The New Mexico Economic Development Department (EDD) released its September 2023 reports. The reports reveal that in the fourth quarter of the 2023 fiscal year (April, May and June 2023), New Mexico set a record high in spending, reaching $8.67 billion as measured by Matched Taxable Gross Receipts (MTGR), according to a document announcing the reports provided by EDD.
"EDD’s mission is to improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive," according to the report.
EDD revealed that in New Mexico, 26 out of 33 counties experienced year-over-year (YOY) economic growth, resulting in a statewide growth rate of 10.6%. The professional, scientific and technical services industry played a significant role in this growth, contributing a YOY increase of $425.4 million, representing a 23% surge, surpassing the 18% growth seen in the oil and gas sector, according to a document announcing the reports provided by EDD.
“The increased economic activity in the Professional, Scientific and Technical Services is especially important because these businesses bring high-paying, skilled jobs," said EDD Deputy Secretary Jon Clark. "As New Mexico works to diversify its economy, we must continue to invest in jobs-rich industries and catalyze innovation."
EDD outlined that the retail trade sector, accounting for 21% of matched gross receipts (MTGR), emerged as the largest sector both statewide and in 21 counties. Chaves County was a standout, with retail trade representing 34% of MTGR, largely fueled by its status as a regional retail market for the oil industry. Notable exceptions include Los Alamos, where the national laboratory dominates, representing 85% of total MTGR, and eight counties where construction takes the lead. Valencia County, in particular, witnessed construction accounting for 35% of MTGR, driven by significant economic development projects with Meta and Arcosa Wind Towers, according to a document announcing the reports provided by EDD.