A recent study by the National Association of Manufacturers (NAM) highlights potential economic impacts if Congress does not renew the tax reforms enacted in 2017. The report suggests that New Mexico could lose 29,000 jobs, while the U.S. economy might face a loss of nearly 6 million jobs and over $1 trillion in GDP.

Carla Sonntag, President and CEO of the New Mexico Business Coalition, emphasized the importance of maintaining manufacturing jobs in the state. "New Mexico must safeguard every job it has – especially the better paying jobs in the manufacturing sector," she said. She urged Congress to prioritize renewing these tax reforms to prevent significant employment losses.

NAM President and CEO Jay Timmons echoed this sentiment, noting that "Pro-growth tax policies from President Trump’s 2017 tax reforms were rocket fuel for manufacturers." He stressed that preserving these reforms should be a priority for Congress and the new administration.

The study's key findings indicate that New Mexico could see a $2.6 billion reduction in employee compensation and a $5.4 billion shortfall in GDP if the tax reforms expire. Nationwide, potential losses include 5.9 million jobs, $540 billion in employee compensation, and a $1.1 trillion GDP shortfall.

The NAM's Q3 2024 Outlook Survey revealed that nearly nine out of ten respondents believe Congress should act before the end of 2025 to prevent scheduled tax increases on manufacturers.

The New Mexico Business Coalition is advocating for policies that support business growth and improve quality of life across the state.