The New Mexico Advantage: Unlocking the Next Generation of Industry
At a pivotal moment for New Mexico’s economy, this report identifies four high-growth sectors driving nearly $9 billion in private-sector activity and outlines the strategic actions needed to strengthen competitiveness, close critical gaps, and build a more resilient, future-ready economy. Grounded in data and shaped by industry insights, it
offers a clear, actionable roadmap to expand opportunities, accelerate innovation, and position New Mexico as a leader in the next generation of industry.
From the report: "New Mexico stands at a strategic inflection point, performing well during periods of high oil demand but remaining vulnerable to unexpected economic shocks. The COVID pandemic highlighted this fragility, as the state saw nearly 40 percent of mining and energy production jobs eliminated in just a few months due to reduced global demand. Today, New Mexico’s economy is defined by a heavy dependence on oil and gas revenues, which can comprise over 30 percent of the general fund in a given year, and an outsized reliance on federal spending, with national labs and related research activities supporting approximately 12 percent of the state’s economy. To ensure a stable, inclusive, and future ready economy, New Mexico must pursue strategic diversification to grow private sector opportunities that capitalize on its unique research capabilities and other assets."
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