New Mexico employment numbers were issued from March 2023 in the wake of recreational cannabis being legalized in the state.
In its first year of legalization, recreational cannabis in New Mexico has generated more than $300 million in revenue, a report from the state's Taxation and Revenue Department said.
The report shows that the cannabis industry has also created an additional 5,000 jobs as well as generating $73 million in tax revenue for the state.
"Great news for our recreational cannabis industry," Gov. Michelle Lynn Lujan Grisham said in a tweet this week. "New Mexico landed at number five for most jobs added in the last year - more than 2,500!"
The legalization of recreational cannabis in New Mexico went into effect in April 2022, making it the 18th state in the U.S. to legalize cannabis for recreational use. The success of the industry's first year in New Mexico is attributed to the state's high demand for cannabis products, coupled with the tourism industry. The report suggests that the revenue generated from the cannabis industry will continue to grow in the coming years, benefiting the state's economy and job market.
Broad employment numbers from March 2023 showed that New Mexico's seasonally adjusted unemployment rate decreased to 3.5% from 3.6% in February, with a significant drop from 4.6% in March 2022. The state's nonagricultural payroll employment grew by 25,300 jobs, representing a 3.0% increase from March 2022 to March 2023. Private sector gains accounted for 20,400 jobs, with the private service-providing industries contributing the most with 14,900 jobs added.
Within the goods-producing industries, mining and construction experienced the most significant job growth, rising by 4,700 jobs, or 6.8%. Conversely, trade, transportation and utilities experienced a decrease of 1,300 jobs, while local government showed the most significant job growth in the public sector, rising by 3,900 jobs, or 4.0%.