达拉斯联储：南新墨西哥州经济指标显示拉斯克鲁塞斯就业增长、工资回升，圣特雷莎贸易额同比下滑

Fourth quarter 2025

February 11, 2026

Employment in Las Cruces grew solidly in 2025. The unemployment rate ticked up in December but remains low compared with pre-pandemic levels. The metro area experienced modest wage growth in the fourth quarter of 2025 after several years of declining wages. The value of imports through the Santa Teresa port of entry increased slightly over the three months ending in November, while exports declined. Compared to last year, the value of trade through Santa Teresa has fallen sharply.

Labor market

Employment expands in 2025

Despite low national job growth, employment in Las Cruces grew at a solid pace in 2025 (Chart 1). From December 2024 to December 2025, payroll employment in Las Cruces grew 2.5 percent (2,000 jobs).

Employment growth was driven by gains in government (1,260 jobs), education and health services (690 jobs) and construction and mining (290 jobs).

Modest declines occurred in professional and business services (-110 jobs), trade, transportation and utilities (-100 jobs), and leisure and hospitality (-100 jobs). Manufacturing, finance and other services payrolls were unchanged.

Unemployment ticks up

The unemployment rate in Las Cruces ticked up to 5.1 percent in December 2025 from 4.9 percent in September (Chart 2). New Mexico’s unemployment rate increased to 4.3 percent in December from 4.1 percent in September. U.S. unemployment was unchanged at 4.4 percent over the same time period.

Year over year, the unemployment rate in Las Cruces was unchanged in December.

Wages rise in Las Cruces

Following a protracted decline in earnings in Las Cruces since 2023, average hourly wages increased to $25.54 per hour in December 2025 from $24.67 per hour in September, a 3.5 percent increase (Chart 3). Year over year, wages in Las Cruces increased 2.3 percent. Average hourly wages in the metro area lag both the state and nation. Average hourly wages in New Mexico were $29.94 per hour in December and $37.02 per hour in the nation.

Trade

Trade volumes tick up

The smoothed, seasonally adjusted real value of imports through the port of Santa Teresa increased from $1.6 billion in August to $1.7 billion in November 2025 (Chart 4). Real exports declined from $767 million to $726 million over the same period. Compared to one month prior, both imports and exports ticked up.

Year over year, the real value of both imports and exports through the Santa Teresa port fell. Exports declined 48.9 percent from November 2024 to November 2025. Imports fell 18.7 percent over the same period.

Notes

Data may not match previously published numbers due to revisions. All New Mexico counties within the Federal Reserve’s Eleventh District are counted as part of southern New Mexico.

NOTE: Data may not match previously published numbers due to revisions.

About Southern New Mexico Economic Indicators

Questions or suggestions can be addressed to Robert Leigh. Southern New Mexico Economic Indicators is released quarterly.