#35 New Mexico
From the Governor
“We need to pave the way to exciting career opportunities in cutting-edge fields through our institutions of higher education…As we work diligently to diversify our economy and keep our talented young adults here in New Mexico, our schools will become hotbeds of innovation, catalyzing and transforming key economic growth sectors.” — Gov. Michelle Lujan Grisham
Enchanting New Opportunities
New Mexico is aiming to attract new investment by increasing its incentive funding. The state raised the funding for LEDA to $75 million in 2019 and also doubled to $110 million the Refundable Film Tax Credit. Digital media has taken a closer look at the state with Netflix and NBCUniversal making big announcements in the past two years.
Economic Development Department
Alicia J. Keyes, Cabinet Secretary
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147
Job Training Inventive Program (JTIP): Offers employers 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 two to four years for jobs created in rural areas.
New Mexico Economic Development Department: gonm.biz
New Mexico Economic Partnership: nmpartnership.com
Santa Fe Office of Economic Development: santafenm.gov/economic_development
Albuquerque Economic Development: abq.org
Highlighted Program or Initiative
In March 2019, the state established the Outdoor Recreation Division within the Economic Development Department to promote and attract new outdoor recreation business opportunities. The department will work to recruit additional businesses, promote the outdoor assets in the state, and assist with applying for funding.
- Stampeded Meat announced in July 2018 a $36 million investment in a manufacturing facility and the creation of nearly 1,300 jobs.
- Netflix announced in October 2018 a $30 million investment and as many as 1,000 new jobs in film production.
- Ganymede Games announced in February 2019 more than 50 jobs and a $1.3 million investment in Las Cruces.
- Rich Global Hemp announced in May 2019 more than 180 jobs at a hemp growing and CBD extraction operation in Mesilla.
- NBCUniversal studios announced in June 2019 plans to hire 330 production workers and an investment of up to $500 million over the next 10 years.
Sandia National Laboratories
3-D Glass Solutions
“Santa Teresa, (New Mexico) affords us greater proximity to our customers with efficient market access, supply chain efficiencies and high-quality labor. New Mexico’s strong business climate for manufacturers makes for a very compelling value proposition. With a competitive total cost of operations, we can compete with foreign-made product right here from Santa Teresa. —T.C. Huant, Chairman and CEO, I-Sheng Electric Wire & Cable
“We left the high cost, noise, and density of high- tech cities when we discovered Las Cruces, which is affordable, offers a higher quality of life, and now we have plenty of wilderness to explore both in-game and out-of-game.” —Jerry Prochazka, CEO and Founder, Ganymede Games
“We believe that New Mexico, and in particular the Borderplex region, is well positioned to become a leader in North America’s rapidly-emerging industrial hemp industry.” —Josh Rich, Founder and Chairman/CEO, Rich Global Hemp