NM: Data Show Strong Economic Development Growth For N.M. Counties
5 Jan, 2022
- Twenty-nine of 33 counties saw a year-over-year (YOY) increase in matched taxable gross receipts (MTGR).
- Out of the four counties that experienced YOY decline, three of them (Hidalgo, Luna, and Roosevelt) had large scale construction projects end while Los Alamos experienced a decline likely due to fluctuations in spending at Los Alamos National Laboratory.
- Eddy and Lea Counties represented 19% of the state’s total MTGR, up from 16.5% during Q4 FY21.
- New Mexico reported a 57% increase in mining, quarrying, and oil and gas extraction statewide.
- The accommodation and food services industry for reported a 40% year-over-year increase in Gross Receipts Tax (GRT) statewide, a boost of $402 million.