SANTA FE, NM — Today the Department of Economic Development released the latest of its quarterly economic reports for the state of New Mexico and all 33 counties. The May 2021 reports include data through the third quarter of fiscal 2021: January, February and March of this year. Here is a statement from the Department:
This is the fifth in a series of quarterly economic summaries that began a year ago in May 2020. The series paints a vivid picture of the effects the pandemic and associated government orders have had on the state’s economy. . The May 2021 reports provide the first indicator of economic recovery.
The state of New Mexico and many of its counties had a very strong March 2021 in terms of taxable gross receipts (MTGR). Whether it’s pent-up consumer demand, stimulus checks being deposited in consumer bank accounts, or the easing of trade restrictions, March recorded the highest total monthly MTGR ($6.4 billion). ) since December 2019 ($6.8 billion) and was the largest amount of MTGR reported when compared to March of previous years, dating back to fiscal year 2008.
Matched taxable gross receipts (MTGR) are the best tax data available to show the underlying economic activity. The data collection process matches a tax payment with reported receipts for each taxpayer by industry.
“While we realize we have a lot of work to do for economic recovery, these reports clearly indicate that New Mexico is beginning to return to pre-pandemic levels across all economic sectors,” the Cabinet Secretary said. of the Department of Economic Development, Alicia J. Keyes.
Deputy Secretary Jon Clark said the agency has begun generating reports from expanded datasets to give policymakers a condensed view of economic activity at the local and county level. Clark heard from many lawmakers who use the reports to track economic activity in their respective districts and to help with policy decisions.
“Better data leads to better policy, and these localized county-level reports are proving to be an important tool as we work to grow and diversify New Mexico’s economy,” Clark said.
Other highlights from the May 2021 reports include:
March 2021 was a banner month for the retail sector, which saw 10% year-over-year growth; the sector continues to be the largest contributor to MTGR in New Mexico.
Accommodation and food services edged up statewide, with GRT revenue 2% higher than a year ago.
The industrial sector that suffered the greatest loss was mining, quarrying, and oil and gas extraction, at 35%, or $635 million.
Twenty-seven out of 33 counties saw a year-over-year increase in MTGR from Q3 FY20 to Q3 FY21.