In reading this story about the devastation in Houston one particular line jumped out at me: “As the fourth-largest U.S. city, with 2.3 million people, it is also headquarters for 20 Fortune 500 companies.” That 2.3 million person figure stuck with me because it is just a shade higher than New Mexico’s population of just over 2 million.
How many Fortune 500 companies does New Mexico have? Zero. According to the website InvestSnips, New Mexico has just three publicly-traded companies of any size.
What does Houston have that New Mexico doesn’t? Right to Work, zero personal and corporate income taxes, smaller government impacts both state and federal, and…no zoning. Oh, and don’t forget the entrepreneurial/can-do spirit we saw on display in abundance in Houston throughout the hurricane.
Many of these issues can/should be resolved in Santa Fe by the Legislature or by local elected officials. I’m not sure what would happen in terms of New Mexicans’ attitudes and responses should a national disaster ever strike this area (it is certainly not prone to them outside of forest fires).
3 Replies to “Houston an economic juggernaut compared to New Mexico”
When Microsoft left NM in the late 1970’s, our primary economic model was to beg the federal government to spend more money in the state. In 2017, its the same.
So what is Houston doing that New Mexico could also do?
Where can I start? Actually have an education system that educates people to be good intelligent employees; institute Right to Work; do away with minimum wage laws and other destructive regulations; reduce taxes on business and high earners to stimulate job growth; end sanctuary city policies and make it harder to employ illegals; adjust our welfare system so it is more advantageous for people to work instead of collect so called benefits; That is a start. I am sure Mr. Gessing can add a few more.