CBRE on Tuesday, which lays out in 40-plus pages the benefits of the metro area.

Danielle Casey, president and CEO of AREA, said the report is meant to attract out-of-state businesses to Albuquerque and also for local businesses to use as a resource for drawing in future talent.

"This report, updated annually, has become one of our top economic development publications used to articulate our value proposition and market the region to decision-makers outside of the community," Casey said.

The report notably highlights the area's diverse labor force, with about 60% identifying as persons of color, which puts the area in the top 10 across the country. But the metro area is also a hub for female aerospace engineers and operation technicians, ranking No. 1 for metro areas with populations between 500,000 and 1 million residents — and ranking second for both female mechanical engineering technicians and industrial production managers, according to the report.

While the metro area has a large Hispanic population, it has also been an inviting one for entrepreneurs who are other persons of color as well. Citing Merchant Maverick, a reviews website, the report points out that New Mexico ranks in the top 10 for Black entrepreneurs. It also lists thriving Indigenous and Hispanic businesses operating in the area, such as Montech Inc. and Dreamstyle Remodeling. Albuquerque, according to the report, has a large number of residents with graduate degrees — nearly 34% in 2022 — which is just below the national average but higher than in places like Phoenix and El Paso.

AREA also points to tuition-free college for New Mexicans as a plus, which has seen an increase in enrolled students in the Albuquerque area. Last fall, for instance, the University of New Mexico's student body increased by 1.8% — and the freshman class was 14% larger than the freshman class the year before. Overall, state public colleges and universities reported 4,000 more New Mexicans enrolled in a certificate, associate, or bachelor's degree program fall 2022 compared to the previous year.

Focusing in on business growth, the report looks at the Local Economic Development Act, Job Training Incentive Program and Industrial Revenue Bonds as incentives for expansion. And it included statements from large businesses such as Amazon and Intel as to why the area is an attractive spot for businesses to locate.

The report was accompanied by a presentation to media and economic development officials by a national CBRE representative, Carsten Raaum, who gave a national economic update and forecast.

Raaum said CBRE believes the nation will see a moderate recession in the latter half of the year, one that he believes will take the Albuquerque area longer to recover from — a point other local economists have also made.

But despite economic headwinds, Albuquerque, unlike other cities that boast outdoor recreation and growing industries, hasn't seen vast increases in the cost of living such as in places like Salt Lake City, Raaum said. He pointed to the metro area as being strong, as it is anchored by a national research lab and a strong university.

"I think Albuquerque does have a lot of things going for it where it can position itself well for growth in the longer term," Raaum said.