Over a year since the beginning of the COVID-19 pandemic, Santa Fe’s economy is beginning to turn around from what was a serious recession, giving local businesses and community leaders hope for the future of the city.
In 2020, $5 trillion in federal stimulus spending helped Santa Fe offset some economic difficulties during the pandemic.
“The recovery is a good sign for local businesses, it’s good news for city finances that depend on tax revenues, and good for our ability to deliver services to all our residents," Mayor Alan Webber said in a press release. "This is part of the reward for our community’s courageous, unified response to the pandemic. To help keep it going, we need to maintain that same vigilance against the spread of the delta variant.”
In Fiscal Year 2021, the city showed $3.45 billion in overall revenue, versus $3.6 billion for pre-pandemic Fiscal Year 2019.
According to the release, it is estimated that Santa Fe saw a $500 million loss from February 2020 to January 2021. Sectors including arts and entertainment, recreation and accommodation, and food service have increased gross receipts from 2020 to 2021, reflecting the city’s economic rebound.