New Quarterly Economic Reports Show Continued Statewide Growth

Category: Non-Local News Releases Non-Local News Releases
Published: 10 June 2024 10 June 2024

SANTA FE, N.M. – The New Mexico Economic Development Department (EDD) announced today that the new Quarterly Economic Summary reports for May 2024 in all 33 counties and statewide are now available on the EDD website. 

Data is based on matched taxable gross receipts (MTGR), considered the best tax data available to show underlying economic activity. The data collection matches a tax payment with reported receipts for each taxpayer by industry and can provide a detailed account of industry growth and decline. 

Also reported in these summaries is comprehensive data on the number of establishments, monthly employment, and quarterly wages for workers covered by state unemployment insurance laws and federal workers covered by the Unemployment Compensation for Federal Employees as aggregated by the Quarterly Census of Employment and Wages (QCEW). Data is reported by New Mexico employers, covering 97% of nonfarm wage and salary workers, and is considered the gold standard for reliability of industry data.  

EDD has been publishing the data since May of 2020. 

“It is important to understand the economic dynamics of each New Mexico county and each industry sector to make informed policy decisions,” EDD Acting Cabinet Secretary Mark Roper said. “We are proud of New Mexico’s economic diversity and pleased to be able to continue this service of publishing the most up-to-date and easy-to-access data for the public, lawmakers, and our economic partners.” 

For New Mexico statewide, MTGR for the second quarter of fiscal year 2024 - October, November, and December of 2023 - came in at almost $25 billion year-over-year change of 5% and the second highest level ever reported. Over the last eight quarters, MTGR maintained an upward trend.

The largest industry as a percentage of statewide MTGR was the retail trade industry, which accounted for 22% of the total, a 2% increase from last quarter. The largest year-over-year (YOY) increase came from the construction industry with growth of 19%, followed by the professional, scientific, and technical services industry. 

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