The New Mexico Economic Development Department (EDD) has released its quarterly statewide and county economic summaries, indicating significant growth in several key industry sectors. These include green and sustainable energy, sustainable agriculture, advanced manufacturing, and international trade. The latest reports reveal an increase of over $2 million in Matched Taxable Gross Receipts (MTGR) from the first to the second quarter of FY25. Year-over-year, MTGR rose by $1.33 billion, marking a 5% increase.
The professional, scientific, and technical services industry contributed significantly to this growth. Compiled by EDD's economist, these summaries provide insights into each county's economy and sociodemographic characteristics. "Our county summaries are a deep dive into New Mexico’s local economies," said EDD Secretary Rob Black. "They zero in on where the economy is growing and where it needs more support."
In San Juan County, companies like PESCO and Calgon Corp have driven local growth. The county saw an MTGR increase of nearly $91 million from Q1 FY25 to Q2 FY25 and $160 million year-over-year compared to Q2 FY24. Lincoln County also reported a rise in MTGR by $13 million from Q1 to Q2 FY25 and $57.4 million year-over-year.
Santa Fe and Rio Arriba Counties benefited from state funds supporting local sustainable agriculture through businesses such as C4 Farms, Red River Brewing, and Beck and Bulow. Both counties reported a 5% year-over-year increase in MTGR for Q2 FY25.
For further details on the quarterly summaries or information on New Mexico's economic diversification efforts, visit edd.newmexico.gov.
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