The New Mexico Economic Development Department released its County Reports September 1, which shows that the county's overall GRT rose by 11 percent in the last three months of fiscal year 2020 – April, May, and June.
The County Reports project is an initiative by the EDD to offer more comprehensive data about spending, unemployment, and wages to local communities, Cabinet Secretary Alicia J. Keyes said.
“We know this first-of-its-kind project has been an asset for legislators and local decision-makers as they look at their own communities to see how they need to diversify and grow jobs after the health emergency,” Keyes said. “These reports can provide valuable insights for them as they work with us and all their other partners to rebuild jobs and make their economies stronger.”
Deputy Cabinet Secretary Jon Clark said that the latest information is aggregated from the U.S. Bureau of Labor Statistics, N.M. Taxation and Revenue Department, Department of Workforce Solutions, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.
In Socorro County:
- Administrative/Support & Waste Management/Remediation down 72 percent
- Arts, Entertainment, and Recreation down 57 percent
- Agriculture, Forestry, Fishing, and Hunting down 54 percent
- Transportation and Warehousing down 54 percent
- Accommodation and Food Services down 39 percent
- Unclassified Establishments down 36 percent
- Finance and Insurance down 8 percent
- Educational Services down 6 percent
- Real Estate and Rental and Leasing down 5 percent
On the other hand:
- Professional, Scientific, and Technical Services rose 90 percent
- Utilities rose 47 percent
- Wholesale Trade rose 47 percent
- Retail Trade rose 26 percent
- Information rose 18 percent
- Health Care and Social Assistance rose 17 percent
- Manufacturing rose 14 percent
- Other Services (except Public Administration) rose 11 percent
- Construction rose 9 percent
- All Industries rose 11 percent
Clark explained that the data shows the state might be more resilient than first expected, as consumer spending as shown through gross receipts dipped in many counties the last quarter, but remained more steady over the 12-month fiscal year.
“We know accommodations and food services, as well as arts and entertainment, have really suffered, but construction has remained robust, and not just in the counties with energy production,” Clark said.
He said there is still a great deal of uncertainty because so much of the consumer and business spending was boosted by emergency federal stimulus to unemployed workers, families, and business owners from U.S. Small Business Administration loans. The decline in federal stimulus money for the unemployed means $40 million less a week in available spending from state residents.
"The reports show that New Mexico can climb back out of the hole and we don't have to have a deep recession," Clark said. "But we are going to need a little continuing federal support until businesses can fully reopen."
Other highlights from the newest round of county reports show that in the 4th quarter of 2020:
- Overall Matched GRT statewide declined two percent in the quarter with food and accommodation seeing a 31 percent statewide decline in the quarter and arts and entertainment dropping 68 percent.
- GRT for retail trade, including some online sales, increased 11 percent statewide in the quarter. Construction GRT statewide was 28 percent higher in the quarter.
- Matched GRT has been strong in the smaller counties with large construction project; Roosevelt (+293 percent) Luna (+237 percent), Torrance (+166 percent) and Sandoval (+157 percent).
- Of the metro areas in the state, Santa Fe had the largest GRT drop in the quarter, down 16 percent followed by Bernalillo (-6 percent).
- Doña Ana County saw a GRT increase of five percent in the quarter, while Sandoval County saw an increase of 37 percent.
The complete report can be found on the EDD website, https://gonm.biz/