A Taiwanese manufacturing company is opening a $50 million plant in Santa Teresa, with an expected workforce of nearly 350, the company announced Wednesday.
A new report out is singing New Mexico’s praises when it comes to the percentage of businesses owned by women. According to Frontier Business, 51.7-percent of businesses in the state are owned by females and that number has likely since grown.
Budget analysts for the Legislature trace about 80 percent of growth in state income during the current fiscal year directly to the oil and gas industry.
The company has 300 employees starting work on Dec. 10. Construction work continues at the site, with plans to expand the company’s workforce to nearly 1,300 by 2024.
According to these measures, Sandoval County has been among the counties for incoming investment in New Mexico since at least 2015. Eddy and Lea counties’ places in the top three for 2018 are a testament to the energy boom happening in the Permian Basin. In 2015, neither county was in the top five.
Oil and gas development accounted for 93 percent of the $852 million in revenue delivered to the state trust lands funds. Public schools received $698.4 million from these funds, an increase of $85 million from the previous year.
Increasing production from the Blanco-Mesaverde field would be a victory for the New Mexican economy and is another boost that will help continue the state’s recent economic growth and success.
The New Mexico State Land Office has set a record for its monthly oil and gas lease sale, generating more than $43 million for public schools and other trust land beneficiaries.
New Mexico continues its ascent out of the economic doldrums, with job numbers in October showing the biggest percentage gain in a dozen years.
An obscure New Mexico rule currently prevents natural gas companies from enhancing production in parts of the San Juan Basin, but a proposed update to that rule could generate more than $29 million in new tax revenue.