NEW MEXICO – New Mexico Economic Development Department (EDD) head Alicia J. Keyes announced that the agency’s latest round of quarterly economic reports shows that 30 of the 33 counties saw gains in Gross Taxable Revenue Sharing (MTGR) during the year.
According to reports filed by EDD, Sandoval County saw a 44% increase in MTGR gains; Santa Fe grew 32%; Doña Ana, 22%; San Juan, 21%; and Bernalillo, 17%.
The latest Quarterly Economic Summaries encapsulate consumer spending information for the third quarter of FY 2022 – January, February and March 2022 – for the entire state of New Mexico, as well as for each of the 33 counties.
The EDD initiative provides economic data available at the county level, giving local decision-makers regular access to indicators for their own community.
Oil and gas-related sectors posted the largest one-year growth in MTGRs by industry, a 92% increase, followed by arts and entertainment (77%), and manufacturing (42%), with Bernalillo County experiencing an especially large jump, 128%, in arts and entertainment spending.
Doña Ana MTGRs saw a massive decline during the third quarter of FY2022 compared to the second quarter of the same fiscal year. Gross taxable income decreased by almost 400 million or 23%. Despite this decline, the amount of reported MBR during the third quarter of FY2022 was $1.3 billion, being more consistent with the prior eight-quarter average of $1.2 billion.
The sector in Doña Ana that contributed the most to the total retail sales figure in Q3 FY22 was retail trade, surpassing construction.
According to EDD statistics, Doña Ana recorded a year-over-year increase of $232 million between Q3 FY21 and Q3 FY22. The largest contributor to this year-on-year increase was the retail trade sector, which showed an IMR increase of $60.6 million (21%).
The largest decline was in the public administration sector, which showed a year-on-year drop of $5.2 million (99%). Gross receipts tax (GRT) collections declined by $6 million, or 29%, from Q2 to Q3 FY22. Over the past 8 quarters, gross receipts tax collections have averaged $14 million and have shown an upward trend.
Source: MEXICO-NOW Staff