EDD Cabinet Secretary Alicia J. Keyes

EDD News:

SANTA FE — The New Mexico Economic Development Department (EDD) has published the latest data from its County Economic Reports series that details economic growth, employment, and spending in all 33 New Mexico counties, Cabinet Secretary Alicia J. Keyes announced Thursday.

The latest data is for the last quarter of fiscal year 2021 – April, May, and June 2021 – and shows significant economic recovery in most areas of the state and increased consumer confidence.

For instance, as a two-year percent change, Bernalillo County, the largest in the state, saw a 10 percent increase in Matched Taxable Gross Receipts (MTGR) during the quarter, while smaller counties such as Torrance saw a bump of 269 percent and Catron 127 percent. Of the other large counties, Doña Ana saw an increase of 12 percent, Sandoval 21 percent, Santa Fe 12 percent and San Juan 5 percent.

The latest EDD County Reports are now available on the agency’s website HERE.

EDD also has published an update to its popular Economic Development Toolbox, a resource guide for communities and businesses across New Mexico. A downloadable copy of the Toolbox is available HERE.

The reports for each county use an aggregate of data from the U.S. Bureau of Labor Statistics, N.M. Taxation and Revenue Department, Department of Workforce Solutions, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.

The project was initiated by EDD Deputy Secretary Jon Clark to provide detailed economic data at the county level so local communities can make more strategic decisions about job growth and investments.

“Economic data is very volatile and we still need to help those businesses and workers that are struggling,” Secretary Keyes said. “But the latest data shows our economy as a whole is rebounding rapidly and the state can recapture the economic momentum and job growth we saw before the pandemic.”

Highlights from the 4th quarter County Reports include:

• Twenty-seven counties saw a year-over-year increase in MTGR revenue.
• The month of June reported the largest monthly MTGR the state has ever seen.
• Eddy and Lea Counties represented 16.5 percent of the state’s total reported MTGR, which is slightly less than Q4 FY20, when the counties combined to represent 17 percent of the state’s total reported MTGR. The monthly MTGR for New Mexico in June for the mining, quarrying, and oil and gas extraction industry reported the largest amount since March of 2020.
• Some counties, like Luna and Roosevelt, saw a decrease in MTGR due to exceptionally high receipts a year ago from construction. When comparing Q4 FY20 to Q4 FY21 the construction industry for New Mexico reported a year-over-year loss of $405 million or 16 percent.
• Twenty-eight counties had an increase in MTGR compared to two years ago (pre-pandemic, Q4 FY19) indicating recovery is in progress.

Matched Taxable Gross Receipts (MTGR) are the best tax data available to show underlying economic activity. The data collection process matches a tax payment with reported receipts for each taxpayer by industry.

Below are examples of year-over-year data for all industries noted in the reports. Each county has an individual report with break-downs for specific sectors: