The long-term economic effects of the COVID-19 shutdowns seem to be abating in most New Mexican counties, according to the state Economic Development Department.
The EDD released the quarterly economic summaries for Fiscal Years 2023’s third quarter, from January to March, for all 33 counties on Wednesday.
The data showed that 26 of New Mexico’s 33 counties saw spending boosts over the same time last year with matched taxable gross receipts increasing by 12 percent statewide, an EDD news release states.
“Matched Taxable Gross Receipts 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,” the statewide EDD report states.
The summaries include data acquired from the New Mexico Economic Development Department, the New Mexico Department of Workforce Solutions, the New Mexico Taxation and Revenue Department, the U.S. Bureau of Labor Statistics and the Bureau of Economic Analysis.
Although gross receipts income increased in the construction industry, oil and gas continue to drive GRT money.
Mining, oil and gas extraction increased 26 percent from a year ago with other boosts coming from transportation and warehousing, wholesale trade and construction.
“New Mexico’s total MTGR, in Q3 FY23, decreased by $869 million or nearly 4 percent from the previous quarter. This is the first decrease in quarterly MTGR since Q3 FY22,” the report states “This decrease falls in line with the historical seasonality experienced in New Mexico.”
However, March had the second largest MTGR trailing only December 2022 by $466 million, the report states.
New Mexico is on an upward trend with continued expansion into gross domestic product year-over-year growth coming from the hospitality industry which grew by 27.7 percent statewide and the entertainment industry which grew by 30.3 percent statewide, the report states.
GDP is the value of all goods and services produced in New Mexico, the report states.
The report also has individual county reports available through the EDD website.