Tech park’s economic impact: $315M

Sandia Labs, partners employ 2,163 at venture

A public-private partnership between Sandia National Laboratories and several other organizations has generated $315.2 million in economic impact across the state over two years, according to a new report by the Mid-Region Council of Governments.

The report estimated Sandia Science & Technology Park, a 300acre technology research park near the national laboratory and Kirtland Air Force Base in southeast Albuquerque, has brought in $2.6 billion worth of economic activity since its inception in 1998.

The results were announced by Sandia representatives and local officials at a news conference Friday at the National Museum of Nuclear Science & History.

“This is how we grow jobs,” said Albuquerque Mayor Richard Berry, one of the speakers at the event. “When we talk about diversifying our economy, it’s things like the Science & Technology Park that are the right way to do it.”

The park consists of 42 companies and 2,163 employees, and represents partnerships between Sandia and organizations including Albuquerque Public Schools, Public Service Company of New Mexico and Lockheed Martin.

Since 1998, the park has produced more than $103 million in state tax revenue and $15.2 million for the city of Albuquerque, according to the report. In 2014 and 2015, the park generated $13.6 million in state tax revenue and $2.3 million for the city.

Sherman McCorkle, chairman and CEO of the corporate entity that runs the park, pointed out that the salary of an employee working at the park is “far beyond” the state’s average. According to the report, the average annual wage is $83,100, versus $43,000 across New Mexico. Total wages in the two-year period totaled $635.1 million.

Sandia Labs employees account for about half of the jobs at the park. The report found that the park’s activities have led to the indirect creation of more than 4,000 jobs in the regional economy.