Sandia Science & Technology Park Injecting Billions into State Economy

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The Sandia Science & Technology Park is being credited with playing a critical role in New Mexico’s economy over the last 25 years, creating high-paying jobs and bringing state-of-the-art technologies to the marketplace.

A study by the Mid-Region Council of Governments shows that over that time, businesses located within the technology park paid out $7.7 billion in wages in the five-county region of Bernalillo, Sandoval, Valencia, Torrance and southern Santa Fe counties. It also shows the park generated more than 6,500 jobs and nearly $4.4 billion in taxable consumer spending as a result of those jobs.

“The Sandia Science & Technology Park is a successful public-private partnership that has thrived for a quarter-century,” said James Peery, Labs Director of Sandia National Laboratories. “Sandia is committed to continuing to grow the park through collaboration, facilitating companies’ access to the Labs’ world-class technologies, expertise and facilities. The goal is to bring high-quality jobs and economic prosperity to the community and the state of New Mexico.”

The technology park was established in 1998 through a partnership between the nonprofit Sandia Science & Technology Park Development Corporation and Sandia National Labs. The collaboration fosters high-wage private-sector job creation through economic partnerships among park companies, Sandia, the Air Force Research Laboratory and the U.S. Space Force.

“The Sandia Science & Technology Park has succeeded in meeting my expectations from when I first helped incorporate the park in 1998,” said Sherman McCorkle, chairman of the SS&TP Development Corp. “The park serves as a valuable technology hub for the state of New Mexico and a driving force for national security development, positioning us at the forefront of growth.”

High-paying, tech-driven employment

The biennial study by Mid-Region Council of Governments looked at not only the number of jobs created but also the quality of those jobs. As of June 2024, there were 42 companies in the park, with 2,038 employees. The average wage of those employees was $92,336.

“We know in America the best jobs in today’s world are technology-based jobs, and this park has the best of technology-based jobs because they work with Sandia National Laboratories, the Air Force Research Laboratory and the new U.S. Space Force,” added McCorkle.

The work performed at the park also helps spur job growth outside of the park. The report shows that 4,375 jobs were linked to the SS&TP in 2022, and 4,528 jobs were linked in 2023. Those jobs were from industries including construction, manufacturing, retail trade, professional and technical services, healthcare and social assistance, accommodation and food services along with various other industries. About half of those were direct employment at the technology park and the other half were indirect.

Regenerating the economy

The technology park also plays a vital role in the local economy through consumer spending. The report analyzed increases in consumer spending and gross regional product attributed to the park and its employees.

Through its 25 years, the park is credited with nearly $4.4 billion in taxable consumer spending in the five-county area. This references the disposable income spent by park employees and their families on goods and services. In 2022 and 2023 alone, that number reached nearly $172 million.

The report also looks at gross regional product, which includes what the businesses in the park spend in the community on things like equipment, goods and services to keep those businesses running. While a cumulative 25-year gross regional product number was not included, in 2022 that number reached more than $429 million, and in 2023 it reached $421 million.

“Since its inception, the Sandia Science & Technology Park has surpassed the expectations of achieving economic competitiveness and prosperity for our local, regional and national economies,” said Dan Sanchez, member of the founding SS&TP community advisory council and assistant manager for programs at the National Nuclear Security Administration’s Sandia site office.

Rocket Lab was awarded CHIPS funding this year to expand production of its semiconductors for spacecraft and satellites. (Photo courtesy of Rocket Lab) Click on the thumbnail for a high-resolution image.

A vision for the future

The future of the technology park continues to look bright. Among the companies that are flourishing is Rocket Lab, which was one of the park’s first residents. Rocket Lab is one of only two companies in the country that specializes in the production of highly efficient and radiation-resistant compound semiconductors used in space to convert light to electricity and power spacecraft. In July, Rocket Lab was awarded up to $23.9 million in funding under the CHIPS and Science Act to expand production of its semiconductors for spacecraft and satellites. This will add more than 100 jobs.

Another park anchor, BlueHalo, which specializes in cutting-edge technology for global defense, was recently awarded a $95.4 million contract for advanced directed energy prototype development by the U.S. Army Space and Missile Defense Command. The contract enables BlueHalo’s continued work to design and build cutting-edge laser weapon systems. The company recently expanded its facilities from 50,000 square feet to more than 200,000 square feet.

The technology park and the City of Albuquerque are also partnering on a second public art project. Artists have the unique opportunity to partner with scientists and innovators to develop a large-scale technology-based public piece of art in the park. The city’s Public Arts Program is funding the $600,000 for the project. The field has been narrowed from 151 applicants to five finalists.

The Sandia Science & Technology Park recently celebrated its 25th anniversary and hopes to mark many more.

“The impact on Sandia is big,” said Mary Monson, senior manager for Technology Partnerships and Business Development at Sandia Labs. “Our suppliers and partners are in the park. We are able to access them easily and they are able to access Sandia. It’s key to our mission success at the Labs. We are a leader in the Department of Energy complex in tech transfer with a $140 billion dollar impact over 20 years, which coincides with the inception and the growth of the park. It has been an important tool for us.”