Albuquerque is becoming the premier location in the country for high tech expansion. The city’s long history with Sandia National Labs, Los Alamos National Lab, and Kirtland Air Force Base is drawing a new generation of companies in fusion, quantum, aerospace, and biotech, and beyond.
One major example is Pacific Fusion, which broke ground on a $1 billion research and manufacturing campus at Mesa del Sol (Trade & Industry Development). The project is expected to bring more than 200 high-wage jobs, plus hundreds of construction jobs (City of Albuquerque). Downtown, Roadrunner Venture Studios is building the Roadrunner Quantum Lab in the Innovation District with $25 million in state funding, part of more than $300 million that New Mexico is investing in quantum technology (StateScoop). QuEra Computing will build a quantum testbed there (NM EDD), with the lab aiming to pull more quantum startups to New Mexico.
Defense and aerospace are growing too. AeroVironment plans to add more than 450 jobs to its Albuquerque campus over the next decade (Trade & Industry Development). Spacecraft maker BlackVe is expanding its headquarters with a new satellite manufacturing facility and 152 jobs (Trade & Industry Development). Just north, Castelion is building a 1,000-acre manufacturing campus in Sandoval County (NM EDD). Curia’s $200 million biopharma expansion with more than 250 jobs (NM EDD) and cybersecurity firm Securin’s 93 new positions (NM EDDc) round out a clear picture: Albuquerque is growing.
Every New Job Needs a Home
When it comes to housing, we’re already behind. At a recent housing summit, Todd Clarke predicted Albuquerque’s shortage could reach 25,000 units (Source NM), and MFA Housing New Mexico has said we need about 5,100 new units a year for five years to keep pace with growth (KOB).
And importantly, not every new job is a six-figure engineer. Many new tech jobs average just over $50,000 – $70,000. Those are good jobs, but in a tight market they don’t stretch far, especially for a young family trying to buy a first home.
Why Affordable Housing Helps Everyone
When higher-paid workers move into a market without enough homes, prices climb across the board. The most vulnerable families get priced out first, and that hurts the entire market. The Minneapolis Fed found that expensive housing makes hiring harder for employers of every size, and that small businesses like restaurants and shops get hit hardest because they can’t match big employers’ wages (Federal Reserve Bank of Minneapolis).
The people who keep a growing city running need homes they can afford. Housing the lowest segment of the market eases pressure above, and helps ensure Albuquerque stays a place employers want to keep investing in.
Where Adobe Pathway Comes In
Adobe Pathway is an Albuquerque nonprofit building quality homes for income-qualified buyers, using public and private funding plus buyer assistance to bring prices within reach. Deed restrictions keep each home affordable for the next buyer too. As Albuquerque grows, we want to make sure the people who already call it home can stay. Learn more about us.
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