There is a good chance that you will invest a substantial amount of time and money in your career. To receive the best return on your investment, be sure that the path you've selected will put you on track for continued employment opportunities and a chance to make a reasonable income. One step you can take in the planning process is to look at growth patterns for the fields you are interested in and wage information for different occupations. Examining current economic conditions can build confidence in your career choice or perhaps suggest other career areas or specializations to focus on. Below are several general economic facts you should analyze as you consider your choice in occupations.

This table lists the 40 jobs in New Mexico with the highest growth rates and good wages and employment. Choosing a career in one of these fast growing occupations should position you in a field of high potential.

Annual job growth numbers are based on 2008 to 2018 NM Occupational Projections. Wage numbers based on 2008 survey. New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.

These occupations usually have many job openings. Many of these jobs do not require much training or experience and are a good first job to start your employment history. While a good starting point, most of these jobs also have relatively low wages. The exceptions on this list are Registered Nurses and Elementary School Teachers, both of which are in high demand and have reasonable wages.

Note annual openings are job openings due to growth and replacments. Numbers are based on 2008 to 2018 NM Occupational Projections.New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.

Industry Projections

The overall economy has a large effect on which industries are hiring and how much they pay. Most industries go through business cycles of highs and lows that also affect employment. Some industries have higher employment in parts of the state than others. As you look at each industry in the table below, think about news you have heard. Think about the jobs you know that are associated with them.

In your analysis, consider industries with growth rates higher than the statewide of 1.3 percent as industries predicted to be high growth through 2018. Also, consider which industries have the most employment. For instance, Retail Trade has a relatively low annual average growth rate of 1.1%. On the other hand, it has the second highest employment and often jobs associated with this industry, such as Retail Salespersons, have many annual openings. The industry with the highest employment and a good growth rate is Health Care and Social Assistance. This area is expected to have many employment opportunities.

Numbers are based on 2008 to 2018 NM Industry Projections. New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.

The projections table in the previous section provides rankings of broad industry groups by annual average job growth. The table below looks a little deeper in to detailed industry subgroups by their respective growth rates. Analyzing industry data at this level can be instructive in understanding the impact of important socioeconomic changes. For example, demographic shifts caused by the aging of the baby boom population will prompt growth in industries such as Ambulatory Health Care Services, Social Assistance and Leisure and Hospitality. Similarly, as recovery from the recent recession continues demand for construction and mining activities will increase employment in those areas.

Numbers are based on 2008 to 2018 NM Industry Projections. New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.

Not all industries pay at the same level. As you are considering your career options keep in mind not only the specific occupation's average pay, but also the primary industry you likely would be working in and its annual average weekly wage. As might be expected, wages for different occupations vary from industry to industry.

Source: Quarterly Census of Employment and Wages, New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.

Local economies can have a large impact on job availability and wages. Job hunters will find a lot of competition for job openings in counties with high unemployment and low population. In New Mexico's rural counties, there are generally fewer employers with fewer job openings.

Sources: US Census Bureau Annual Population Data, New Mexico Department of Workforce Solutions Economic Research and Analysis Bureau.

This table provides information on the industry with the most employment in each of New Mexico's counties. It's notable that Health Care and Social Assistance is the industry with the most employment statewide and in eleven of New Mexico's 33 counties.

* Confidential Data

Source: Quarterly Census of Employment and Wages, New Mexico Department of Workforce Solutions, Economic Research and Analysis Bureau.