Taxable gross receipts matched Tax changes in the third quarter. Courtesy of EDD
ECONOMIC DEVELOPMENT DEPARTMENT PRESS RELEASE
New Mexico Department of Economic Development (EDD) Cabinet Secretary Alicia J. Keyes said today that the agency’s latest set of quarterly economic reports show that 30 of 33 counties are seeing gains in corresponding gross taxable receipts (MTGR) during the year with Sandoval up 44%, Santa Fe up 32%, Doña Ana up 22%, San Juan up 21% and Bernalillo up 17 %.
The latest quarterly economic summaries summarize consumer spending information for the third quarter of fiscal 2022 — January, February, and March 2022 — for the entire state of New Mexico as well as each of the 33 counties. EDD also aggregates and analyzes the most recent data from other government sources.
The EDD initiative provides economic data available at the county level, giving local decision-makers regular access to economic indicators for their own community. June 2022 quarterly economic summaries for all 33 counties are now available on the EDD website.
“New Mexico continues to experience widespread economic expansion,” Secretary Keyes said. “Governor. Michelle Lujan Grisham’s focus on better-paying jobs is making a difference. This EDD initiative provides communities with more detailed data so they can track their own progress and have the information they need to diversify. and build a stronger local economy.
Some of the highlights from the latest reports include:
- Oil and gas-related sectors saw the strongest year-on-year growth in MTGR by industry, a 92% increase, followed by arts and entertainment (77%) and manufacturing (42%). Bernalillo County saw a particularly large 128% increase in arts and entertainment spending.
- Valencia County’s construction industry reported the highest amount of MTGR the county has ever seen.
- Taos County reported its highest amount of MTGR on record.
- Eddy and Lea counties accounted for nearly 24% of the state’s total MTGR for the third quarter of FY22, an increase from 15% in the prior quarter.
- 30 counties saw a year-over-year increase in MTGR.
- All but one of the counties recorded an increase in MTGR in the third quarter of FY22 compared to data from two years ago.
- Larger counties saw strong year-over-year MTGR gains with Sandoval up 44%, Santa Fe up 32%, Doña Ana up 22%, San Juan up 21% and Bernalillo up 17%.
Economic summaries follow data from NM’s Department of Taxation and Revenue; the NM Department of Workforce Solutions; the United States Bureau of Labor Statistics; and the US Bureau of Economic Analysis with additional calculations by EDD economists.