Virgin Galactic announced that the company is moving its Mojave Air and Space Port operations and employees from California to New Mexico’s Spaceport America, located outside of Truth or Consequences in Sierra County.
“We project $20 million in revenue in 2019,” said company founder Ryan Wallace. “We have more than 70 employees now, and we expect to expand beyond 100 by year-end.”
Already New Mexico’s largest manufacturer according to Albuquerque Business First’s Manufacturing Companies List, Intel is looking to fill another 68 new positions at their facility in Rio Rancho.
Jeff Witte, New Mexico’s secretary of agriculture, said the findings “once again prove that New Mexico has a strong culture in ag and that our people have a strong desire to grow and continue to provide food for their families.”
Economic momentum has been building in New Mexico and continuing to attract retirees could be another opportunity to create jobs and further diversify our economy.
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.