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The Land of Enchantment has seen a notable influx of businesses leaving cities like Los Angeles, San Francisco and New York in search of the most cost-effective and stable business climates. Meanwhile, the Santa Teresa border region continues to grow as a hotbed for Foreign Direct Investment, where the port of entry saw overall trade increase by 17% in 2019. New Mexico has also become a growing hub for the space industry. HAPSMobile announced in June 2020 it will test operations and development of a specialized communications platform at Spaceport America. SpinLaunch and Sceye are also testing new technologies in the area.
Job Training Inventive Program (JTIP): Offers employ- ers reimbursements of 50-75% of employee wages for up to six months for on-the-job and classroom training for newly created jobs.
Local Economic Development Act: Offers a discretionary cash-grant incentive program to reimburse costs associated with the land, building and infrastructure improvements of new projects.
High Wage Jobs Tax Credit: Offers a tax credit for each new high wage economic base job (paying over $40,000 in a rural area or $60,000 in a metro) of 8.5% of the wages and benefits for each job created.
Rural Jobs Tax Credit: Offers a credit of up to $1,000 per year for 2 to 4 years for jobs created in rural areas.
Intel announced in September 2021 its new Student Work Program to support a $3.5 billion investment to expand manufacturing operations. The program starts with 70 new paid student interns with the potential to expand into the future. Partners include New Mexico State University, the University of New Mexico, New Mexico Institute of Mining and Technology and Central New Mexico Community College.