New Mexico’s consumer spending and oil and gas matched taxable gross receipts, or MTGR, continued growth in October through December 2022, a new report states.
The New Mexico Economic Development Department released data Tuesday showing that New Mexico’s MTGR for the second quarter of FY 23 totaled $23.7 billion and was the third consecutive quarter of MTGR growth.
“This is real data depicting growth in spending and in our economy,” EDD Secretary Keyes said in a news release. “New money brought into our state creates the capacity for families to spend at local businesses – and that’s good news all around.”
The largest MTGR growth came from the retail trade sector with 23 percent growth which was 2 percent higher than the two previous quarters.
The monthly record high was December 2022 with $600 million in MTGR reported.
“When comparing the second quarter of fiscal year 2022 with the same period this year, total MTGR increased by 16 percent. County-by-county, 26 of the 33 had year-over-year growth in MTGR, the news release states.
The oil and gas industry had the fastest year-over-year growth. It grew by $1.1 billion or 63 percent in 2022.
The southeastern Eddy and Lea Counties had 27 percent of New Mexico’s total MTGR for October through December 2022.
The news wasn’t great for the counties that had a negative year-over-year MTGR, especially Torrance County which had the largest negative MTGR change with a 25 percent decline. This decline was attributed to the construction industry, the news release states.
“This is typically due to the end or winding down of a large construction project,” the news release states.
Other sectors that grew include a 49 percent increase MTGR of transportation and warehousing, 39 percent growth in administrative/support and waste management/remediation, 28 percent growth in wholesale trade and 17 percent growth in manufacturing.
The reports for all 33 counties and the state of New Mexico can be found on the EDD website.