NAICS 23

Construction in Santa Fe, NM

Metro Market Score 44.1 (Moderate), ranked #138 of 342 metros. 524 establishments, 2,884 jobs.

Metro Market Score 44.1

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Moderate

ⓘ Lower is better. Relative to national construction average.

Construction wages in Santa Fe run well below the metro average (competitiveness index: 3.2), and year-over-year wage pressure is low at 37.6. For labor-intensive operations, this cost advantage could improve unit economics significantly.

Industry Concentration

38.0

LQ: 0.89

Rank #130 of 342 metros

Wage Competitiveness

3.2

$55,223 avg wage

Growth Trend

↓ 12.6

Employment growth index

Rank #300 of 342 metros

Wage Pressure

37.6

YoY wage change index

524 Construction Firms in Santa Fe

524

Establishments

-0.4% YoY

2,884

Total Employment

-3.8% YoY

$55,223

Average Annual Wage

+6.0% YoY

0.89

Location Quotient

Below national avg

Within New Mexico

#2 of 4

construction metros in state

New Mexico state rank

#31 of 51

for construction entry risk

vs State Median

-1.1

better than median (45.2)

Santa Fe vs New Mexico Statewide

How this metro's construction market compares to New Mexico overall. The state ranks #31/51 for entry risk.

Measure	Santa Fe	NM Statewide
Overall Score	44.1 Moderate	47.4 Elevated
Score Type	Metro Market Score	Entry Risk Score
Rank	#138 of 342 metros	#31 of 51 states

Metro and state scores use different methodologies (metro has 4 QCEW-based metrics; state adds BDS survival and momentum data). Direct score comparisons are approximate.

Other Industries in Santa Fe

Information 46.2 Healthcare and Social Assistance 50.8 Real Estate and Rental and Leasing 54.3 Administrative and Support Services 55.3 Finance and Insurance 56.3 Professional, Scientific, and Technical Services 59.9 Accommodation and Food Services 66.3 Retail Trade 70.8 Other Services 91.6

Construction in Other New Mexico Metros

Las Cruces 28.3 #30/342 Farmington 45.2 #147/342 Albuquerque 56.1 #257/342

Construction Metros With Similar Conditions

Metros within 5 points of Santa Fe's 44.1 score. Useful when comparing markets with comparable entry profiles.

Greenville-Anderson-Greer, SC 44.2 #139/342 Sebastian-Vero Beach-West Vero Corridor, FL 43.9 #137/342 Utica-Rome, NY 43.9 #136/342 Elkhart-Goshen, IN 44.3 #140/342 Janesville-Beloit, WI 44.4 #141/342 Savannah, GA 43.8 #135/342 Amherst Town-Northampton, MA 44.4 #142/342 Texarkana, TX 44.4 #143/342 Owensboro, KY 44.5 #144/342 Rocky Mount, NC 43.5 #134/342

Construction in States Bordering New Mexico

State-level entry risk for construction in adjacent states. Use this to weigh cross-border options.

Arizona 38.6 #16/51 Utah 40.1 #22/51 Texas 46.3 #29/51 Oklahoma 52.2 #39/51 Colorado 53.2 #40/51

Browse Construction in Other States

State-level entry risk reports for construction across all 51 markets, sorted by rank.

About Metro Market Score: A weighted composite of industry concentration (25%), wage competitiveness (25%), wage pressure (20%), and employment growth trend (30%). Lower scores indicate more favorable conditions. For Santa Fe's construction sector, the employment growth component (87.4) has the strongest pull on the composite. Metro scores use QCEW data only (no BDS survival data at metro level). Read full methodology →

Data Sources

Quarterly Census of Employment and Wages (QCEW), Bureau of Labor Statistics. MSA-level establishment counts, employment, wages, and location quotients for the Santa Fe, NM MSA area.

Data period: 2024. Last updated: April 2026.

Metro Market Assessment