NM reports increase in its economic indicators
NEW MEXICO – The New Mexico Economic Development Department (EDD) announced that the state’s MTGR for the second quarter of fiscal year 2024 – October, November and December 2023 – reached nearly $25 billion year-over-year change of 5%, the second highest level ever reported.
According to EDD, over the past eight quarters, New Mexico’s MTGR maintained an upward trend.
The largest industry as a percentage of state MTGR was the retail trade industry, which accounted for 22% of the total, a 2% increase from last quarter. The largest year-over-year (YOY) increase came from the construction industry with 19% growth, followed by the professional, scientific and technical services industry.
The data is based on matched gross taxable receipts (MTGR), considered the best tax data available to show underlying economic activity. The data collection compares tax payments to each taxpayer’s reported income by industry and can provide a detailed description of industry growth and decline.
“It is important to understand the economic dynamics of each New Mexico county and each industry sector to make informed policy decisions,” said EDD Acting Cabinet Secretary Mark Roper.
Reports for Doña Ana County indicate that over the past eight quarters, gross taxable revenue matched (MTGR) has averaged $1.41 billion, which is $12.8 million less than the amount recorded during the second quarter of FY24 ($1.42 billion). Between the first and second quarters of FY24, gross taxable income decreased by 3.9%, or just over $58 million.
Despite this decrease, MTGR in Doña Ana County showed an upward trend over the previous 8 quarters. Retail trade and construction industries accounted for 43% of total MTGR in the County.
Comparing the year-over-year growth in MTGR, the largest contribution came from the construction sector, which recorded a year-over-year increase of $14.7 million. The largest decrease occurred in the public administration sector, which recorded a year-over-year decrease of $4.2 million.
The amount of quarterly gross receipts tax (GRT) collected during the second quarter of FY24 ($16.7 million) was 29.2% lower than the amount collected during the first quarter of FY24 ($23.5 million).
