NEW MEXICO – The state of New Mexico announced setting another quarterly record in spending by US$8.67 billion, as measured by Matched Gross Taxable Revenue (MTGR), in the fourth quarter of FY2023 (April, May and June 2023), according to Economic Summaries released by the Economic Development Department (EDD).
In addition, 26 of 33 counties experienced year-over-year (YOY) economic growth, with statewide growth of 10.6%. The professional, scientific and technical services sector grew the most year-over-year in the state, with an increase in matched gross receipts of US$425.4 million, up 23% from the previous year.
The EDD noted that the increase outpaced the 18% increase in oil and gas spending. “Increased economic activity in Professional, Scientific and Technical Services is especially important because these businesses bring in skilled, well-paying jobs,” said EDD Deputy Secretary Jon Clark.
Statewide, at 21% and in 21 counties, retail trade was the largest sector. The strongest was Chaves County, at 34%, clearly focused on the oil patch. Others above 30% were Grant, Otero, Quay and Rio Arriba counties.
Exceptions included Los Alamos, where the national laboratory dominated with 85% of total RNBT, captured in the administrative/support and waste management/remediation sector, and eight counties where construction accounted for the largest percentage of RNBT. One of these was Valencia County, at 35%, with economic development projects underway with Meta and Arcosa Wind Towers.
Another highlight of the report was that in the Permian Basin of Eddy County, oil and gas was the fastest growing sector in MTGR at 37%. In Lea County, construction outpaced oil and gas at 40%.
In the document, construction in Spaceport America contributes to that sector’s dominance in Sierra County, also at 40% this quarter.
Wildfire recovery, which will be reimbursed by FEMA, contributed to construction spending in Mora County, with 48% of the MTGR total.
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