NEW MEXICO ECONOMIC
DEVELOPMENT DEPARTMENT

Empower and Collaborate - New Mexico's Economic Path Forward

New Mexico needs a comprehensive approach to economic development which looks at short term recovery, long-term planning, and economic diversification. EDD has worked alongside numerous stakeholders including state agencies like DWS, HED, IAD, EMNRD, regional and local governments, along with many other organizations and industry leaders to create a strategic plan and identify action steps for economic growth.

This state plan is not intended to be the final step but serve as a critical first step for unifying New Mexico’s economic development ecosystem.

Vision: New Mexico will have a diverse and robust economy that engages local talent, cultivates innovation, and delivers prosperity for all New Mexicans.

Please click the button below to give us input that will inform the next iteration of the Statewide Stratigic Plan.

The Statewide Strategic Plan

Statewide Plan: Executive Summary

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Full Statewide Plan: Updated June 2023

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Full Statewide Plan: Original version, Oct. 2021

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Green & Sustainable Energy Sector Feedback

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KEY FOCUS AREAS

01

Collaboration between economic development stakeholders.

02

Attraction and retention of talent in urban, rural, and tribal communities.

03

Alignment between higher education and industry.

04

Engagement of socioeconomically disadvantaged communities in planning processes.

05

Development of New Mexico’s innovation ecosystem.

06

Diversification NM’s economy with focus on the 9 targeted sectors.

 

STRATEGIES

  • Priority 1.1. Align the efforts of stakeholders in New Mexico’s economic development ecosystem.
  • Priority 1.2. Streamline and simplify New Mexico’s rules and regulations.
  • Priority 1.3. Strengthen New Mexico’s business recruitment and retention efforts.
  • Priority 2.1. Redefine New Mexico’s urban regions.
  • Priority 2.2. Commit to the economic sustainability of New Mexico’s rural and tribal communities.
  • Priority 3.1. Improve the quality of New Mexico’s higher education and training programs through industry engagement and institutional reform.
  • Priority 3.2. Reform New Mexico’s workforce development ecosystem to align with industry needs.
  • Priority 3.3. Prepare New Mexico’s students for success.
  • Priority 4.1. Encourage state, regional, and local organizations to increase collaborations with tribal communities.
  • Priority 4.2. Expand access to resources for entrepreneurs from disadvantaged backgrounds.
  • Priority 4.3. Improve education and workforce outcomes for underserved populations.
  • Priority 5.1. Build capacity among New Mexico’s entrepreneurs.
  • Priority 5.2. Remove Barriers to financial resources for entrepreneurs
  • Priority 5.3. Sustain an entrepreneur-friendly business environment.
  • Priority 5.4. Connect entrepreneurs and innovators to critical industry knowledge and resources.
  • Priority 6.1. Aerospace.
  • Priority 6.2. Biosciences.
  • Priority 6.3. Cybersecurity.
  • Priority 6.4. Film & Television.
  • Priority 6.5. Outdoor Recreation.
  • Priority 6.6. Sustainable & Value-Added Agriculture.
  • Priority 6.7. Intelligent Manufacturing.
  • Priority 6.8. Global Trade.
  • Priority 6.9. Sustainable & Green Energy.

WHY WE NEED TO ACT NOW

Lost Decade of Job Growth

In the decade following the Great Recession, the state fell behind national job growth rates. Leading up to the Covid-19 pandemic, New Mexico began exceeding the national rate. The state needs to carry this momentum forward.

Data retrieved from QCEW, New Mexico, Statewide, Total Covered, Total All Industries, All Establishment
Data retrieved from QCEW, U.S. Total, U.S Total, Total Covered, Total All Industries, All Establishment
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

New Mexico Employment

Data retrieved from QCEW, New Mexico, Statewide, Total Covered, Total All Industries, All Establishment
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

United States Employment

Data retrieved from QCEW, U.S. Total, U.S Total, Total Covered, Total All Industries, All Establishment
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

Growing Wage Gap

New Mexicans have never earned as much as the national average, but wages grew alongside the national rate for decades. Following the Great Recession, wage growth in the state slowed, and the gap with national average wages grew. The state is taking steps to stop this divide and needs to focus on the higher-paying target industries to narrow the gap.

Data retrieved from QCEW, New Mexico, Statewide, Total Covered, Total All Industries, All Establishment
Data retrieved from QCEW, U.S. Total, U.S Total, Total Covered, Total All Industries, All Establishment
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

Dependence on Revenue from Oil and Gas

New Mexico became increasingly dependent on revenues from this one industry over the last two decades, making the state susceptible to wild swings in revenues following oil and gas boom and bust cycles. The state needs to diversify to stabilize its revenues.

Source: New Mexico Legislative Finance Committee

A Decade with No Entrepreneurial Growth: New Business Openings Minus Business Closures

Business Employment Dynamics, Establishment Births and Deaths, Total Private, All Size Classes, Number of Establishments, New Mexico, Level, Quarterly (sum together for annual), Not Seasonally Adjusted
Featured BDM Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

Pay and Employment Data by County

Select a County:
Data retrieved from QCEW, New Mexico, Statewide, Total Covered, Total All Industries, All Establishment, All Employess, Average Annual Pay
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

US Census Bureau, ACS 5- Year Estimate, Total Population, Table B01003
Census Bureau Data

PAY AND EMPLOYMENT IN NEW MEXICO

Select a Year:

Hover Over a County to See Pay & Employment Data

$90k $80k $70k $60k $50k $40k $30k
*employment location is determined by the location of the employer

Data retrieved from QCEW, New Mexico, Statewide, Total Covered, Total All Industries, All Establishment, All Employess, Average Annual Pay
QCEW Searchable Databases : U.S. Bureau of Labor Statistics (bls.gov)

US Census Bureau, ACS 5- Year Estimate, Total Population, Table B01003
Census Bureau Data

PER CAPITA VENTURE CAPITAL FUNDING

Venture capital funding for new and growing businesses in New Mexico falls well below peer states on a per capita basis. This graph shows the relative VC investment levels by state over time and the industry in each state receiving the most funding.

Select a Year:

Hover Over a State to See VC Data

$6B $5B $4B $3B $2B $1B
Population-US Census Bureau, state counts, ACS 1 Year Estimates, Taple DP05
Census Bureau Data
National Science Foundation - State Indicators
National Science Foundation