The New Mexico Economic Development Department (EDD) released its quarterly report for the state’s 33 counties this week, highlighting significant growth in Sandoval County.
The data for the report is based on matched taxable gross receipts (MTGR). The good news for Sandoval County? The county’s gross receipts tax increased by $42.2 million from the first quarter of the fiscal year to the second quarter. The construction industry in the county was the largest contributor to the increase. The report shows that construction, retail trade, and accommodation and food services are the top three contributing industries.
The second quarter economic report for the county shows an MTGR of $408,541,871 from construction, which had a $126,010,754, or 45%, increase from this time last year. Retail jumped to over $209 million and accommodation (hotels) and food services added over $61 million.
The EDD releases the county’s quarterly economic reports as the newest MTGR is made available. Gross receipts revenue directly impacts a community’s capacity to provide services and understand spending trends around the state.
EDD has been publishing the data since May 2020.
“It is important to understand the economic dynamics of each New Mexico county and each industry sector to make informed policy decisions,” EDD Acting Cabinet Secretary Mark Roper said in a press release.
In addition to gross receipts reports increasing, the state reported Sandoval County had a 6.8% increase in employment. The downside is that the EDD reports that average wages are down by an average of $2 per hour in Sandoval County for the second quarter.
The county’s employment data is based on information reported by employers, covering 97% of nonfarm wage and salary workers.
How’s New Mexico doing?
The EDD issues the county quarterly economic report as the newest gross receipts tax data is made available. Gross receipts revenue directly impacts a community’s capacity to provide services and understand spending trends around the state.
Overall, New Mexico statewide had an increase of over 5% in gross receipts taxes for the second quarter at $25 billion for the second quarter of fiscal year 2024 — October, November, and December 2023. It’s the second-highest level ever reported. Over the last eight quarters, EDD reports that the state has maintained an upward trend.
The largest industry of statewide MTGR growth was the retail industry, and the largest year-over-year increase came from the construction industry which has grown by 19%.