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NM Economic Development Summary

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The New Mexico Economic Development Department has released its quarterly summary for the first quarter of the state’s fiscal year. Eddy County’s matched taxable gross receipts (MTGR) was reported at about $1.8 billion for the quarter, which is almost $300 million higher than it was in the previous quarter, but still less than where we were before the COVID-19 pandemic. 

This includes, according to the state, a 57% increase in mining, quarrying and oil and gas extraction. Eddy and Lea Counties also represented about 20% of the state’s total MTGR, according to state data. According to the report, about 27% percent of the county’s Matched Taxable Gross Receipts came from the mining, quarrying and oil and gas extraction. Another 13% came from retail trade and 12% came from construction.

Employment data tends to lag behind financial data – but 335 jobs were added to Eddy County in the previous quarter, according to the state’s report. 

There’s certainly some good news in this analysis – but the recovery process is also not yet complete. Additionally, changes in the way gross receipts tax is allocated means Eddy County may gain a greater percentage of gross receipts tax when compared to a few years ago, while the City of Carlsbad will receive less. This is because of House Bill 6, which passed the legislature in 2019 and is now presenting an extreme risk to Carlsbad and similar communities. We are hoping for significant modifications during this upcoming legislative session. 

 

From the office of Mayor Dale Janway 

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