#31 New Mexico
From the Governor
“Increasing access to a quality education will not only ensure that working professionals have every opportunity to succeed in today’s changing economy but also ensure that businesses have access to the workforce they need to grow the economy and create jobs.” — Gov. Michelle Lujan Grisham
The Attraction of Albuquerque
While there’s much work to be done to improve the Land of Enchantment’s economy, its capital city continues to be a bright spot for tech and STEM careers. Vitality Works, 2NDGEAR, Corrugated Synergies and Indica Labs have all announced expansions or new developments here in the past year. Facebook has also announced more expansions at its data center in Las Lunas.
Economic Development Department
Alicia J. Keyes, Cabinet Secretary
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147
Angel Investment Credit: Offers a state income tax credit of 25% (up to $62,500) for an investment made in up to five state companies that are engaged in research or manufacturing.
Financial Management Tax Credit: Offers a state income tax credit for receipts from fees received for performing management or investment advisory services for a related fund.
High Wage Jobs Tax Credit: Offers a tax credit of up to 10% of the wages and benefits paid for each new job that pays at least $40,000, or $60,000 in a community with more than 60,000 residents.
Special Credit for Manufacturers: Offers a consumables gross receipts tax deduction and investment tax credit for manufacturers. Also offers special incentives in aerospace and aviation, including R&D and spaceport-related activities.
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
The Innovation Voucher Program offers new rounds every year with small competitive grants that enable early-stage science or technology companies to overcome discrete barriers to reaching market potential. Up to $4,000 is awarded each month and can offset costs for services offered by approved programs.
- Facebook announced in November 2017 another expansion of its data center in Las Lunas, bringing the company’s total investment to more than $1 billion.
Vitality Works announced in March 2018 it would expand its operations in Albuquerque and create 80 new manufacturing jobs.
- 2NDGEAR announced in April 2018 it will create 100 new tech jobs in Albuquerque.
- Corrugated Synergies International opened a $31 million renovated facility in Santa Teresa in June 2018 and added 120 new jobs.
- Southwest Cheese announced in July 2018 a $140 million expansion of its operations in Clovis. The project is expected to create up to 50 new manufacturing jobs.
- Indica Labs announced in September 2018 it will invest $3 million and create 58 jobs at a new headquarters location in Albuquerque.
Honeywell Defense and Space Electronic Systems
Thomas & Betts
“Southwest Cheese is proud to be expanding operations in Clovis as we seek to capture further domestic and international cheese and whey market share.” —George Chappell, President, Southwest Cheese
“Thanks to New Mexico’s great workforce and improved business environment, we’re in a position to continue our growth and create more jobs.” —Mitch Coven, CEO, Vitality Works
“We are excited about expanding into Albuquerque…. 2NDGEAR aims to double its business in the next five years, and New Mexico offers a strong workforce and opportunity for growth.” —Richard Heard, President, 2NDGEAR