Leaders in Albuquerque’s public and private sectors have spent a lot of time talking about millennials in recent years. How to keep them. How to attract them.
Recent reports show that the Duke City has been losing some of its influential 18-to-34-year-old residents. Many have moved to more millennial-friendly cities like Denver and Austin.
But a Bloomberg report says the Albuquerque metro area is faring a little better than some might think in retaining millennials — especially compared to some other metro areas.
The “Second-Tier Cities: A Millennial Migration” report published last week looked at millennial population changes between 2000 and 2013. Albuquerque came in at No. 11 on a list of 20 metros that have made the greatest gains in adding the demographic — defined in the report as 20-to-34-year-olds.
The report said the Albuquerque area increased its millennial population by 23.7 percent — from 171,400 millennials in 2000 to 212,040 in 2013. The Duke City beat out other popular millennial metros, including Nashville, Phoenix and Washington, D.C.
Another metric the Bloomberg report looked at was the number of patents granted in millennial-heavy metro areas. The report says the number of patents granted in a city hints at future job growth in the tech industry, which could impact the city’s housing market. Albuquerque was listed at No. 14 out of 25 metro areas — with 3,240 patents granted from 2000 to 2013.
Meanwhile, the report said cites with an increase in millennials saw more multifamily housing being built. Cash-strapped millennials want reasonable rents, which is why they often turn to apartments, the report said.
Bloomberg looked at the number of multifamily permits pulled between 2010 and 2013. Albuquerque experienced a 445 percent increase — making it No. 4 on a list of 20 metro areas. And it’s true, Albuquerque has seen a slew of new apartment projects popping up across the city, both privately funded and partially subsidized.
Read the full report here.
By: Stephanie Guzman (Albuquerque Business First)
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