#34 New Mexico
5.00 out of 10 in Taxation and Regulation
5.00 out of 10 in Workforce Quality
5.25 out of 10 in Living Environment
The Facebook Effect
The announcement by Facebook in September 2016 that it would build a massive data center in Los Lunas has sparked a wave of excitement in the state. The social media company said in a statement that the facility will be one of the most advanced, energy-efficient centers of its kind in the world. Economic development leaders and CEOs from around the state are hailing it as a “big deal” that significantly raises New Mexico’s prominence on the radar of tech development.
From the Governor
“When we lower taxes, cut the bureaucratic red tape and strengthen our incentives, companies choose New Mexico…. We will continue to make our state the best place to live, work and raise a family so that we can continue to create opportunities for New Mexicans.” —Gov. Susana Martinez
Key Industries
Advanced manufacturing, Agriculture, Aerospace, Back Office & Tech Support, Digital Media, Energy, Logistics & Distribution
Key Companies
Alamogordo Financial Group
First State Bancorporation
Net Medical Xpress Solutions
PNM Resources
Santa Fe Gold Corp.
Intel
Honeywell Defense and Space Electronic Systems
General Mills
Thomas & Betts
Safelite
UnityBPO
Lowe’s
Union Pacific Railroad
Key Contacts
Economic Development Department
Matthew B. Geisel, Cabinet Secretary
505-827-0305
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147
Matthew.Geisel@state.nm.us
https://gonm.biz/
Key Incentives
Local Economic Development Act (LEDA): A flexible closing fund that enables the state to offset business expenses in expansions or relocations.
Job Training Incentive Program (JTIP): Offers flexible cash reimbursements of 50%–75% of employee wages to a business to fund on-the-job training for newly created jobs or expansions.
High Wage Jobs Tax Credit: Offers a tax credit equal to 10% of the wages and benefits paid for each new high-wage job created.
Single Sales Factor for Headquarters and Manufacturers: Offers a single sales factor apportionment methodology for corporations whose principal business activity is manufacturing or that have their headquarters located in the state.
Investment Tax Credit for Manufacturers: Offers a credit against gross receipts, compensating or withholding taxes equal to 5.12% of the value of equipment for companies that meet investment and job requirements.
EDCs
New Mexico Economic Development Department: gonm.biz
New Mexico IDEA: nmidea.com
Santa Fe Office of Economic Development:santafenm.gov/economic_development
Albuquerque Economic Development:abq.org
Highlighted Program or Initiative
Job Training Incentive Program funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to six months. JTIP funding has quadrupled since 2011.
Big Deals
- Facebook announced in 2016 it would construct a $250 million state-of-the-art data center in Los Lunas, then announced a second-phase expansion in July 2017.
- Safelite announced in June 2016 it would create 900 new jobs and locate its newest contact center in Rio Rancho.
- Keter Plastic announced in January 2017 it would add 175 jobs and invest $36 million to relocate its West Coast manufacturing operations to Belen.
- SolAero Technologies announced in February 2017 that it would create 100 new high-tech manufacturing jobs and invest $10 million to relocate a newly acquired operation from California.
C-Suite Testimonials
“We are grateful for the support and business- friendly environment that New Mexico has given us….Our New Mexico-based products have helped us to grow internationally, and we look forward to further developing our partnership with the great state of New Mexico.” —Rob Holland, CEO, Flagship Food Group
“New Mexico has an ideal business climate for growing our business….We could locate elsewhere, but places like Austin, Denver or Phoenix wouldn’t provide incentives such as JTIP, LEDA or Rapid Workforce Development. These generous incentive programs help us grow our business and create more jobs in New Mexico.” —Stephen Wade, CEO, UnityBPO
“The governor has enacted bold reforms over the last six years that send a strong message to industry-leading companies like ours.” —Tom Feeney, President and CEO, Safelite
- Advertisement -
- Advertisement -
FEATURED CONTENT
New Poll: CEOs Find Challenges In Using Customer Data To Drive Innovation
Ability to harness and sort through data for meaningful insights remains a hurdle, many say. “The key is...finding what is actually relevant.”
SUBSCRIBE TO CHIEF EXECUTIVE
Sign Up to Receive Chief Executive Magazine
Chief Executive’s publications are designed to help CEOs do their jobs better and run their businesses more effectively. Subscribe here.
CEO CONFIDENCE INDEX
CEO Confidence Jumps At Start Of 2022
Chief Executive’s January CEO Confidence Index poll shows growing CEOs optimism about future business conditions, with their rating hitting a six-month high.