Economic Development Week, celebrated annually from May 6-10, shines a spotlight on the concerted efforts made by state and local authorities to bolster job creation and enhance economic prosperity. Initiated in 2016 by the International Economic Development Council, this observance underscores the significance of deliberate policy interventions to fortify families’ economic security.
This focus holds particular relevance in New Mexico as the State Economic Development Department (EDD) collaborates with local partners to diversify the economy and attract higher-paying employment opportunities. While acknowledging the contributions of various economic sectors to our steady growth, our initiatives prioritize cultivating innovative, well-compensated positions for local graduates, thus ensuring the resilience of New Mexico’s economy.
Central to these efforts is the reinforcement of economic-base industries—those that generate wealth by exporting goods and services beyond state borders. Much like tourists infuse fresh capital into our economy, these enterprises contribute to job creation and wealth accumulation, enriching communities in the long run.
Under Governor Michelle Lujan Grisham’s administration, nine industries have been singled out for strategic support: aerospace, biosciences, cybersecurity, film and television, global trade, intelligent manufacturing, outdoor recreation, sustainable energy, and value-added agriculture. These sectors not only foster 21st-century employment opportunities but also uphold our cultural heritage.
Encouragingly, our endeavors are yielding tangible results. For instance, the film industry has witnessed a resurgence, attracting professionals back to New Mexico and catalyzing over $1.5 billion in production spending over the past two years. Similarly, sectors like sustainable energy, biosciences, and aerospace are witnessing an influx of jobs and skilled workers, further solidifying New Mexico’s appeal.
Investments in infrastructure and workforce development, facilitated by programs such as the Local Economic Development Act (LEDA) and the Job Training Incentive Program (JTIP), underpin this progress. LEDA fosters vital infrastructure development crucial for the success of economic projects, particularly benefiting rural communities. Meanwhile, JTIP nurtures local talent by subsidizing wages during training, thereby equipping workers with essential skills while aiding businesses in securing a skilled workforce.
The success stories of initiatives like JTIP underscore the transformative impact of sustained bipartisan support for economic development. As we commemorate Economic Development Week, let us recognize and express gratitude to all stakeholders who have contributed to these achievements. Here’s to continued prosperity for all New Mexicans!
