Earlier this month Albuquerque was abuzz with a report by the Mid Region Council of Governments (MRCOG) on the economic impact of the Sandia Science and Technology Park. And with good reason.
Since it was established in 1998, the Sandia Science and Technology Park has generated over $2.6 billion in economic activity and created thousands of high paying jobs in our city.
At a press conference releasing the study earlier this month, Albuquerque Mayor Richard J. Berry was quoted, “This is how we grow jobs … When we talk about diversifying our economy, it’s things like the Science & Technology park that are the right way to do it.” The jobs created in the Park are leagues beyond Albuquerque’s typical full-time job. Full time Park employees earn on average $83,000 annually, two times Albuquerque’s average salary of $43,000 a year.
The Sandia Science & Technology Park is a 300-acre technology research park near Sandia National Labs and Kirtland Air Force Base in southeast Albuquerque. The park is home to 42 companies—both established companies and start-ups. It employs 2,163 people and represents partnerships between Sandia and organizations including Albuquerque Public Schools, PNM and Lockheed Martin.
The Park is a model for public-private partnerships that benefit everyone in Albuquerque. Tax revenue alone has generated over $103 million for the State of New Mexico and another $15 million for the City.
As we continue our work focused on job creation and economic mobility in Albuquerque, Mayor Berry put it well, “This is the type of place every city in the United States dreams of having.” Continuing to invest in spaces and places like these, where homegrown companies flourish, creates high paying jobs and upward mobility for Albuquerque and all who call this city home.
At Albuquerque Living Cities Integration Initiative we recognize the value that Sandia National Labs brings to our community. We are working to foster an environment in Albuquerque that can open the doors to more partnerships and opportunities for technology commercialization to emerge as an even greater economic force in our city.