Increasing production in the Blanco-Mesaverde field is an opportunity to continue New Mexico’s economic growth and generate additional funding for investments in our schools and infrastructure, and in a part of the state that is in need of additional economic development.
Construction jobs in New Mexico in November reached 50,000 for the first time since March 2009, largely through the oil boom in the state’s southeast corner and the industrial boom near El Paso.
With more than 24,700 farms in New Mexico and 48,300 jobs in agriculture and related industries, agriculture is providing major economic opportunities for our state.
“Obviously, New Mexico is an exception to national trends. The state’s economy continues to perform well, with an increase in oil and gas markets and employment in many areas,” the association said.
New Mexico as a whole ranked No. 11 among states with 7.3 percent construction job growth. Brill believes that’s likely because of growth in the oil and gas sectors in Hobbs and Farmington.
State lands support tens of thousands of jobs for New Mexicans in oil and gas production, agriculture, mining of minerals like potash, and renewable energy. For decades these activities have safely occurred and coexisted alongside other important uses of state lands.
New Mexico’s public K12 schools and other trust beneficiaries got an early $13.3 million gift thanks to the State Land Office’s December oil and gas lease sale.
With abundant oil and natural gas resources already driving its economy and government revenues to new highs, New Mexico could soon be the beneficiary of increased demand for liquefied natural gas (LNG) in northeast Asia.
Legislative budget analysts say 80 percent of the new revenue is linked to oil and gas activity, which has surged in New Mexico. The latest monthly numbers from the U.S. Energy Information Administration demonstrate this remarkable growth.
A homegrown manufacturer is adding 180 jobs to its Farmington plant, with plans for a $7.5 million expansion.