New Mexico is strategically located in the heart of the country, is pro-business minded, and is in need of higher wage jobs. The last two years have been decent for business growth and attraction. Sectors such as entertainment and film, aerospace and aviation, emerging technology, and others, have seen relocation or expansion come to New Mexico soil.
There have been thirty companies begin or increase their investments in New Mexico business since 2019. These include Netflix, Prent, NBC Universal, LaSen and many more. The New Mexico Partnership, New Mexico's economic development organization, has been working to bring international companies to New Mexico as well. Admiral Cable, Xxentria and Cymmetrik are three companies establishing a manufacturing presence in the state.
There is a suite of incentives granted to companies for relocation and expansion. Some of these are administered by The New Mexico Economic Development Department. One of these incentives, The Local Economic Development Act, invested in eighteen companies in 2020. These companies will create over 2,500 jobs within the next several years. According to NMEDD, these companies have committed to invest over $761 million over ten years and add $150 million in new payroll.
The Local Economic Development Act has been awarded to thirty three companies looking to expand or establish in New Mexico. The over two billion dollars in combined investments have created 7,300 jobs.
Another incentive for companies planning to expand or relocate is the Job Training Incentive Program. In 2020 planned reimbursements for training were pledged to seventy five businesses. These businesses support 2,380 jobs in the industrial research, AI, quantum computing, robotics, agriculture, and commercial solar sectors, to name a few.
New Mexico is one of the most beautiful states in the nation. Once more of these companies find out the advantages of relocating here, many more people will find out how New Mexico is one representation of the greatness of our country. In these times of uncertainty, New Mexico continues to make strides in keeping it's citizens growing and thriving.
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The information presented here is the opinion, views and writings of Troy Larson. They do not represent the opinion, views or writings of any other person, entity or company.