Carla Sonntag, president of the New Mexico Business Coalition, said that New Mexico's improved economic outlook ranking reflects the impact of sound legislative policies and the coalition's long-term advocacy efforts. This statement was made in a press release.
"We attribute this to legislators who have a keen sense for good policy, along with our efforts in the New Mexico Business Coalition," said Sonntag.
According to the press release, New Mexico experienced a notable improvement in its economic outlook, climbing five spots in the latest Rich States, Poor States report. This progress is attributed to recently enacted tax cuts and a reduced cost of state debt. The report indicates a positive shift toward fiscal responsibility and a more competitive economic environment. Economists from the American Legislative Exchange Council (ALEC) emphasize that while New Mexico still has work to do to keep pace with neighboring states like Texas, Arizona, and Utah, smart policy decisions such as limiting tax increases and easing regulatory burdens are beginning to yield results.
New Mexico has seen significant economic growth after a decade of stagnation, primarily driven by energy production, government research, and international trade. According to the Federal Reserve Bank of Dallas, these sectors have contributed to robust economic growth, providing opportunities for long-term development and addressing persistent challenges such as poverty and workforce education. The state's strategic focus on diversifying its economy and leveraging natural resources positions it for sustained growth in the coming years.
As per Visit New Mexico, in 2023, New Mexico's tourism industry achieved unprecedented success with $8.6 billion in direct visitor spending. The New Mexico Tourism Department reported that international visitation increased by 34.3% compared to the previous year, matching pre-pandemic levels seen in 2019. This surge highlights the state's appeal as a travel destination and significantly contributes to its economic vitality.
Sonntag advocates for businesses in New Mexico as president and CEO of the NMBC (established 2009). During the COVID-19 shutdowns, she pushed for a reopening plan and authored legislation aimed at preventing rising unemployment insurance costs, according to ABQ Connect.
