The new money provided funding for projects across New Mexico that legislators, tribal leaders, and local officials alike say will help build up our infrastructure and lay the groundwork for continued economic diversification and opportunity in their communities.
Overall, exports worldwide rose from about $3.61 billion in 2017 to $3.65 billion last year, according to the latest U.S. Commerce Department statistics.
Lawmakers had a budget surplus in excess of one billion dollars largely due to record-setting oil and gas development. While production is primarily concentrated in the southeast and northwest corners of New Mexico, residents around the state reap the rewards.
Governor Michelle Lujan Grisham is deciding which legislature-passed bills she should sign into law. Here are a few that could affect job creation and economic growth.
In addition to the current surplus, state economists have also predicted government revenues will be $852.2 million higher in fiscal year 2021 than they were last year. But the news may be even better, according to state Senator John Arthur Smith, who is chairman of the Senate Finance Committee.
The New Mexico labor force is growing and unemployment is dropping. Over-the-year job growth from December 2017 to December 2018 was 33% faster than the country as a whole and New Mexico was sixth in the nation for our drop in the unemployment rate.
When the bids were tallied, the total came to $35.3 million. This makes it the second highest single-month yield in the agency’s history after November 2018, when the monthly lease sale brought in $43 million.
This video is part of a new educational campaign from NM4EP describing how the responsible use of state lands – be it energy, agriculture, recreation, or many other activities – is benefiting all New Mexicans.
Compared to the previous fiscal year, the oil and gas industry generated $128 million more for education in FY 2018. That additional revenue would be enough to hire 2,300 new teachers.
On top of the 1,200 construction workers a day the project brings to Los Lunas, new businesses are also in place to set up shop.