“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.
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.