ESD Secretary Alicia J. Keyes
EDD News:
SANTA FE — Alicia J. Keyes, Cabinet Secretary for the New Mexico Department of Economic Development (EDD), told lawmakers Thursday that the vision for New Mexico’s economic future is to have a diverse and robust economy. that engages local talent, cultivates innovation and ensures prosperity for all. New Mexicans through empowerment and collaboration.
Presenting the EDD budget to the Legislative Finance Committee, Keyes said FY21 was a record year with the highest number of job creations since FY08 – creating more than 10,000 jobs – thanks the Job Training Incentive Program (JTIP) and the Economic Development Act (LEDA).
“New Mexico must maintain momentum in building the state’s economy so it can adapt to today’s needs, while being forward-thinking and attractive to business and prepared for the demands of the future,” Keyes said. “With this fiscal cycle, we are creating wealth and creating opportunity with the goal of ensuring the long-term economic security of New Mexicans.”
The agency is requesting increased funding to support projects across all EDD divisions. Part of this request includes $2.25 million to support a new Justice, Equity, Diversity and Inclusion (JEDI) office in support of minority-owned businesses, with three new full-time employees.
“A priority for Governor Lujan Grisham, the establishment of the JEDI Office will help establish a foundation for businesses to obtain the representation and services they need to realize increased revenues and greater economic growth for the New -Mexico,” Keyes said. “New Mexico is on the cutting edge, and an office that strives to put issues of justice and equity at the forefront of business practices and understands the importance of diversity and inclusion is something that will position us as leaders, showing that we are committed to making real change to correct years of systemic oppression.
Additionally, EDD is requesting $4.5 million in funding to strategically market the state and its nine target industries, including marketing initiatives for the Outdoor Recreation Division (ORD).
To address infrastructure gaps, special credit requests include $30 million in one-time funding for traditional LEDA projects, which helps businesses grow by offsetting the costs of land, buildings and infrastructure, and an additional $50 million for business and industrial park infrastructure projects to create shovel-ready sites to make us more competitive with other states.
Keyes added, “With increased interest from businesses looking to migrate out of major urban centers and a push to meet climate goals within the next 15 to 20 years, it’s important to prepare New Mexico to become a hotspot. landing for these companies.”
To support the growth of New Mexico businesses, $800,000 is requested for statewide business incubator grants. Federal research shows that companies that start in incubators are twice as likely to succeed, and the department will work with the state’s incubator system to expand the reach of incubators in more rural communities. and $500,000 was also requested to add 6 full-time employees to serve as additional regional representatives who will provide technical assistance to local communities and businesses across the state.
EDD is also asking for $12 million for the JTIP, which reimburses companies for a portion of the costs of training new workers or upgrading existing employees.
Established in 2019, ORD is seeking $10 million in funding for the Trails+ Grant and the Outdoor Equity Fund to improve equity of access and provide needed infrastructure that will energize our outdoor economy.
To support the rapidly growing film and television industry, EDD is requesting $450,000 for the training of minority filmmakers and $50 million to establish and operate a film academy through the New Mexico Film Office (NMFO).
“Modeled by the Georgia Film Academy and other notable workforce training programs, the New Mexico Film Academy will provide the state with a pipeline of new Mexicans who will have the education and training necessary to be qualified for high-demand careers in New Mexico’s film and television industry.
Keyes explained that the department is operating with 30% fewer resources than a decade ago and that investments are needed if the state is to position itself for recovery and resilience.
“New Mexico policymakers must recognize that major shifts in the economy will require significant funding from the Department of Economic Development and its programs,” Keyes said. “The money invested today will help New Mexico realize the potential we know the state has. This funding is needed so that we can provide opportunity and a future for all New Mexicans. New Mexico will not cannot continue on the path it has followed in previous years; the state must act now.
