© 2024 KRWG
News that Matters.
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

New Mexico: Economic Recovery Is Underway

SANTA FE, N.M. – Today the Economic Development Department released the latest of its quarterly economic reports for the State of New Mexico and all 33 counties. The May 2021 reports include data through the third quarter of fiscal year 2021: January, February, and March of this year.  Here is a statement from the Department:

This is the fifth in a series of quarterly economic summaries begun one year ago in May 2020. The series provides a vivid picture of the effects the pandemic and associated public orders have had on the state's economy. The May 2021 reports provide the first indicator of economic recovery.

New Mexico State and many of its counties had a very good month in March 2021 in terms of matched taxable gross receipts (MTGR). Whether it was pent up consumer demand, stimulus checks deposited in consumer bank accounts, or the easing of business restrictions, March had the highest total monthly MTGR ($6.4 billion) since December 2019 ($6.8 billion) and was the largest amount of reported MTGR when compared to March of previous years, dating back to FY08.

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.

“While we realize we have much work to do toward economic recovery, these reports clearly indicate that New Mexico is beginning to return to pre-pandemic levels in all economic sectors,” Economic Development Department Cabinet Secretary Alicia J. Keyes said.

Deputy Secretary Jon Clark said the agency began generating the reports from wide-ranging data sets to give decision makers a condensed snapshot of economic activity on the local and county level. Clark has heard from many legislators who use the reports to track economic activity in their respective districts and to assist with policy decisions.

"Better data leads to better policy, and these localized county-level reports are proving to be an important tool as we work to grow and diversify New Mexico's economy," Clark said.

Other highlights from the May 2021 reports include:

March 2021 was a banner month for the retail trade sector, which reported 10 percent year-over-year growth; the sector continues to be the largest contributor to MTGR in New Mexico.

Accommodations and Food Services saw a slight uptick statewide, with GRT receipts 2 percent higher than a year ago.

The industry sector that experienced the largest loss was mining, quarrying, and oil and gas extraction, at 35 percent, or $635 million.

Twenty-seven of 33 counties saw a year-over-year increase in MTGR from Q3 FY20 to Q3 FY21.