Matched Taxable Gross Receipts Tax changes in third quarter. Courtesy EDD
ECONOMIC DEVELOPMENT DEPARTMENT NEWS RELEASE
New Mexico Economic Development Department (EDD) Cabinet Secretary Alicia J. Keyes said today that the agency’s latest round of quarterly economic reports shows 30 of 33 counties seeing gains in Matched Taxable Gross Receipts (MTGR) over the year with Sandoval up 44 percent, Santa Fe up 32 percent, Doña Ana up 22 percent, San Juan up 21 percent, and Bernalillo up 17 percent.
The latest Quarterly Economic Summaries encapsulate consumer spending information from the third quarter of fiscal year 2022 – January, February, and March of 2022 – for the entire state of New Mexico as well as each of the 33 counties. EDD also aggregates and analyzes the most recent data from other government sources.
The EDD initiative delivers economic data available on a county level, giving local decision makers regular access to economic indicators in their own community. The June 2022 Quarterly Economic Summaries for the 33 counties are now available on the EDD website.
“New Mexico continues to see broad-based economic expansion,” Secretary Keyes said. “Gov. Michelle Lujan Grisham’s focus on higher-paying jobs is making a difference. This EDD initiative provides communities more detailed data so they can track their own progress and have the information they need to diversify and build a stronger economy locally.”
Some of the highlights in the latest reports include:
- The oil and gas related sectors are seeing the largest one-year growth in MTGR by industry, an increase of 92 percent, followed by arts and entertainment (77 percent), and manufacturing (42 percent). Bernalillo County saw an especially large jump of 128 percent in arts and entertainment spending.
- Valencia County’s construction industry reported the largest amount of MTGR the county has ever seen.
- Taos County reported its largest amount of MTGR ever.
- Eddy and Lea Counties accounted for nearly 24 percent of the state’s total MTGR for Q3 FY22, an increase from 15 percent seen in the previous quarter.
- 30 counties saw a year-over-year increase in MTGR.
- All but one county saw an increase in MTGR in Q3 FY22 compared to data from two years ago.
- The largest counties saw healthy year-over-year gains in MTGR with Sandoval up 44 percent, Santa Fe up 32 percent, Doña Ana up 22 percent, San Juan up 21 percent, and Bernalillo up 17 percent.
The economic summaries track data from the N.M. Taxation and Revenue Department; the N.M. Department of Workforce Solutions; the U.S. Bureau of Labor Statistics; and the U.S. Bureau of Economic Analysis with additional calculations by EDD economists.